Ottawa Condo Market Statistics - February 2026

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for February 2026 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa Housing Market Update: February 2026 Shows Early Signs of Transition

Ottawa’s housing market remained relatively quiet through February, continuing the slower winter activity we saw earlier in the season. While overall sales were lower than typical February levels, the numbers suggest the market may be beginning to shift as we move toward the spring season.

Rather than a uniform slowdown, the data shows different patterns across property types. Condo prices are starting to strengthen, townhomes remain the most active segment, and single-family homes are holding steady despite fewer transactions overall.

If these trends continue, Ottawa could enter the spring market with balanced conditions and steady demand.

Residential Sales Activity in Ottawa

A total of 780 residential properties sold in Ottawa in February. That represents a 6.8 percent decline compared to February 2025. While this is still well below the five-year February average of 990 sales and the ten-year average of 949, activity did improve from January’s 610 transactions.

This places the current winter among the slower markets Ottawa has seen in the past decade. However, slower sales do not mean demand has disappeared. Buyers are still active, particularly in more affordable price ranges, but they are taking longer to make decisions due to higher inventory levels and ongoing affordability considerations.

The average residential sale price in February was $662,773, which is down 1.0 percent year over year. The median price came in at $615,450, a decline of 3.1 percent compared to last year. These price adjustments remain relatively modest and reflect a market adjusting to increased supply rather than a significant downward trend.

Inventory levels also shifted during the month. Months of inventory declined to 3.8 from January’s 4.4 as sales activity picked up slightly. This places Ottawa firmly in balanced market territory.

Benchmark Prices Show Month-to-Month Improvement

The MLS Home Price Index provides a clearer look at underlying price trends because it accounts for seasonality and differences in the types of homes sold.

In February, benchmark prices increased month over month across every major property category including single-family homes, townhouses, and apartments. While benchmark values remain slightly below levels seen one year ago, the monthly increase suggests that pricing momentum is beginning to return as the market approaches the spring season.

Condo apartments, in particular, are showing early signs of improvement after carrying elevated inventory levels since late 2025. At the same time, townhomes continue to experience the strongest turnover of any property type, even as rising inventory puts some pressure on prices. Single-family homes remain relatively stable overall.

Inventory Levels and Market Balance

New listings in February totaled 1,582 properties. This represents a 7.8 percent decrease compared to February 2025, but a slight increase from January’s 1,522 new listings.

At the end of the month, Ottawa had 2,928 active residential listings, which is an 11.1 percent increase year over year and higher than what we typically see for February.

The larger pool of available homes is giving buyers more options and reducing the urgency that defined the market in previous years. At the same time, sales activity and rising benchmark prices suggest demand remains steady.

When looking at months of inventory by property type, the numbers highlight the differences across segments:

Single-family homes: 3.8 months of inventory
Townhomes: 2.7 months of inventory
Apartment-style condos: 5.6 months of inventory

These figures reinforce the idea that Ottawa is currently operating in a balanced market, with some segments tighter than others.

What This Means for the Ottawa Market Heading Into Spring

February’s data continues to reinforce what we first saw in January. Ottawa’s housing market appears to be moving through a period of transition.

The winter season has been slower than in recent years, but several indicators point to stable demand beneath the surface. Benchmark prices are rising month over month, condo inventory is beginning to be absorbed, and townhome sales remain strong.

According to the Canadian Real Estate Association, demand is expected to gradually strengthen throughout 2026 as borrowing costs ease and confidence improves. Ottawa’s recent market activity aligns with that outlook.

If demand continues to build as we move toward spring, the current inventory levels could support a more active market while still maintaining balanced conditions. That would create opportunities for both buyers and sellers as the market enters its busiest time of year.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - January 2026

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for January 2026 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Balanced Conditions Define Ottawa’s Housing Market in January 2026

Ottawa’s housing market opened 2026 in a noticeably more balanced position than what we have seen in recent years. Inventory remains higher than pandemic-era lows, giving buyers more choice and leverage, while sellers are adapting to a market that rewards accurate pricing and patience.

Across the board, benchmark prices are down year over year, with the softest conditions showing up in townhomes and apartments. Detached homes continue to demonstrate greater price stability. Overall, January’s data points to a market that is adjusting in an orderly, healthy way rather than one under stress.

As noted by Ottawa Real Estate Board, the current environment reflects realism on both sides of the transaction. Buyers are cautious but active, and sellers are adjusting expectations without sharp price swings. That balance is an important signal heading into the spring market.

Market Activity Shows Steady Demand Beneath Seasonal Slowdown

January recorded 610 residential sales in Ottawa. While this represents a typical post-holiday slowdown, activity remained within long-term January norms. Sales were 5.6 percent lower than January 2025, but demand has not disappeared. Buyers are still in the market, just more deliberate due to affordability and economic uncertainty.

Pricing followed expected winter patterns rather than signaling renewed weakness. The average residential sale price came in at $641,436, down 4.5 percent year over year. Recent interest rate reductions have started to ease pressure at the margins, but their impact is showing up first in buyer engagement rather than finalized transactions.

Benchmark pricing from the MLS Home Price Index also declined modestly month over month across all housing types. These shifts suggest seasonal cooling combined with a more price-sensitive buyer pool, not a market correction.

Inventory Levels Support a More Balanced Market

New listings totalled 1,522 units in January, an increase of 8.8 percent year over year. Active listings rose to 2,673, up 22.7 percent from last January. While inventory remains elevated compared to recent seasonal norms, the pace of growth has slowed.

Months of inventory now sits at 4.4, which is much closer to long-term, pre-pandemic averages. This level of supply gives buyers more choice and negotiating room while still allowing well-priced homes to attract meaningful interest. Rather than pushing prices sharply downward, current inventory levels are supporting stability.

How the Market Is Performing by Property Type

Detached Homes

Detached properties remained the most stable segment in January. A total of 276 single-family homes sold, down 13.8 percent year over year. Supply remained balanced at 4.3 months of inventory, with 1,177 active listings and 663 new listings, essentially unchanged from last year.

Pricing softened slightly but held firm overall. The average sale price was $793,874, down 3.6 percent year over year. The median price remained steady at $750,000. These figures suggest detached home pricing is adjusting gradually rather than experiencing sharp declines.

Townhomes

Townhome activity showed mixed signals. Sales increased to 215 units, up 6.4 percent year over year, but new listings rose sharply to 487, a 45.8 percent increase from January 2025. Active listings climbed to 708, up 67 percent year over year.

With supply expanding faster than demand, months of inventory rose to 3.3. Pricing reflected this shift. The average townhouse sale price was $536,106, down 3.3 percent year over year, while the median price declined to $560,000. Notably, the townhouse benchmark price rose slightly month over month, suggesting some short-term stabilization.

Apartments and Condos

The apartment segment showed early signs of improvement compared to late 2025. Condo sales increased to 95 in January, up from 78 in December, while months of inventory declined to 6.8 from 7.9. This indicates stronger absorption despite higher listing activity.

New listings increased significantly to 312, and active listings rose to 647. Even with this seasonal influx of supply, improved sales activity prevented further deterioration in market balance.

Pricing remains the most sensitive in this segment. The average apartment sale price dropped to $388,307, down 12.1 percent year over year. However, the combination of rising sales and declining months of inventory suggests condo conditions may be beginning to stabilize.

Months of Inventory Snapshot

Single-family homes: 4.3
Townhomes: 3.3
Apartments: 6.8

What This Means Moving Forward

January’s data reflects a familiar winter pattern with slower sales and cautious buyers. At the same time, there are early signs that market conditions are firming, particularly in the apartment segment where absorption improved.

Detached homes continue to show resilience, townhome activity remains active despite rising supply, and condos appear to be finding a floor after a prolonged adjustment. Overall, Ottawa’s housing market is segmented by property type but remains balanced at a broader level.

This aligns with national forecasts pointing toward gradual improvement as interest rates ease and sidelined demand begins to re-enter the market. If rate reductions continue, January’s data supports a credible case for a stronger and more active spring market.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - December 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for December 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa Housing Market Wrap-Up: How 2025 Ended and What It Signals Going Forward

Ottawa’s housing market closed out 2025 much the way it spent most of the year: calm, measured, and grounded in fundamentals rather than momentum or pressure.

December brought the expected seasonal slowdown. Sales eased, new listings declined, and inventory pulled back as the holidays approached. Prices, however, held steady. When the full year is viewed as a whole, the takeaway is not softness or weakness, but balance.

Despite a quieter finish, total residential sales for 2025 ended 1.3 percent higher than 2024, with total dollar volume up 4.1 percent year over year. That combination points to a market that remained functional and resilient, even as buyer behaviour became more cautious in the second half of the year.

A Year That Didn’t Follow the Usual Script

2025 did not behave like a typical Ottawa market year.

Spring arrived later than expected, with activity taking time to build after winter. Instead of the usual summer slowdown, sales remained steady through mid-year, before easing again through the fall and early winter months. That unconventional rhythm reinforced what many buyers and sellers felt on the ground: this was not a market driven by urgency or fear of missing out, but by deliberation.

Compared with sharper price corrections seen in some larger Canadian cities, Ottawa continued to show relative stability. That stability, however, was not uniform across all property types.

December Activity in Context

In December, 587 residential properties sold. That figure represents a 32 percent drop from November, but it aligns closely with long-term December norms when excluding the unusually active pandemic years. Since 2018, average December sales have hovered around this level.

The slowdown reflects both seasonality and ongoing buyer caution. Buyers are active, but deliberate.

On the supply side, active listings declined from 3,628 in November to 2,544 in December, which is typical for the holiday period. Even so, inventory levels remain elevated compared with recent December benchmarks.

Looking at longer-term trends, Ottawa has been building toward higher year-end inventory levels since 2022. By December 2025, active listings were 19 percent higher than the same time last year, 45 percent higher than 2023, and nearly double 2022 levels. Months of inventory rose to 4.3, closer to pre-pandemic norms and firmly within balanced market territory.

Prices: Stable, Not Accelerating

Price movement in December reinforced the theme of stability.

The average residential sale price came in at $658,943, effectively unchanged from December 2024. This follows a modest year-over-year increase in November and suggests prices are being supported by demand, but not pushed upward aggressively.

The MLS Home Price Index adds nuance. Benchmark prices have edged down month over month since the summer, yet still finished 2025 slightly above 2024 overall. This tells a clear story: price adjustment is happening gradually and unevenly, influenced by property type and sales mix rather than broad market weakness.

Buyers today have more negotiating room than in recent years. Sellers, particularly in stronger segments, continue to benefit from resilient pricing.

How Different Property Types Performed

Market conditions varied significantly depending on the type of home.

Single-Family Homes
Detached homes remained the most stable segment in December. With 4.3 months of inventory, supply and demand stayed well balanced. The single-family benchmark price increased 0.4 percent year over year, underscoring the continued strength of this segment. Limited availability and consistent demand continue to make detached homes the backbone of Ottawa’s market.

Townhomes
Townhomes showed signs of adjustment as inventory stayed slightly elevated. The benchmark price declined 3.7 percent year over year, while the average sale price fell just 1.4 percent. That gap suggests benchmark-level softness rather than widespread discounting. Interest from first-time buyers continues to support transaction prices, keeping this segment relatively resilient despite increased choice.

Apartments and Condos
Condos remained the softest part of the market. Sales were subdued in December, and months of inventory climbed to nearly eight, well above balanced conditions. The benchmark price declined year over year, reflecting supply outpacing demand. While Ottawa has not experienced the same scale of condo oversupply seen in larger urban centres, this segment bears close watching heading into 2026.

Current months of inventory by segment:

• Single-family homes: 4.3

• Townhomes: 2.8

• Apartments and condos: 7.9

What This Means Heading Into 2026

As the new year begins, the data suggests improvement in activity will likely be gradual rather than immediate. Interest rate relief has helped stabilize confidence, but buyers remain attentive to broader economic signals and affordability considerations.

For sellers, pricing accurately and understanding segment-specific conditions will matter more than ever. For buyers, increased inventory continues to offer choice and leverage, particularly in the condo market.

The broader message is consistent and clear. Ottawa’s housing market is stable, segmented, and increasingly shaped by fundamentals rather than urgency. Modest fluctuations are likely in 2026, but the underlying tone remains one of balance rather than volatility.

For anyone buying or selling in Ottawa this year, understanding how these conditions play out by property type and neighbourhood will be key.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - November 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa’s Housing Market Slows Into Winter as Supply Builds: What Buyers and Sellers Should Know

Ottawa moved into a softer, slower market this November, shaped by early winter weather, caution around the economy, and rising inventory across several property types. While the market is still considered balanced overall, the numbers show a clear shift toward higher supply, especially in the apartment and townhome segments.

For anyone planning to buy or sell in 2026, these trends matter. Below is a straightforward breakdown of what changed, why it changed, and how it affects your next move.

Understanding November’s Market: Sales Down, Prices Holding Steady

Sales slowed more than usual for November. A total of 880 homes sold across Ottawa, down from 1,177 in October and 18.2 percent lower than last November. Even with the monthly drop, year-to-date sales remain slightly ahead of 2024, sitting 1.5 percent higher than the same time last year.

Prices remained resilient. The average sale price for November was $680,496, about two percent higher than last year. The year-to-date average is just under $700,000, a three percent annual increase. These steady price gains are mostly driven by single-family homes, which continue to outperform other property types. In November, single-family homes averaged $825,827, up 4.8 percent year over year.

Where the Market Is Loosening: Supply Continues to Rise

If sales tell us how much activity is happening, supply tells us how much choice buyers have. This is where Ottawa is seeing the biggest shift.

Active listings in November reached 3,721. While this is down slightly from October, it is still more than 30 percent higher than last year. This increase is not just seasonal. It is part of a larger trend toward more available inventory, which gives buyers more breathing room and puts pressure on sellers to price strategically.

Months of inventory (MOI), a key indicator of supply, rose to 4.2. For reference, anything around four months is considered balanced, while higher numbers signal a move toward a buyer’s market. The difference between property types is important:

Single-family homes: 4.0 months
Townhomes: 3.1 months
Apartments: 7.3 months

Apartments are clearly the most oversupplied segment right now. Sales were down more than a third compared to last year, and MOI has climbed above seven months. Prices have remained relatively stable, but the amount of available condo product indicates a softer environment than the average sale price suggests.

Townhomes are seeing some pressure as well. The average price in November fell to $542,607, down from both last month and the year-to-date average.

How Ottawa’s Condo Market Compares to Other Cities

Ottawa is not facing the extreme condo inventory buildup currently seen in Toronto, where years of new completions and rising resale listings have created downward pricing pressure. However, Ottawa’s rising apartment inventory is real and worth watching. Roughly 70 percent of new housing starts this year have been multi-unit buildings, meaning more supply will come online over the next few years.

Even though this pipeline does not impact prices immediately, it shapes long-term expectations for both buyers and investors. The key will be watching whether condo listings continue to rise faster than sales through the winter.

New Listings and Market Activity: What’s Entering the Market

New listings in November totalled 1,458. This is down 39 percent from October, which is normal for late fall, but still 10 percent higher than last November. This tells us sellers are not pulling back as dramatically as usual, contributing to the elevated supply levels we are seeing.

Despite slower monthly activity, the market overall remains steady from a financial standpoint. Year-to-date sales exceed $9 billion, up 4.6 percent from last year.

What Buyers Should Take Away

• There is more choice than at any point in the past five years
• Sellers are more flexible on price, especially in condos and townhomes
• Rate cuts may improve affordability heading into the new year
• Inventory is trending up, which reduces urgency and allows for more strategic shopping

For buyers who were discouraged over the past few years, this is one of the most favourable winter markets Ottawa has seen recently.

What Sellers Should Take Away

• Pricing and presentation matter more in a higher-supply environment
• Single-family homes remain the strongest segment
• Condo sellers should expect longer days on market
• Listing strategy should be tailored to current conditions, not last year’s comparables

Even in a balanced market, the right positioning and marketing can make a noticeable difference in interest, showing activity, and final sale price.

Ottawa enters the winter season with a market that is still stable but clearly tilting toward higher supply. Sales are slower, inventory is rising, and condos and townhomes are under the most pressure. At the same time, prices remain steady, and recent rate cuts could encourage more buyers to re-enter the market sooner than typical winter patterns would suggest.

For buyers, this is a window of opportunity. For sellers, it is a moment to be strategic. As always, the best decisions come from understanding how market trends impact your specific property type and neighbourhood. If you have questions about how this data applies to your plans, a conversation with a local expert can help you choose the right next step.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - October 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for October 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa’s Market Stays Balanced as Inventory Eases in October

Ottawa’s housing market continued its steady rhythm through October, showing signs of balance as the fall season began to wind down. While sales and prices both nudged upward, inventory levels eased slightly, suggesting the market is settling into a sustainable pace after a busy summer.

Sales and Prices

A total of 1,177 properties sold across Ottawa in October, a small dip of 1.2% compared to the same time last year but up 8.1% from September. The average sale price climbed to $709,002, which is 2.7% higher month over month and 5.7% higher than October 2024. These gains reflect continued buyer confidence and stable demand, even as affordability remains a key factor for many households.

Year to date, 12,197 homes have changed hands — a 3.3% increase over 2024 — for a total value of $8.55 billion, up 6.5% year over year.

Inventory and New Listings

The number of active listings dropped from 4,388 in September to 4,232 in October, a 3.6% decrease. Although supply is still well above pre-pandemic lows, this dip marks a return to the typical fall slowdown. The months of inventory eased from 4.0 to 3.6, keeping Ottawa in a balanced territory where neither buyers nor sellers hold a clear advantage.

There were 2,405 new listings in October, down 15% from September but 13% higher than last year. This mix of stronger annual supply and seasonal cooling points to a market that is finding its footing after several years of volatility.

Home Price Index

According to the MLS® Home Price Index, Ottawa’s composite benchmark price was $622,700 in October, down slightly (0.7%) from September but up 0.7% year over year. By property type:

• Single-family homes: $692,400 (up 0.3% year over year)

• Townhomes: $456,300 (up 6.6% year over year)

• Apartments: $402,900 (up 0.1% year over year)

This steady pricing trend underscores the market’s stability and ongoing demand for a range of housing types.

Interest Rates and Outlook

The Bank of Canada’s second consecutive rate cut on October 29, 2025, lowered the policy rate to 2.25%. The move provided some relief for variable-rate mortgage holders and boosted optimism for next spring. However, the central bank signalled this may be the final cut in the current cycle, and economic caution remains.

OREB President Paul Czan summarized it well: “Ottawa’s market continues to demonstrate balance and resilience. We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of inventory levels. Buyers and sellers remain watchful of broader economic conditions, but the fundamentals here remain strong.”

What This Means for Buyers and Sellers

For buyers, this fall’s market offers more choice and less competition than the frenzied years of 2020–2022. For sellers, well-prepared homes priced correctly are still moving quickly — the average property spent 26 days on market in October.

Ottawa’s market is ending the year on steady ground: balanced, confident, and setting up for a healthier pace heading into 2026.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - September 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa Market Snapshot: A Softening in Sales, But Prices Holding Firm

As summer transitions toward fall, Ottawa’s housing market in September followed a familiar seasonal pattern: sales cooled slightly even as inventory continued to build. A total of 1,089 homes changed hands in September, down from 1,236 in August and 1,318 in July. While the three-month pullback might unsettle some, it’s well within the norm as the frenzied spring market winds down.

Despite the dip in activity, home prices showed surprising resilience. The average sale price landed at $690,397, settling between August’s $686,536 and July’s $695,209 — and registering a modest 0.3% gain over last year. At the same time, benchmark prices have remained steady, signaling that demand is holding strong even as buyers now have more inventory to choose from.

Inventory Piling Up, But Market Still Finding Balance

Active listings rose to 4,388 in September, up from 3,971 in August and 4,205 in July. These levels reflect a marked shift away from the supply-constrained days of the pandemic and toward what might be considered a more “balanced” market — though it’s worth noting inventory is still elevated compared to historical norms.

The months of inventory metric edged up to 4.0 in September (versus 3.2 in August and July), further reinforcing that we may be entering a phase of increased equilibrium between buyers and sellers.

That demand hasn’t collapsed is a key reason why prices haven’t plunged — even with more homes on the market.

The Policy Shift That Could Stir Things Up

Mid-month, the Bank of Canada cut its key policy rate by 25 basis points to 2.5%, pointing to slowing global growth and easing inflation pressures. This move may well give new life to the market — especially among first-time buyers who may see renewed affordability and confidence in the months ahead.

Coupled with Ottawa’s structural demand and increasingly balanced inventory, this rate cut could nudge some hesitant buyers off the sidelines.

Driving Forces Under the Hood

Paul Czan, President of OREB, sums it up best:

“September reinforced Ottawa’s resilience, with sales nearly 2.4% higher than last year, and prices are holding steady despite more listings coming to market. When you peel back the layers, you see that townhomes are driving stability while single-family homes are easing. And while Ottawa’s diversity of housing continues to increase inventory, missing middle housing — like townhomes — still aren’t being built fast enough, and that’s something OREB continues to advocate for.”

That last point is especially worth emphasizing: even as inventory expands, the market’s composition matters. If new supply skews too heavily toward certain types (e.g. large single-family homes) while under-serving in-demand middle housing (townhomes, semi-detached), the pressure points in certain segments could intensify.

Broader Trends & Year-To-Date Performance

Looking beyond monthly fluctuations:

• 11,025 homes have sold so far in 2025 — up 3.9% compared to the same period in 2024.

• Year-to-date average sale price: $699,910, a 2.7% increase over last year’s first nine months.

• Total value of homes sold in September was around $751 million, a 2.8% increase year-over-year — underscoring real estate’s continued macroeconomic weight.

• New residential listings added in September: 2,832 (a 19.3% increase over Sept. 2024)

• Active listings: 4,388 (up 19.4% over last year, and about 21.8% above the five-year seasonal average)

• MLS® HPI (Home Price Index): The composite benchmark was $627,200 in September (≈ 1.1% gain year-over-year)

  • Single-family HPI: $697,200 (+1.0%)

  • Townhouse HPI: $462,800 (+7.8%)

  • Apartment HPI: $408,200 (–1.7%)

What This Means Going Forward

• Balanced, not overheated: The market is nudging toward greater balance. That doesn’t necessarily mean price drops — it just means less frantic movement in either direction.

• Segment shifts matter: While overall numbers may look stable, townhomes and “missing middle” forms of housing are continuing to outperform — and in some respects, are under-supplied.

• Interest rate tailwinds: The Bank of Canada’s recent rate cut could boost buyer confidence, especially among new entrants to the market, helping convert latent demand into actual transactions.

• Watch for inventory trends: If listings keep climbing faster than buyers emerge, we could see localized softening — particularly in overbuilt or less desirable submarkets.

Bottom line: Ottawa’s housing market in September reminds us that even as inventory climbs, underlying demand remains resilient. Prices may not be shooting higher, but they’re not collapsing either. The key going into fall will be watching how buyers respond — especially with lower interest rates — and which housing segments outperform.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - August 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa slipped into late summer with a market that felt a little like the first cool morning after a heatwave. Buyers had room to breathe, sellers still found engaged audiences, and the city’s real estate rhythm continued to follow its familiar seasonal arc toward a busier autumn.

The shape of the month

August recorded 1,236 sales across the region. That is softer than June and July, which is typical as vacations and cottage weekends pull attention away from house hunting, yet it sits 12.1% above the same month last year. New supply flowed in at a healthy pace, with 2,121 new listings and 3,971 active listings at month-end. That active count is about 37% higher than the five-year August average, which sounds dramatic until you remember that 2020 and 2021 compressed supply to rare lows. If you look back to pre-pandemic benchmarks like 2018 and 2019, today’s inventory is roughly one-third higher, which is a more grounded comparison.

Two balancing indicators tell the real story. The sales-to-new-listings ratio landed near 58%, and months of inventory held at 3.2. In plain language, demand is meeting supply. Homes are spending a typical 28 days on market, neither racing out the door nor languishing.

Prices: a steady step rather than a leap

The average sale price for August reached $686,536, up 3.6% year over year. Year to date, Ottawa sits at 9,936 sales, 4.1% ahead of 2024 at this point, with the average price for the first eight months at $700,828, a rise of 3%. These are the kinds of gains that feel sustainable. They reflect confidence and activity without the whiplash of overheated conditions.

The MLS® Home Price Index offers a clearer lens on typical values. The composite benchmark came in at $633,000, up 1.5% from last August. Within that, the story splits by property type. Single-family homes are steady at a $700,100 benchmark, also up 1.5%. Townhouses are doing the heavy lifting with an 8.3% increase to $466,200, helped by buyers trading space and convenience for value. Apartments are the gentle counterweight at $412,300, down 1.1%, with softness most noticeable in the downtown condo segment.

Why inventory feels higher, and why that can help you

Ottawa’s market is seasonal. Late summer typically sees listings accumulate as sellers prepare to ride the September and October wave, when school routines settle and serious house hunting returns. Elevated inventory does not mean a glut. It means buyers have more choice, a fuller menu of neighbourhoods and floor plans to compare, and a little more leverage to ask for repairs, closing flexibility, or favourable conditions. Sellers, meanwhile, benefit from a deeper audience, especially if their home is well presented and priced in line with the most recent comparable sales.

What this means for different buyers

First-time and value seekers. Townhouses are where momentum meets attainability. If you have been waiting for a sweet spot between space and budget, this segment is worth a close look.

Move-up families. Single-family values are stable, and selection is improving. Focus on catchment areas, commute patterns, and renovation potential. With 28 days as a typical marketing period, you can move confidently yet decisively.

Downtown lifestyle buyers. Condos are the most negotiable slice of the market right now. If urban living with transit access and low maintenance is your priority, the numbers are in your favour, especially for units that have been on the market longer than average.

What this means for sellers

Price to the moment. Balanced conditions reward accuracy. Over-reach early and you risk chasing the market, particularly in the condo segment.

Win on presentation. In a world of 3,900-plus active listings, professional photography, clean lines, and small repairs create a memorable first impression.

Use the first two weeks wisely. Most serious buyer activity clusters early. A clear launch plan, thoughtful showing windows, and rapid feedback cycles help convert interest into offers.

Reading the road ahead

Two consecutive months of slower sales from the June peak is part of Ottawa’s seasonal cadence. Inventory is already in place for September and October, which often brings a brisker pace of accepted offers. Outside our region, some Ontario markets have seen supply rise and sales cool. Early indicators suggest that as confidence firms, activity could lift more broadly, which would support Ottawa as well. We will also be watching employment trends and cross-border trade news, since both can ripple through buyer sentiment over the fall.

Bottom line

August felt constructive. Prices moved with intention rather than urgency. Buyers gained options without losing the ability to compete. Sellers who lead with condition, marketing, and a right-sized list price are still achieving solid results. In other words, Ottawa is behaving like the balanced market it is known for, quietly setting the stage for an active autumn.

Planning a move this fall

Every neighbourhood and property type tells its own story. If you are buying, we can zero in on where selection is highest and negotiating power is strongest. If you are selling, we can build a launch plan that positions your home to stand out while inventory remains elevated. The late-summer light may be fading, but the opportunity in Ottawa real estate is very much in season.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - July 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for July 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Signs of Growth Amid Ottawa’s Steady Housing Market

Ottawa’s housing market is demonstrating resilience in 2025, with steady demand, moderate price growth, and a healthy supply of homes, all amidst a backdrop of shifting provincial markets. While other regions in Ontario are seeing signs of slowdown—marked by declining sales, price corrections, and rising inventory levels—Ottawa’s market remains relatively stable, though not completely immune to broader trends.

Historically, Ottawa’s market has been insulated from extreme fluctuations due to its stable employment base and consistent population growth. However, as we continue to watch the housing market across Ontario, it’s clear that changes elsewhere can eventually affect the capital’s market over time.

Current Market Activity and Indicators

The rise in active listings, both year-over-year and compared to the five-year average, signals a potential shift in supply pressures. This trend gives buyers more choices, but it’s also an important signal to keep an eye on in the coming months. The sales-to-new-listings ratio has increased from 51.7% to 55.1% compared to a year ago, suggesting that while supply is on the rise, demand is keeping up.

As of July 2025, the Ottawa Real Estate Board (OREB) recorded 1,318 homes sold, which represents a slight dip from June but marks a 4.9% increase over July 2024. So far this year, Ottawa has seen 8,704 home sales, a 3.1% increase over 2024. The total value of homes sold in July reached approximately $920 million, a 7.2% increase year-over-year, contributing positively to Ottawa’s economy.

The average sale price for all homes in July was $695,209, marking a 2.2% increase from last year. On a year-to-date basis, the average price has risen 3%, reaching $702,840. While we’re seeing moderate price growth overall, certain property types are seeing bigger increases.

Price Trends by Property Type

The MLS® Home Price Index (HPI) composite benchmark price for Ottawa in July was $633,100, a modest 1.9% increase compared to the same period last year. Breaking down the numbers by property type, we see notable differences in price growth:

• Single-family homes: $704,800, a 2% increase year-over-year.

• Townhouses: $468,000, a significant 8.3% jump.

• Apartments: $411,900, down 1.6%.

The townhouse market has experienced the most significant growth, reflecting buyer interest in these types of properties, while the condo segment—particularly in the downtown core—has softened, showing a slight dip in price.

Increased Inventory and Market Balance

The Ottawa market saw a notable increase in new listings in July, with 2,549 new residential listings added, an 11.7% increase compared to 2024. Active listings are up 14% from last year, and 23.6% above the five-year average, signaling that buyers have more options to choose from.

The months of inventory, which is a key measure of supply, rose slightly to 3.2 months, up from 2.9 months last year. This indicates that the market is nearing a balanced state, which is typically a good sign for both buyers and sellers.

The Future of Ottawa’s Housing Market

While Ottawa’s market remains stable and resilient, it’s important to continue monitoring any changes that may come from broader provincial or national economic trends. With rising listings, an increase in demand for townhouses, and steady price growth overall, Ottawa’s housing market continues to stand out for its stability and growth potential. Whether you’re buying or selling, the market’s current trends suggest a healthy environment for both sides.

As we move further into 2025, buyers will benefit from a wider range of inventory options, while sellers will need to stay mindful of the increased competition in the market. With balanced inventory, steady demand, and moderate price growth, Ottawa remains a strong contender for real estate investment, and the outlook for the rest of the year is positive.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - June 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for June 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

A Busy June Signals a Delayed but Active Spring Market

Ottawa's real estate market saw a notable uptick in activity this June, marking a strong seasonal shift. A total of 1,602 homes were sold through the Ottawa Real Estate Board's (OREB) MLS® System—an 11.34% drop from May, but a healthy 10.6% increase compared to June 2024. This pace puts the city’s sales 3.8% above the five-year average, pointing to a return to more traditional seasonal trends.

Market Trends at a Glance

• Sales activity: 1,602 homes sold

• New listings: 2,933 (↑13.8% YoY)

• Active listings: 4,350 (↑11.6% YoY)

• Benchmark price (overall): $634,300 (↑1.6% YoY)

• Average sale price: $723,152 (↑5.2% YoY)

• Days on market: 19

• Months of inventory: 2.7

OREB President Paul Czan noted, “This was the busiest June we've seen in quite some time… we’re seeing more inventory hit the market, giving buyers more choice. Sellers need to stay future-focused—pricing thoughtfully and preparing their homes to stand out.”

Inventory Continues to Climb

Active listings reached 4,350 in June, rising significantly from last year and sitting 42.6% above the five-year average. New listings also jumped nearly 14% year-over-year, indicating that the delayed spring market finally materialized. Months of inventory held steady at 2.7, suggesting balanced conditions overall.

Property Prices by Type

The benchmark price of a typical home in Ottawa climbed modestly overall, with certain property types seeing more pronounced movement:

• Single-family homes: $707,600 (↑1.6% YoY)

• Townhouses/row units: $467,900 (↑9.0% YoY)

• Apartments: $411,500 (↓0.6% YoY)

Apartments continue to feel pressure from rising inventory, financing costs, and new construction competition. “We're seeing a notable decline in apartment sales—down about 20% year-over-year,” Czan explained. Neighbourhood-specific factors and increasing condo fees are also contributing to reduced affordability, particularly for first-time buyers.

What This Means for Buyers and Sellers

For buyers, increased inventory and stable pricing mean more options and a less competitive market than in past years. For sellers, especially those listing condos or homes in areas with lots of new supply, strategic pricing and preparation are essential to attract serious interest.

Looking ahead, seasonal trends suggest a strong fall market could be on the horizon. Families hoping to move before the school year and students returning to the city are likely to keep the market moving into September.

Thinking about buying or selling in Ottawa?
Our team of local experts is here to help you navigate changing market conditions with confidence. Reach out today for personalized advice or to start your home search.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - May 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for May 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa’s real estate market is proving resilient this spring, showing a healthy boost in buyer activity and steady pricing across most segments. In May 2025, a total of 1,807 homes were sold through the Ottawa Real Estate Board (OREB), marking a 33.1% jump from April and a 14.9% increase year-over-year. This puts sales slightly above the five-year average, despite the market’s late seasonal start.

A Delayed Spring, Not a Cooldown

This year’s spring market took longer to arrive, with April's federal election occupying much of the public's attention. As the dust settled, buyers began to re-engage, pushing May’s activity significantly higher.

OREB President Paul Czan explains, “We’re seeing renewed buyer confidence, with listings increasing and market activity picking up. The steady months of inventory signal that buyers and sellers are finding balance. Still, sellers should note that more competition means pricing strategically and presenting well is more important than ever.”

Ottawa’s Market Stands Strong Nationally

While some larger markets like Toronto and Vancouver are showing signs of slowing down, Ottawa continues to perform steadily. Homes are still selling close to asking price, and the recent decision by the Bank of Canada to hold interest rates has added further confidence for buyers unsure about future rate cuts.

Market Snapshot: Home Prices in Ottawa – May 2025

• Benchmark Price (All Property Types): $629,800 (+0.8% year-over-year)

• Single-Family Homes: $700,000 (+0.6%)

• Townhouses/Row Units: $446,900 (+3.4%)

• Apartments: $404,700 (−3.6%)

• Average Sale Price (All Homes): $728,623 (+4.8%)

• Total Sales Volume: $1.316 billion (+20.4%)

While average sale price can reflect general trends, OREB cautions it should not be viewed as a direct measure of value increases for individual homes. Market conditions and pricing vary greatly by neighbourhood and property type.

Inventory on the Rise

May also saw a healthy rise in new listings, with 3,430 properties hitting the market—an 8.7% increase over last year and 15.8% above the five-year average. At the end of the month, 4,347 active residential listings were on the board, marking a 13.5% year-over-year increase. Inventory levels have grown significantly, sitting 54.2% above the five-year average, offering buyers more choice than in previous years.

Months of inventory—a key indicator of supply—remained stable at 2.4 months, consistent with the same time last year.

What This Means for Buyers and Sellers

• Buyers: Increased inventory and stable prices make this a favourable time to re-enter the market with more options and less pressure.

• Sellers: With competition heating up, proper pricing, marketing, and presentation are essential to standing out.

As Ottawa settles into a more balanced market, both buyers and sellers can move forward with greater clarity. Whether you're thinking about making a move this summer or planning ahead, now is a great time to speak with a local real estate expert about your strategy.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - April 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for April 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

April 2025 showed signs of renewed energy in Ottawa’s real estate market, with key indicators suggesting a market that’s slowly moving toward balance. While year-over-year sales were down, month-over-month activity picked up sharply—fuelled by increased inventory, cautious buyer confidence, and more strategic pricing by sellers. Here’s a breakdown of what happened in Ottawa’s housing market last month and what it means for buyers and sellers moving forward.

Home Sales Rebound from March Lows

According to the Ottawa Real Estate Board (OREB), 1,306 homes were sold via the MLS® System in April 2025. That’s an 18.4% increase compared to March 2025, although still 11.2% below April 2024 levels. While total sales were 17.6% below the five-year average and 16.2% below the 10-year average, the sharp month-over-month increase signals that spring activity is heating up.

OREB President Paul Czan described the shift as a sign of “growing momentum,” noting that inventory levels are rising and helping the market move gradually toward balance. With more certainty following the federal election, buyers are re-entering the market, though with caution—they’re taking their time, including conditions in their offers, and being more selective.

Prices Holding Steady – With Small Gains in Some Segments

Home prices in Ottawa remained mostly stable in April. The overall MLS® Home Price Index (HPI) benchmark rose 1.1% year-over-year to $631,200.

• Single-family homes had a benchmark price of $703,200, up 1.0% from April 2024.

• Townhomes saw a stronger increase, with a benchmark price of $440,000—up 4.4%.

• Condo apartments declined slightly year-over-year, with a benchmark price of $404,000, down 2.8%.

• The average sale price across all home types in April was $707,180, a 0.4% increase from the same month last year.

These modest gains reflect a more level playing field where strategic listings—homes that are well-priced and well-presented—continue to perform best.

Inventory Levels Rise Sharply

Inventory levels are a major factor to watch in 2025. April ended with 4,878 active residential listings, up a striking 54.2% from April 2024. This is 86.9% above the five-year average and 51.3% higher than the 10-year average for the month of April.

With more homes on the market, buyers now have more choice—and that’s shifting some negotiating power back into their hands. As a result, sellers are adjusting their expectations. Days on market are stretching, and pricing strategies have become even more important. Homes that are overvalued or poorly marketed are sitting, while well-priced listings continue to attract interest—and in some cases, multiple offers.

The number of new listings was also high, with 2,589 residential properties added to the market in April. That’s 2.8% above the five-year average and 5.6% above the 10-year average.

Months of Inventory Shows Market Balance Shifting

At the end of April 2025, months of inventory stood at 3.7—up from just 2.2 in April 2024. This metric represents the number of months it would take to sell all current listings at the current rate of sales. A higher number suggests a move toward a more balanced market, especially compared to the frenzied seller’s market we’ve seen in recent years.

What This Means for Buyers and Sellers

For Buyers:
With more listings available, this spring presents a good opportunity to shop with less pressure. You still need to be financially ready and move quickly when the right property comes along, but you're more likely to encounter sellers who are open to negotiations or willing to accept conditional offers.

For Sellers:
This isn’t the market to guess at price or skip the prep work. Homes that are clean, well-maintained, and priced properly are still selling—and sometimes with competing offers. But overpricing or poor presentation could mean sitting on the market longer than expected. Strategic marketing, high-quality visuals, and a strong pricing strategy are essential in this climate.

Looking Ahead: What to Watch in Ottawa Real Estate

As we move through spring and into summer, we’ll be closely watching how federal housing policies roll out and whether they have a measurable effect on supply, affordability, or buyer incentives. Interest rate decisions in the coming months will also play a major role in shaping buyer behaviour and long-term affordability.

Whether you’re buying, selling, or just trying to make sense of where things are heading, staying informed is the first step. At New Purveyors, we help clients navigate this changing market with smart, honest advice tailored to their goals.

Thinking of making a move? Reach out today to start the conversation.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - March 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for March 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

The Ottawa real estate market continues to show signs of cautious stability as the spring market begins to bloom. According to the Ottawa Real Estate Board (OREB), 1,103 homes were sold through the MLS® System in March 2025—a 6.2% dip compared to the same time last year. While still down from historical averages, this figure points to a market that's finding its footing amidst economic uncertainty and lower interest rates.

“The Ottawa housing market in March 2025 remained relatively stable, with sales activity slightly lower than the same period last year,” said OREB President Paul Czan. “However, we’re seeing continued momentum month-over-month as the spring market gains traction.”

Sales Activity: Still Slower, But Stabilizing

Sales activity across Ottawa remains subdued compared to recent years. As of March 2025:

• Total sales YTD: 2,621

• That’s down from 2,721 in 2024 and well below the pandemic highs of 4,170 in 2021 and 3,967 in 2022.

• Compared to the five-year average, home sales were down 24%, and 19.3% below the 10-year average for March.

This represents the third consecutive year of March sales under 3,000, indicating a more balanced pace in the market. Many buyers and sellers are still exercising caution due to broader economic concerns and the upcoming election, but lower interest rates are gradually drawing more people back into the market.

Inventory Is Growing — Fast

One of the most notable shifts this year has been the rapid rise in available inventory. As of March 2025:

• Active listings: 3,769 (up from 2,372 in 2024 and 2,027 in 2023)

• New listings: 2,221 (a 4.1% increase from 2024)

• Months of inventory: 4.3 — up from 2.6 last year and the highest level since at least 2019

This marks a 60.3% surge in active listings compared to the same time last year, giving buyers more choice and putting slight downward pressure on competition.

OREB President Paul Czan highlighted how ongoing trade and tariff concerns may continue to affect new construction and supply:

“It’s critical that the City of Ottawa continues collaborating with key stakeholders. We were pleased to take part in discussions around the proposed New Zoning By-Law, which prioritizes housing options and opportunities to maximize options for Ottawa’s residents.”

Prices: Modest Gains, But Condos Lagging

Despite lower sales volume, home prices are showing steady—if modest—year-over-year increases in most categories:

• Overall MLS® HPI Benchmark Price: $626,200 (+2.2% vs. 2024)

• Single-family homes: $698,700 (+2.7%)

• Townhomes/row units: $431,200 (+3.0%)

• Apartments: $400,900 (–4.3%)

This reflects a cooling of the condo market, which surged during the pandemic but may now be facing stiffer competition from more available low-rise and freehold options.

What This Means for Buyers and Sellers

If you’re a buyer, there’s more inventory to choose from and slightly less competition than in recent years. With 4.3 months of inventory now on the market, you may have a bit more breathing room—though desirable properties are still moving quickly if priced right.

If you’re a seller, realistic pricing and proper presentation are key. The rise in inventory means your home needs to stand out, but motivated buyers are still very much active.

Looking Ahead

The Ottawa real estate market is not surging, but it’s not stalling either. It’s a market in motion—balancing economic hesitations with growing buyer confidence as interest rates soften. If you're planning a move this year, whether buying or selling, the early spring numbers suggest now is the time to act before competition heats up.

Want to talk about how to navigate the current market? Let’s connect and make a plan that works for you.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - February 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for February 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa Real Estate Market Update: February 2025 Trends and Insights

The Ottawa real estate market continues to evolve, with February 2025 showing a steadying trend despite ongoing economic shifts. While sales activity has slowed, home prices have remained stable, and inventory levels have risen significantly. If you're considering buying or selling in Ottawa, understanding these market dynamics is crucial.

Here's a comprehensive breakdown of the latest market data from the Ottawa Real Estate Board (OREB) to help you stay informed.

Key Takeaways from February 2025 Ottawa Real Estate Market

• 809 homes sold, reflecting a 10.2% decline from February 2024.

• 1,668 new listings, marking a 4.8% increase from last year.

• 3,735 active listings, a 61.4% increase year-over-year.

• Benchmark prices:

  • $719,800 for single-family homes (+1.3% YoY)

  • $459,300 for apartments (+4.5% YoY)

  • $438,000 for townhouses (-11.6% YoY)

• 19 days on market, indicating a relatively quick pace of sales.

• 4.6 months of inventory, signaling an increase in available homes.

Let's dive into the details of these trends and what they mean for buyers, sellers, and investors in Ottawa.

Home Sales in Ottawa: Slower but Steady

February 2025 saw 809 home sales, a 10.2% drop from last year. This figure sits 19.1% below the five-year average and 15.4% below the 10-year average, reflecting a more cautious approach from buyers amid economic and interest rate uncertainties.

However, despite the dip in sales, Ottawa’s market remains resilient, with prices holding steady and inventory rising, offering more options for prospective buyers.

Home Prices in Ottawa: Stability Amid Market Adjustments

MLS® Home Price Index (HPI) Benchmarks

• Single-Family Homes: $719,800 (+1.3% YoY)

• Apartments: $459,300 (+4.5% YoY)

• Townhouses: $438,000 (-11.6% YoY)

• Overall Composite Benchmark: $658,300 (+4.4% YoY)

The overall benchmark price rose 4.4% compared to February 2024, showing that despite fewer sales, home values remain strong.

Notably, townhouses experienced an 11.6% price drop, which could indicate shifting demand away from this segment, possibly due to affordability concerns or buyer preferences favoring single-family homes and apartments.

The average home sale price was $669,945, up 1.4% from last year.

Ottawa Housing Inventory and New Listings: More Options for Buyers

Key Inventory Stats:

• 1,668 new listings entered the market in February, up 4.8% YoY.

• 3,735 active listings were available, a 61.4% increase from February 2024.

• Months of inventory rose to 4.6, compared to 2.6 last year.

This increase in inventory means buyers have more choices than in previous years. However, it also indicates a shift toward a more balanced market, where sellers may need to be strategic with pricing and preparation.

Months of Inventory and Market Balance

Looking at months of inventory (MOI), which measures how long it would take to sell current listings at the present sales pace:

• 2025 MOI: 4.8 months (a notable increase from 2.9 months in 2024).

• Historically, Ottawa’s market has ranged from 0.7 MOI in 2021 (extreme seller’s market) to over 6 MOI in 2016 (buyer’s market).

While 4.8 months still indicates a balanced market, it's approaching buyer-friendly conditions, giving purchasers more negotiating power.

What’s Influencing the Ottawa Real Estate Market?

According to OREB President Paul Czan, multiple factors are shaping buyer and seller behavior:

• Interest Rates & the Bank of Canada: Market uncertainty remains, with potential interest rate cuts influencing affordability.

• Economic Factors: Tariffs, inflation, and cost-of-living concerns are impacting purchasing power.

• Spring Market Expectations: As we enter spring, buyer activity is expected to increase, particularly if interest rates decline.

How Does This Affect Buyers and Sellers?

For Buyers:

• More listings mean more choice—this is great news if you've been struggling to find the right home.

• Prices remain stable, so waiting for a major price drop may not be the best strategy.

• Interest rates may drop in the coming months, which could improve affordability.

For Sellers:

• Homes are selling quickly, averaging 19 days on the market, meaning demand still exists.

• More competition means strategic pricing is crucial—overpricing could lead to longer time on the market.

• Presentation matters—staging, marketing, and pricing strategies will make a difference.

Final Thoughts: Is Now a Good Time to Buy or Sell in Ottawa?

With rising inventory, stable prices, and the potential for rate cuts, Ottawa’s real estate market presents opportunities for both buyers and sellers. If you're thinking about buying, selling, or investing, staying informed on these market trends will help you make the best decision.

Need Expert Guidance?

Navigating Ottawa’s real estate market requires experience and strategy. Whether you're looking to buy, sell, or invest, the New Purveyors team is here to help. Contact us today to discuss your real estate goals!

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - January 2025

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for January 2025 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

More Listings, Cautious Buyers, and a Shifting Market

The Ottawa real estate market is off to an interesting start in 2025, with increased activity, more inventory, and a mix of cautious buyers and motivated sellers. While home sales were slightly down year-over-year, confidence in the market is growing, fueled by a recent Bank of Canada rate cut and expectations of further interest rate reductions.

January 2025 saw 617 homes sold through the MLS® System of the Ottawa Real Estate Board (OREB), representing a 4.2% decline compared to January 2024. This number also remains 13% below the five-year average and 9.6% below the 10-year average for January. However, a significant increase in new listings and active inventory is changing the dynamics of the market, offering buyers more choices while pushing sellers to price more competitively.

Let’s dive into the key trends shaping the Ottawa real estate market in 2025.

Key Market Highlights for January 2025

• 617 homes sold (-4.2% YoY)

• Average home price: $670,258 (+5.8% YoY)

• Single-family benchmark price: $713,000 (+2.3% YoY)

• Apartment benchmark price: $436,900 (+4.5% YoY)

• Townhouse/Row benchmark price: $448,000 (-3.9% YoY)

• New listings: 1,359 (+3.0% YoY)

• Active listings: 3,312 (+57.3% YoY)

• Months of inventory: 5.4 months (up from 3.3 months in January 2024)

Home Prices: A Closer Look

Despite a decline in sales volume, home prices in Ottawa have remained stable or increased in most segments:

• Single-family homes: The benchmark price increased 2.3% year-over-year to $713,000, reflecting continued demand for detached properties.

• Apartments: Condo apartments saw a 4.5% price increase, reaching $436,900, as affordability concerns drive more buyers towards this market segment.

• Townhouses/Row Units: This segment was the only one to experience a decline, with prices falling 3.9% to $448,000, indicating shifting buyer preferences.

• Average Home Price: Across all property types, the average sale price in January 2025 was $670,258, marking a 5.8% increase from last year.

OREB cautions that while the average sale price is a useful indicator of market trends, it does not necessarily reflect the appreciation or depreciation of individual properties, as home values vary based on location, condition, and other factors.

Supply & Inventory: A Major Shift in the Market

One of the most notable changes in Ottawa’s market is the significant increase in active listings, which have risen by 57.3% year-over-year, bringing the total to 3,312 units.

• New Listings: The number of newly listed homes in January rose by 3.0%, with 1,359 new properties hitting the market.

• Months of Inventory: The market now has 5.4 months of inventory, a substantial increase from 3.3 months in January 2024. This suggests that buyers now have more choices, reducing pressure on prices and slowing down bidding wars.

While inventory remains below pre-pandemic levels, the increase in available properties is creating a more balanced market—neither strongly favoring buyers nor sellers.

Why is Ottawa’s Market Changing?

Several key factors are influencing Ottawa’s real estate market:

1. The Bank of Canada Rate Cut

The recent interest rate cut has sparked optimism among buyers, with expectations of further reductions in 2025. Lower rates improve affordability, making it easier for buyers to qualify for mortgages and reducing monthly payments.

2. More Listings = More Choices for Buyers

For the past few years, Ottawa’s market has struggled with low inventory. However, with a 57.3% increase in active listings, buyers now have more negotiating power. This means fewer bidding wars and more opportunities for buyers to find properties that suit their needs.

3. Economic & Political Uncertainty

With U.S. tariffs, upcoming federal and provincial elections, and economic shifts, some buyers and sellers are taking a wait-and-see approach. These external factors could impact consumer confidence and influence real estate trends throughout the year.

What This Means for Buyers & Sellers

For Buyers:

✅ More Listings = More Choice: With inventory rising, buyers have more options and less competition compared to the past few years.
✅ Interest Rate Relief: The Bank of Canada’s rate cut is making financing slightly more affordable, and more rate cuts may come later in the year.
✅ Slower Price Growth: While prices are rising in some segments, the market is less competitive, giving buyers more negotiating power.

Advice: If you’ve been waiting for the right time to enter the market, now may be a good opportunity to secure a home before demand picks up again in the spring.

For Sellers:

⚠ More Listings = More Competition: With more homes on the market, sellers must price their homes competitively to attract buyers.
⚠ Presentation Matters: Well-staged, well-marketed homes are selling faster than overpriced or poorly presented properties.
⚠ Some Homes are Selling Quickly, Others are Sitting: Homes in high-demand areas are still moving fast, while others may take longer to sell.

Advice: If you’re planning to sell in 2025, work with an experienced real estate team to ensure your home is marketed effectively and priced right for the current market conditions.

Market Outlook for 2025

Looking ahead, Ottawa’s market is expected to gain momentum in the coming months as buyers take advantage of improved affordability and increased supply.

• More buyers are expected to return to the market as confidence grows.

• Sellers will need to adapt to changing conditions by pricing competitively.

• Spring 2025 could see more sales activity, especially if interest rates continue to decline.

While external factors like economic policy and global trade conditions could create uncertainty, Ottawa remains one of Canada’s most stable and desirable real estate markets.

Final Thoughts

January 2025 marks a transitional phase in Ottawa’s real estate market. While sales were slightly lower, rising inventory and renewed buyer interest signal a move toward a more balanced market.

For buyers, the increase in inventory and lower rates provide great opportunities.
For sellers, competitive pricing and strong marketing will be essential to securing a sale.

As the year progresses, expect increased activity, more competition, and a shifting landscape for Ottawa real estate.

For more detailed statistics and insights, visit the Ottawa Real Estate Board at www.oreb.ca.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - December 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for December 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa Real Estate Market Update: December 2024 Closes the Year with Optimism

As we wrapped up 2024, Ottawa’s real estate market showed promising signs of growth and optimism for the year ahead. December marked an encouraging end to a year filled with evolving market conditions, as both sales activity and inventory saw notable changes. Here’s a deep dive into the latest numbers and trends shaping Ottawa’s housing market.

Sales Snapshot for December 2024

The Ottawa Real Estate Board (OREB) reported a total of 613 homes sold through the MLS® System in December 2024, marking a 7.9% increase compared to December 2023. While sales were still 6.8% below the five-year average and 2.7% below the 10-year average, the uptick in activity signals cautious optimism among buyers and sellers alike.

On a year-to-date basis, 13,526 homes were sold in 2024, a significant 11.8% increase from the previous year. These gains highlight a recovering market buoyed by improving conditions in the latter half of the year.

Home Prices on the Rise

Home prices continued their steady climb in December 2024, driven by strong demand across various housing types.

• The MLS® Home Price Index (HPI) composite benchmark price reached $645,800, up 3.8% year-over-year.

• Single-family homes saw a benchmark price of $729,300, a 3.7% increase from December 2023.

• Townhouses and row units experienced the largest growth, with a benchmark price of $533,200, up a remarkable 11.3% year-over-year.

• Apartment prices, however, saw a slight decline, with the benchmark price at $404,400, down 2.5% compared to last year.

The average price of homes sold in December stood at $663,781, representing a 4.4% increase from December 2023. On a year-to-date basis, the average home price for 2024 was $679,067, up 1.3% from 2023.

Active Listings and Inventory Levels

December brought an influx of new and active listings, reflecting growing confidence among sellers:

• 603 new residential listings were added to the market, a 13.6% increase from December 2023.

• Active residential listings rose dramatically, reaching 3,216 units, a 58.7% increase from the same month last year. This also represented a 90% rise above the five-year average and 51.4% above the 10-year average.

• Months of inventory stood at 5.2 months, up from 3.6 months in December 2023, indicating improved supply conditions.

Year-to-Date Insights

Looking back on 2024, the year brought significant changes in sales activity, inventory, and listing trends:

• Sales Activity: With 13,526 units sold, sales rebounded strongly from 2023, representing an 11.8% increase. While still below peak years like 2021, the market demonstrated resilience.

• New Listings: A total of 25,100 new listings were added throughout the year, surpassing the previous year’s figure of 21,263 and closely aligning with historical averages.

• Inventory: The number of months of inventory increased to 3.0 months, a substantial recovery from the low levels seen in 2020 and 2021.

Market Drivers and Trends

The latter half of 2024 saw improving conditions for buyers and sellers, driven by several key factors:

1. Falling Interest Rates: Consecutive rate cuts provided relief for buyers, improving affordability and cash flow for those with variable-rate mortgages and HELOCs.

2. Higher Insured Mortgage Limits: These changes opened doors for more buyers to enter the market.

3. Extended Amortizations: These measures eased monthly payment burdens for buyers, encouraging activity.

However, challenges persist. Affordability and limited supply remain significant hurdles for many buyers, particularly in the search for affordable housing options that meet current demands. OREB President Paul Czan emphasized the importance of increasing supply to sustain market momentum, noting that while conditions are improving, much work remains.

Looking Ahead: Optimism for 2025

The Ottawa real estate market is poised for increased activity as we head into 2025. While uncertainties remain, including political shifts and affordability issues, there’s a growing sense of optimism. Sellers appear confident, with many anticipating improved buyer activity in the coming months. Meanwhile, buyers are watching closely as the market continues to adjust to new conditions.

With an increase in both sales activity and inventory, coupled with stabilizing prices, Ottawa’s housing market offers a cautiously optimistic outlook for the year ahead.

Key December 2024 Market Stats at a Glance

• 613 properties sold

• $729,300: Benchmark price for single-family homes

• $404,400: Benchmark price for apartments

• 34 days on market (average)

• 3,216 active listings

• 603 new listings

For more detailed statistics and insights, visit the Ottawa Real Estate Board at www.oreb.ca.

This year-end analysis underscores Ottawa’s resilience and adaptability in a fluctuating real estate environment. Stay tuned for more updates as we navigate the evolving market landscape in 2025!

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - November 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa Real Estate Market Update: November 2024

The Ottawa real estate market in November 2024 is showing promising signs of recovery after the slowdown experienced in 2023. With increased activity in year-to-date sales and rising inventory levels, the market is steadily regaining momentum, even as seasonal trends begin to cool activity. Here's a detailed look at the numbers and what they mean for buyers and sellers.

Home Sales and Pricing Trends In November 2024, a total of 1,059 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB). While this reflects a slight decrease from October's 1,179 sales, it marks an 11.8% year-to-date increase compared to 2023, underscoring a recovery in market activity.

Prices are holding steady, with the benchmark price for a single-family home at $722,400, up 2.1% year-over-year. Townhomes saw a modest increase of 0.3%, reaching $491,500, while apartments experienced a slight decline to $406,200, down 3.7% compared to last year. The average sale price in November was $667,098, a notable 4.6% increase year-over-year, reflecting stable demand despite economic uncertainties.

Inventory and Listings The number of new listings in November totaled 1,352, a 7.3% decrease compared to last year, while active residential listings surged by 38.2%, with 4,036 homes on the market. Months of inventory stood at 3.8, slightly down from 4.0 in November 2023, indicating a balanced market where neither buyers nor sellers hold a significant advantage.

The uptick in inventory compared to previous years is a welcome sign for buyers who have been navigating a market with limited options over the past few years. Sellers, on the other hand, may need to adjust expectations as buyers proceed cautiously, awaiting further interest rate adjustments and upcoming mortgage rule changes.

Key Factors Shaping the Market OREB's Past-President, Curtis Fillier, highlighted several trends impacting buyer and seller behavior:

• Buyers are exercising caution, closely watching interest rates and preparing for December's new mortgage rules, including extended amortization periods and higher default insurance caps, which could redefine purchasing power.

• Sellers are holding off for the typically busier spring market, with many focusing on maintaining competitive pricing and showcasing properties effectively during the slower winter months.

A Look Ahead As the year winds down, seasonal slowdowns are expected as attention shifts to the holidays. However, with prices remaining steady, increased inventory, and open houses continuing to attract interest, the market remains active. Buyers looking for opportunities and sellers preparing for the upcoming spring market should take note of these dynamics.

What This Means for You For buyers, now may be a good time to explore opportunities, especially in the apartment market, where prices have softened. Sellers should focus on preparing their homes to stand out in a market with rising inventory levels. Whether you're buying or selling, staying informed and working with a trusted real estate professional can help you make the most of the current market conditions.

The Ottawa market is making headway on its road to recovery, and 2025 promises to be an exciting year as new policies and market trends continue to shape the landscape. Stay tuned for more updates and insights to navigate Ottawa’s dynamic real estate market effectively!

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - October 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for October 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Market Outlook Reflects Growing Consumer Confidence in Ottawa’s Resale Housing Sector

In October 2024, the Ottawa Real Estate Board (OREB) reported 1,179 properties sold through its MLS® System, marking an increase from 1,047 in September. Although sales remain 3.9% below the five-year average and 0.9% below the ten-year average for October, the market continues to show resilience with steady, year-round activity instead of the usual seasonal patterns.

On a cumulative basis, 11,662 homes have been sold year-to-date in 2024, which represents a 9.4% increase over the same period in 2023. OREB President Curtis Fillier notes that this consistent demand is bolstered by a gradual rise in consumer confidence, particularly following a recent Bank of Canada interest rate cut. “The boost in consumer confidence is evident, though many prospective buyers await further reductions in borrowing costs.”

The recent rate adjustment may alleviate some pressure, but market conditions remain challenging due to constrained housing supply. The Ontario government’s latest economic outlook scaled back housing starts for 2024 to 81,300 units, a significant shortfall from its target of 125,000 homes. This downward revision reflects broader economic constraints, including elevated interest rates that continue to affect builders’ ability to launch new projects.

Fillier emphasizes that inventory challenges remain paramount in Ottawa. "Our market often operates with tight inventory, rapidly shifting from balance to a seller’s market. More innovative policies and new inventory solutions are essential to support housing affordability and accessibility."

Housing Supply Advocacy and Strategic Solutions
OREB has recently partnered with the Canadian Real Estate Association in advocating for enhanced housing supply strategies. In meetings with federal policymakers, REALTORS® outlined proposals to expand housing access, including promoting offsite construction technology (such as prefabricated homes) and extending tax relief for non-profit affordable housing projects.

Price Trends
The MLS® Home Price Index (HPI) continues to offer a comprehensive view of pricing trends across property types. In October 2024:

• The overall HPI benchmark price for residential properties was $639,500, reflecting a 0.4% increase year-over-year.

• The benchmark price for single-family homes rose to $724,500, up 0.7% from last year.

• Townhouse/row unit benchmark prices increased by 1.6% to $506,900.

• The benchmark apartment price declined by 3.4% to $407,500.

The average sale price for homes sold in October reached $668,690, up 1.2% year-over-year, while the year-to-date average price rose to $678,081, a 0.9% increase from October 2023. The total sales volume for October 2024 was $788.3 million, marking a 47.7% gain from last year.

OREB advises that while average prices provide an overall trend, they are not definitive indicators of specific property value changes, as neighbourhood variations significantly impact prices.

Inventory and New Listings
New residential listings for October 2024 totalled 2,089, representing a 10.4% increase over the previous year. New listings are notably above both the five- and ten-year October averages, at 6.7% and 17%, respectively. Active listings reached 3,354, an 8.9% increase from last October and significantly higher than the five-year average (40.6% above) and ten-year average (6.7% above).

The months of inventory declined to 2.8, down from 3.8 in October 2023, indicating a tightening supply relative to sales activity.

This upward shift in consumer confidence, coupled with proactive advocacy for housing supply innovation, underscores Ottawa’s potential for continued stability and growth in its real estate market.

October 2024 Market Highlights

• Total Properties Sold: 1,179 units were sold via the Ottawa Real Estate Board’s MLS® System, reflecting a notable increase from September’s 1,047 units, though sales were 3.9% below the five-year October average.

• Benchmark Prices:

  • Single-Family Homes: The benchmark price for single-family homes was $724,500, marking a 0.7% year-over-year increase.

  • Apartments: Benchmark prices for apartments declined 3.4%, settling at $407,500.

  • Overall Composite Price: The MLS® Home Price Index (HPI) composite benchmark for Ottawa was $639,500, a slight 0.4% increase from October 2023.

  • Average Sale Price: The average price of homes sold in October was $668,690, a 1.2% year-over-year increase.

• New Listings: Ottawa saw 2,089 new residential listings in October, an increase of 10.4% from October 2023. This figure is 6.7% above the five-year October average and 17% above the 10-year average, indicating a healthy influx of properties into the market.

• Active Listings and Days on Market:

  • Active Listings: At the end of October, there were 3,354 active listings, up 8.9% from the previous year, and 40.6% above the five-year October average.

  • Days on Market: Properties averaged 24 days on the market, reflecting efficient sales turnover in the current environment.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - September 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa Real Estate Market Update: A Healthy Outlook Amid a Shifting Market

The Ottawa real estate market continues to demonstrate resilience as we move through a shifting housing landscape. According to the Ottawa Real Estate Board (OREB), a total of 1,047 homes were sold via the MLS® system in September 2024, marking an 11.4% increase from September 2023. While sales remain 17.4% below the five-year average and 15.4% below the 10-year average, the year-to-date sales figure of 10,485 units reflects a 6.4% rise from the same period in 2023.

OREB President Curtis Fillier shared an optimistic outlook, stating, "Ottawa’s fall housing market is healthy, with robust activity and steady prices." Fillier also highlighted the recalibration of buyers’ and sellers’ purchasing power due to potential interest rate cuts, longer amortizations, and increased mortgage insurance price caps.

However, Fillier noted that Ottawa’s real estate market is primarily challenged by chronic supply shortages rather than demand. Recent policy developments aimed at stimulating demand may help, but as Fillier pointed out, "Ottawa's market doesn't typically have demand problems—we're not building enough homes, and we're certainly not building enough of the right homes to address the 'missing middle.'" According to the Canada Mortgage and Housing Corporation (CMHC), population-adjusted construction in Ottawa is at its lowest level in nearly a decade, and the city is behind on its annual housing targets.

Sales Activity and Prices Year-to-Date

The MLS® Home Price Index (HPI), which offers a more accurate reflection of price trends compared to median or average prices, shows that Ottawa’s housing market remains stable:

• The overall benchmark price for homes in Ottawa stood at $642,800 in September 2024, marking a modest 0.2% increase from September 2023.

• Single-family homes saw their benchmark price rise by 0.5% year-over-year to $729,000.

• Townhouses/row units experienced a slight decline, with the benchmark price falling 1.7% to $500,000 compared to last year.

• Apartment prices also saw a year-over-year dip, decreasing by 1.3% to $414,200.

The average sale price for homes sold in September 2024 was $685,551, reflecting a 1.4% increase from September 2023. Year-to-date, the average price was $679,082, up by 0.9% compared to the same period in 2023. OREB advises that while the average sale price is useful for identifying long-term trends, it should not be interpreted as a direct indicator of property value changes in specific neighbourhoods.

The total dollar volume of home sales in September 2024 reached $717.7 million, representing a 12.9% increase from the same month in 2023.

Inventory and New Listings Year-to-Date

Ottawa’s housing supply remains tight, but the inventory is gradually recovering:

• New listings saw a 3.9% increase year-over-year, with 2,343 residential properties hitting the market in September 2024. This number was 4.7% above the five-year average and 11.6% above the 10-year average for September.

• Active listings at the end of September totaled 3,529 units, up 16.9% from a year ago. Active inventory levels were also 43.3% above the five-year average and 4.6% higher than the 10-year average.

• Months of inventory, which indicates how long it would take to sell current stock at the current sales pace, stood at 3.4 months, slightly up from 3.2 months in September 2023.

Key Takeaways

Ottawa's real estate market in 2024 is showing signs of recovery and resilience despite continued supply challenges. While sales have picked up, the city remains constrained by a lack of new housing development, which contributes to the "missing middle" housing crisis. Buyers and sellers alike are adapting to shifting market conditions, including potential interest rate changes, while the market itself remains healthy with steady prices and increasing activity.

For prospective buyers, Ottawa continues to offer stable investment opportunities, especially in the single-family home sector, while townhouse and apartment prices have seen slight declines. As the fall market progresses, the key challenge remains addressing Ottawa's supply issues to keep pace with growing demand.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - August 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa’s Housing Market Stays Strong as Summer Winds Down: What to Expect This Fall

Ottawa’s real estate market had an active summer, and the momentum is expected to carry into the fall. While rising home sales signal a steady market, buyers and sellers alike are navigating a landscape shaped by affordability concerns and a changing interest rate environment. Here’s a breakdown of what happened in August 2024 and what you should know moving forward.

Home Sales Climb Compared to Last Year

August 2024 saw 1,100 homes sold through the Ottawa Real Estate Board (OREB), marking a 10.2% rise from August 2023. This increase is notable because, while home sales are up from last year, they are still 11.4% lower than the five-year average for August and 14.1% lower than the 10-year average.

Year-to-date numbers are promising as well, with 9,444 properties sold so far this year, up by 6% compared to the same period last year. This trend points to a more consistent level of sales despite Ottawa’s typical seasonal fluctuations, bolstered by recent drops in interest rates.

Buyers Taking Their Time, Sellers Urged to Be Patient

Even though home sales are climbing, buyers aren’t rushing into deals. With affordability remaining a significant concern, people are being more deliberate in their decisions, carefully weighing their options before making offers. The slight uptick in new listings combined with steady pricing means buyers have more choices, but they are moving cautiously.

For sellers, this means adjusting expectations. Quick sales aren’t guaranteed, and patience is key. Real estate professionals recommend working with a REALTOR® who has access to local data and market trends. With expert pricing and strategy, homes are more likely to attract the right buyer.

What’s Happening with Prices?

While it’s tempting to look at average sale prices to gauge market performance, it’s more accurate to consider benchmark prices, which track value changes based on property types and characteristics.

• The overall MLS® Home Price Index (HPI) for August 2024 is $646,000, down slightly by 0.3% compared to August 2023.

• Single-family homes saw a similar slight decrease in benchmark price, now at $732,500.

• Townhouses and row homes, on the other hand, experienced a small bump in price, rising by 0.3% to $502,200.

• Apartments dipped a bit, with the benchmark price falling by 1.2% to $416,800.

On average, homes sold for $660,341 in August 2024, a modest increase of 0.3% from last year. For the year as a whole, the average sale price has risen by 0.9% to $678,327. These numbers show that prices are relatively stable, meaning the market isn’t swinging wildly in either direction.

The Inventory Picture: More Homes Available

The supply of available homes is a critical factor in Ottawa’s real estate dynamics. In August, 1,907 new homes came onto the market, a slight 0.2% increase compared to last August. Overall, there were 3,324 active residential listings by the end of the month, representing a 25.8% increase from a year ago.

The market is starting to offer more choices for buyers, but inventory is still tight compared to long-term trends. The months of inventory—the number of months it would take to sell all the available homes at the current sales pace—stood at 3.0 in August, up from 2.6 last year. While this is an improvement, it’s still lower than the historical average, meaning the market remains competitive for buyers.

Homes Are Selling Faster

One encouraging sign for sellers is that homes are still moving quickly. The average home was on the market for 24 days in August, reflecting strong demand despite cautious buyers. This means that, with the right pricing and marketing strategy, sellers can expect their homes to sell in under a month on average.

What Does This All Mean for You?

For buyers, the current environment offers a bit more breathing room. With interest rates trending down and more homes becoming available, it’s a good time to start looking at your options. There’s no need to rush, though—prices are holding steady, and you’ll likely have more opportunities as fall progresses.

For sellers, patience and strategy are your best friends. While the market is active, buyers are moving more cautiously, which means working closely with a knowledgeable REALTOR® to price your home correctly is essential. Marketing your home effectively will also make a difference, ensuring you attract serious buyers.

Takeaways as We Head into Fall

The Ottawa real estate market has proven resilient throughout the summer, with sales increasing and prices staying stable. As we move into fall, this momentum is expected to continue, offering opportunities for both buyers and sellers. Whether you’re looking to purchase or sell, staying informed and working with a professional will help you navigate this evolving market.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - July 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for July 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Ottawa’s MLS® Market Shows Positive Trends Moving into Summer

In July 2024, the MLS® System of the Ottawa Real Estate Board (OREB) recorded 1,241 home sales, reflecting a 13.6% increase from July 2023. This rise in sales is noteworthy, especially considering the typical seasonal slowdown that often occurs during the summer months. This suggests that market activity may be picking up momentum, which could continue as we move further into the year.

Despite this growth, it's important to contextualize these numbers. Home sales were still 7.1% below the five-year average and 8.8% below the 10-year average for July. This indicates that while there is an improvement compared to last year, the market has not yet fully returned to its historical norms. However, the year-to-date sales figures, which totalled 8,349 units by July 2024, represent a 5.5% increase from the same period in 2023, showing a sustained improvement over the course of the year.

OREB President Curtis Fillier highlights the importance of buyer confidence in this trend. As buyers regain confidence, likely due to stabilizing economic conditions and recent policy changes, they are re-entering the market. Meanwhile, sellers are responding by listing more properties, contributing to a more dynamic market. However, the extent of future sales growth will depend largely on the types of properties available and their price points. Persistent issues like supply constraints and affordability challenges continue to limit the market's full potential.

The recent policy developments, including two interest rate cuts by the Bank of Canada and the federal government’s introduction of 30-year amortization periods for first-time homebuyers of newly built homes, are expected to further stimulate demand. These changes make homeownership more accessible for certain segments of buyers, particularly first-timers. However, as Fillier points out, these measures primarily address the demand side of the equation. The supply side remains a critical issue, with Ottawa and other cities across Canada needing more concrete actions to increase housing availability.

The Bank of Canada’s Monetary Policy Report points to municipal zoning restrictions and high development fees as significant barriers to increasing the housing supply. This is a longstanding issue that impacts not just Ottawa but cities nationwide. Recent data from the Ontario government underscores the severity of the problem in Ottawa, which has only achieved 12.7% of its 2024 housing starts target, with 1,593 homes built out of the 12,583 goal. This shortfall suggests that without substantial changes in zoning laws or reductions in development fees, the city will continue to struggle with meeting its housing needs.

By the Numbers – Prices:

The MLS® Home Price Index (HPI) provides a detailed view of price trends, offering a more accurate measure than simple average or median prices. In July 2024, the overall MLS® HPI composite benchmark price was $648,900, which is a slight increase of 0.1% from July 2023. This indicates that while prices have stabilized compared to last year, the market is not seeing significant appreciation, reflecting a balanced state between buyers and sellers.

The benchmark price for single-family homes was $734,700, showing a minor decrease of 0.1% year-over-year. This could be a sign that higher-end buyers are exercising caution or that there is a surplus in this segment of the market, leading to slightly lower prices.

In contrast, the benchmark price for townhouses and row units increased by 3.4%, reaching $506,100. This rise suggests that more buyers are turning to these property types as a more affordable alternative to single-family homes, driving up demand and prices in this category.

The benchmark price for apartments was $422,800, down 0.9% from the previous year. This slight decline could reflect shifts in buyer preferences or market saturation in certain areas, particularly if new apartment developments have recently been completed.

The average home price in July 2024 was $679,610, which is a 2.1% decrease from July 2023. However, the year-to-date average price stands at $681,082, representing a 1.0% increase from July 2023. This suggests that while there may have been fluctuations in monthly averages, the overall trend for the year indicates modest price growth.

The total dollar volume of home sales in July 2024 was $843.3 million, an 11.3% increase from July 2023. This growth in dollar volume, despite the decrease in average prices, suggests that the increase in the number of transactions has compensated for the slight dip in prices, indicating a healthy level of market activity.

OREB advises that while average sale prices are useful for identifying trends, they do not directly translate to changes in the value of individual properties. Prices can vary significantly depending on the neighbourhood, and the overall average may be influenced by the mix of properties sold in any given month.

By the Numbers – Inventory and New Listings:

There was a 17.1% increase in new listings compared to July 2023, with 2,231 new residential listings recorded in July 2024. This increase in new listings is encouraging, as it suggests that more sellers are willing to enter the market, likely in response to the steady demand. These new listings were 6.3% above the five-year average and 6.9% above the 10-year average for July, further indicating that seller activity is strong compared to historical norms.

Active residential listings reached 3,480 units at the end of July 2024, a significant 37.0% increase from July 2023. This rise in active listings could indicate that while more homes are coming onto the market, not all are being absorbed immediately, leading to a buildup in inventory. Active listings were 50.6% above the five-year average but 2.3% below the 10-year average, which suggests that while current inventory levels are high, they are not unprecedented.

The months of inventory, a key indicator of market balance, stood at 2.8 by the end of July 2024, up from 2.3 in July 2023. This figure represents the amount of time it would take to sell the current inventory at the current rate of sales. An increase in months of inventory typically indicates a shift towards a more balanced market, or even a buyer’s market, where buyers have more choices and potentially more negotiating power.

Overall, the Ottawa real estate market is showing signs of resilience and gradual recovery, with increases in sales and listings indicating renewed activity. However, ongoing supply challenges and affordability issues will need to be addressed to sustain this momentum in the long term.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.