October 2025 — Ottawa’s housing market in September demonstrated a continuation of late-summer seasonal trends, with sales activity easing slightly while inventory levels continued to climb. A total of 1,089 homes sold in September, down from 1,236 in August and 1,318 in July. This three-month trend of softer sales is not unusual as the spring peak transitions into the quieter summer months. 

On the price side, the average sale price of $690,397 in September fell between August’s $686,536 and July’s $695,209, remaining up 0.3% year-over-year. Benchmark prices have remained relatively stable throughout this adjustment period, indicating that demand is holding steady even as buyers gain more choice. 

Active listings rose to 4,388 in September, following 3,971 in August and 4,205 in July. These elevated inventory levels are a departure from undersupplied pandemic-era levels and align more with longer-run balanced conditions, though at elevated levels, which continues to be a trend worth monitoring. Continued steady demand helps explain why prices have remained relatively flat, even as inventory builds. Months of inventory edged up to 4.0, compared to 3.2 in August and 3.2 in July, reinforcing this balance between buyers and sellers. 

On September 17, the Bank of Canada cut its key policy interest rate by 25 basis points to 2.5%, citing slowing global growth and easing inflation pressures. This policy shift, combined with Ottawa’s resilient demand and balanced market conditions, could encourage more first-time buyers and bring additional activity to the market in the months ahead. 

“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,” said Paul Czan, OREB President. “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.” 

Residential Market Activity

 Looking at the bigger picture, there have been 11,025 home sales so far this year, which is 3.9% higher than at this time in 2024. The average sale price for all sold listings in September was $690,397 up 0.3 % from last year. This year, the average year-to-date price is $699,910, a 2.7% increase over the first nine months of 2024.

 Finally, the months of inventory, a measure of supply, sits at 4.0 months, which is up from 3.2 months of inventory in August. Having 4.0 months of inventory is typically understood to be an indicator of being a balanced market.

September 2025 ■ In August 2025, a total of 1,236 homes were sold across the Ottawa Real Estate Board (OREB) region. While down from 1,318 units in July 2025 and 1,602 in June 2025, this represents a 12.1% increase compared to August last year. Two consecutive months of slower sales is consistent with the spring to summer market seasonality, particularly as we are already approaching what is typically a more active fall market.

Looking at the bigger picture, there have been 9,936 home sales so far this year, which is 4.1% higher than at this time in 2024. 

The average sale price for all sold listings in August was $686,536, up 3.6% from last year. 

This year, the average year-to-date price is $700,828, a 3% increase over the first eight months of 2024. 

Altogether, the total value of homes sold in August reached approximately $850 million, up 16% year-over-year, with the housing sector continuing to be one of the major drivers of the overall Ottawa economy. 

On the listing side, there were 2,121 new residential listings added in August, a significant 8.6% increase compared to last year, and 3,971 active listings on the market, up 13.3% from August 2024, and 37.1% above the five-year average for this time of year. 

Finally, the months of inventory—a measure of supply— sits at 3.2 months, which is unchanged from last month and identical to last August’s metric as well. 3.2 months of inventory is typically understood to be an indicator of what is considered a balanced market.  Another indication that, despite Ottawa’s high active listing count that demand is currently keeping pace with supply.

“August was an active month for Ottawa’s housing market, with overall prices trending upward and sales activity stronger than in recent years as the summer season winds down,” said Tami Eades, OREB President-Elect.

“While we continue to see different price movements across segments, the broader picture points to renewed momentum in the Ottawa Region as buyers and sellers alike re-engage ahead of the fall market. Ottawa’s market reflects balanced conditions, though we are mindful of broader economic factors—such as federal employment trends and U.S. trade policies—that could affect our market in the months ahead.”

Ottawa’s housing market continues to demonstrate steady demand, moderate price growth, and a healthy level of supply—even as other markets experience increased volatility.

Nevertheless, it is important to keep an eye on what is happening across the province. Some markets in Ontario are encountering more pronounced slowdowns—with declining sales, price corrections, and rising inventory levels outpacing demand.

Historically, the perception is that Ottawa has been somewhat insulated from such extremes, due in part to its stable employment base and consistent population growth, but it is not entirely immune. Broader provincial or national trends have the potential to ripple through the local market over time.

Currently, the rise in active listings both year-over-year and compared to the five-year average, may serve as an early indicator of rising supply pressure. At the same time, the sales-to-new-listings ratio changed from 51.7% to 55.1% from a year ago, providing a mixed signal that may indicate demand is currently keeping pace with supply. For the time being, this rise in inventory provides buyers with more choice, but this is certainly a trend worth monitoring.

“While we’ve seen demand may be softening in the condo market, especially in the downtown core, as a whole, Ottawa’s real estate market continues to stand out for its resilience and stability," says Paul Czan, President of the Ottawa Real Estate Board (OREB).

"With steady demand, balanced inventory, and moderate price growth, our fundamentals remain strong. We’re keeping a close eye on changing dynamics, and we’ll continue monitoring the data and providing transparent insights to help our Members and the public navigate with confidence.”

Residential Market Activity

In July 2025, a total of 1,318 homes were sold across the Ottawa Real Estate Board (OREB) region. While this is down from 1,602 units in June, it represents a 4.9% increase over July last year.

Looking at the bigger picture, there have been 8,704 home sales so far this year, which is 3.1% higher than at this time in 2024.

The average sale price for all sold listings in July was $695,209, up 2.2% from last year.

This year, the average year-to-date price is $702,840, a 3% increase over the first seven months of 2024.

Altogether, the total value of homes sold in July reached approximately $920 million, up 7.2% year-over-year, representing a huge contribution to the overall Ottawa economy.

On the listing side, there were 2,549 new residential listings added in July, a solid 11.7% increase compared to last year, and 4,205 active listings on the market, up 14% from July 2024, and 23.6% above the five-year average for this time of year.

Finally, the months of inventory—a measure of supply—rose slightly to 3.2 months, up from 2.9 at this time last year and 2.7 months from last month. 3.2 months of inventory is typically understood to be an indicator of what is considered a balanced market.

MLS® Home Price Index

As for prices, the MLS® Home Price Index (HPI) composite benchmark price in Ottawa was $633,100 in July, a modest 1.9% increase year-over-year. If we break that benchmark price down by property type:

• Single-family homes came in at $704,800, up 2%.

• Townhouses saw the biggest jump, up 8.3% to $468,000.

• Apartments, on the other hand, dipped slightly, down 1.6% to $411,900.

July 2025 ■ A total of 1,602 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB) in June 2025. This marks an 11.34% decrease from the previous month, but a more modest 10.6% increase compared to June 2024 and sits 3.8% above the five-year average.

 “This was the busiest June we’ve seen in quite some time, with sales up 10.6% and new listings rising nearly 14% year over year, signifying we did, in fact, experience a delayed spring market,” says OREB President Paul Czan. “We’re seeing more inventory hit the market, giving buyers more choice. With the changing market conditions, sellers need to be future-focused—pricing thoughtfully and preparing their homes to be one of the top picks in their area.”

 “Apartments are one segment that continues to feel the strain, with sales down about 20% across Ottawa and inventory building. There is a variety of compounding factors in play here including an increase in new construction, elevated financing costs and rising strata fees reducing affordability—especially for first-time buyers, but also, we’re seeing neighbourhood-specific factors impacting demand,” adds Czan. “Still, Ottawa remains a stable market. We’re getting back to familiar seasonal trends—where summer activity will pick up for families looking for a home prior to the school year, and with students returning to the city—a stronger fall is likely ahead.”

 By the Numbers – Prices:

·      The overall MLS® HPI composite benchmark price was $634,300 in June 2025; a 1.6% increase from June 2024.

     ·      The benchmark price for single-family homes was $707,600, up 1.6% year-over-year.

     ·      The benchmark price for a townhouse/row unit was $467,900, a 9.0% increase from 2024.

     ·      The benchmark apartment price was $411,500, a 0.6% decline from the previous year.

·      The average price of homes sold in June 2025 was $723,152, a 5.2% increase from June 2024.

·      The total dollar volume of all home sales in June 2025 reached $1.15 billion, a 16.3% increase compared to the same period last year.

 By the Numbers – Inventory & New Listings:

·   The number of new listings increased by 13.8% compared to June 2024, with 2,933 new residential properties added to the market. New listings were 6.6% above the five-year average.

·   Active residential listings totalled 4,350 units at the end of June 2025, reflecting an 11.6% increase from June 2024. Active listings were 42.6% above the five-year average.

·   Months of inventory remained steady at 2.7 in June 2025, relatively the same level as in June 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,306 units in April 2025. This represented an 18.4% increase from March 2025, but an 11.2% decline from April 2024. Home sales were 17.6% below the five-year average and 16.2% below the 10-year average for the month of April.

“While April sales were down year-over-year, we saw a healthy month-over-month increase—an encouraging sign of growing momentum as we move through the spring market,” says OREB President Paul Czan. “Inventory remains at higher levels compared to previous years, indicating a gradual move towards a balanced market.”

“With more certainty following the federal election, buyers are returning with greater confidence—but they're proceeding cautiously, taking their time, including conditions in their offers, and being more selective,” adds Czan. “Sellers, meanwhile, are adjusting to longer days on market, which makes strategic pricing and thoughtful home preparation more important than ever. If the listing is priced well, shows well, it's moving—and in some cases, it’s even getting multiple offers. Looking ahead, we’ll be watching how the federal government’s recent housing commitments translate into action. Policies aimed at increasing supply, improving affordability, and supporting first-time buyers are welcome steps toward meaningful impact here in Ottawa.”

 By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

 ·         The overall MLS® HPI composite benchmark price was $631,200 in April 2025, a 1.1 % rise compared to April 2024.

• The benchmark price for single-family homes was $703,200, up 1.0 % year-over-year in April.

• By comparison, the benchmark price for a townhouse/row unit was $440,000, an increase of 4.4% from 2024.

• The benchmark apartment price was $404,000, a 2.8% decline from the previous year.

·         The average price of homes sold in April 2025 was $707,180, a 0.4% increase from April 2024.

·         The total dollar volume of all home sales in April 2025 amounted to $923.5 million, a 10.8% drop compared to the same period last year. 

By the Numbers – Inventory and New Listings:

 ·         The number of new listings declined by 3.8% compared to April 2024, with 2,589 new residential properties added to the market. New listings were 2.8% above the five-year average and 5.6% above the 10-year average for the month of April.

·         Active residential listings totaled 4,878 units at the end of April 2025, reflecting a 54.2% surge from April 2024. Active listings were 86.9% above the five-year average and 51.3% above the 10-year average for the month of April.

·         Months of inventory stood at 3.7 at the end of April 2025, compared to 2.2 in April 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

February 2025 ■ The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 617 units in January 2025. This was a 4.2% decrease from January 2024. Home sales were 13% below the five-year average and 9.6% below the 10-year average for the month of January.

“Ottawa’s market is seeing increased activity as more listings hit the market and buyers start to re-engage,” says OREB President Paul Czan. “Many buyers and sellers had been waiting for more conducive market conditions, but with the recent rate cut and potentially lower interest rates on the horizon, optimism is growing. While there’s more supply, the availability of suitable properties in various market segments remains tight. This is reflected in some homes selling quickly while others linger on the market. Sellers should be prepared to price competitively and present their homes in the best light to capture buyer interest in this evolving market."

“The recent Bank of Canada rate cut, introduction of U.S. tariffs, along with upcoming provincial and federal elections, introduce factors of variability,” adds Czan. “That said, confidence is growing, and more buyers are expected to return to the market in the coming months, leading to an increase in transactions.”

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

·         The overall MLS® HPI composite benchmark price was $649,900 in January 2025, an increase of 5.2% from January 2024.

o The benchmark price for single-family homes was $713,000 up 2.3% on a year-over-year basis in January.

o By comparison, the benchmark price for a townhouse/row unit was $448,000, down 3.9% compared to a year earlier.

o The benchmark apartment price was $436,900, up 4.5% from last year.

·         The average price of homes sold in January 2025 was $670,258, increasing 5.8% from January 2024.

·         The dollar volume of all home sales in January 2025 was $413.5 million, up 1.3% from January 2024.

By the Numbers – Inventory and New Listings:

 ·         The number of new listings saw an increase of 3.0% from January 2024. There were 1,359 new residential listings in January 2025. New listings were 14.1% above the five-year average and 9.3% above the 10-year average for the month of January.

·         Active residential listings numbered 3,312 units on the market at the end of January 2025, a gain of 57.3% from January 2024. Active listings were 90.6% above the five-year average and 48.9% above the 10-year average for January.

·         Months of inventory numbered 5.4 at the end of January 2025, compared to 3.3 in January 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

September 2024 ■ The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,100 units in August 2024. This was a 10.2% increase from August 2023. Home sales were 11.4% below the five-year average and 14.1% below the 10-year average for the month of August. On a year-to-date basis, home sales totalled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.  

 “Being a seasonal market, it’s very encouraging to see sustained levels of market activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.” 

 “REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and patience to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.” 

 By the Numbers – Prices: 

 The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. 

• The overall MLS® HPI composite benchmark price was $646,000 in August 2024, a decrease of 0.3% from August ‘23. 

o The benchmark price for single-family homes was $732,500, down 0.3% on a year-over-year basis in August. 

o By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier. 

o The benchmark apartment price was $416,800, down 1.2% from year-ago levels. 

• The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023. 

• The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 2023. 

By the Numbers – Inventory & New Listings 

 • The number of new listings saw an increase of 0.2% from August 2023. There were 1,907 new residential listings in August 2024. New listings were 0.2% above the 5-year average and 0.9% above the 10-year average for the month. 

• Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month. 

• Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. 

July 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 1,658 residential properties in June through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,493 in June 2022, an increase of 11%. June’s sales included 1,234 in the freehold-property class, up 10% from a year ago, and 424 in the condominium-property category, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881.

“Although June’s transactions surpassed last year’s, the number of sales, average prices, and new listings declined on a week-to-week basis over the course of the month. Compounded by the typical summer decline in activity, the Bank of Canada’s interest rate adjustment at the beginning of the month may have also flattened the curve,” says Ottawa Real Estate Board President Ken Dekker.

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in June was $746,445, a decrease of 4% from 2022, but still on par with May 2023 prices.
• The average sale price for a condominium-class property was $448,380, an increase of 2% from a year ago and up 1% over May 2023 prices.
• With year-to-date average sale prices at $731,847 for freeholds and $432,885 for condos, these values represent a 10% decrease over 2022 for freehold-class properties and a 7% decrease for condominium-class properties.

“Supply is trending in the right direction. The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales,” Dekker suggests.

By the Numbers – Inventory & New Listings:

• June’s new listings (2,758) were 14% lower than June 2022 (3,212) and down 2% from May 2023 (2,822). The 5-year average for new listings in June is 2,802.
• Months of Inventory for the freehold-class properties has increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023.
• Months of Inventory for condominium-class properties has decreased to 1.4 months from 1.6 months in June 2022, although up from 1.3 months in May 2023.
• Days on market (DOM) for freeholds stayed on par with last month at 23 days and increased to 27 days for condos compared to last month (26 days).

“We are looking forward to a strong second half of 2023 in terms of sales volume and prices compared to last year. Whichever side of the transaction you are on, the advice of a professional REALTOR® who has their pulse on the week-to-week variabilities in Ottawa’s resale market is priceless.”

April 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties in March through the Board’s Multiple Listing Service® (MLS®) System, compared with 2,003 in March 2022, a decrease of 40%. March’s sales included 893 in the freehold-property class, down 40% from a year ago, and 301 in the condominium-property category, a decrease of 42% from March 2022. March sales transactions increased 40% over February. The five-year average for total unit sales in March is 1,698.

“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says OREB President Ken Dekker.

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from 2022. However, it marks a 0.2% increase over February 2023. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low.
• The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.
• With year-to-date average sale prices at $701,837 for freeholds and $414,698 for condos, these values represent a 16% decrease over 2022 for freehold-class properties and an 11% decrease for condominium-class properties.

“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward.”

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 2.3 months from 0.6 months in March 2022.
• Months of Inventory for condominium-class properties has increased to 2.8 months from 0.6 months in March 2022.
• March’s new listings (2,089) were 21% lower than March 2022 (2,632) and up 53% from February 2023 (1,366). The 5-year average for new listings in March is 2,474.
• Days on market (DOM) for freeholds decreased from 37 to 34 days and 43 to 39 days for condos compared to last month.

“Well-priced and well-prepared homes are selling. REALTORS® have up-to-the-minute statistics to ensure sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Buyers can benefit from the same data along with their negotiation expertise to guarantee they are receiving the best value for their dollar.”

March 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.

“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in February was $708,968, a decrease of 15% from 2022. However, it marks a 5% increase over January 2023.
• The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.
• With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.

“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.
• Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.
• February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.
• Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.

“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”

“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”