Ottawa’s housing market showed clearer signs of early spring momentum in March, with sales activity strengthening after a prolonged, slower winter market. While transactions remain below typical March levels, the pace of improvement has accelerated, particularly in the single-family segment.
Inventory continues to rise, but stronger sales are keeping pace with new supply. This is leading to a gradual tightening in market conditions, reflected in declining months of inventory and more consistent absorption across all segments.
Pricing trends also suggest a market that is beginning to firm. The MLS® Home Price Index recorded a second consecutive month of gains across most property types, indicating strengthening underlying values as the spring market takes shape. Overall, Ottawa remains in balanced territory, with momentum building as demand re-engages.
“March’s activity is a clear sign that Ottawa’s market doesn’t move in dramatic shifts,” said the President of the Ottawa Real Estate Board (OREB). “What we’re seeing is a measured, steady return to activity. Inventory is up, sales are improving, and pricing is firming without overheating. We expect a more active and stable market in the months ahead.”
Residential Market Activity
In March, 1,075 residential properties sold in Ottawa, down 4.7% year over year. This marks an improvement from February’s 6.8% decline and signals strengthening demand as the spring market takes hold. While sales remain slightly below recent March levels, they are now within range of prior years:
Total dollar volume of sales reached $744.5 million in March, down 3.8% year over year. Year-to-date, 2474 homes have sold, a 5.7% decline from 2025, while dollar volume at $1.66 billion (-6.5%). Despite this, March showed stronger momentum than earlier in the year, driven in part by single-family homes, which recorded 562 sales, unchanged year-over-year and well above February’s 358.
This increase in activity helped absorb supply. Months of inventory declined to 3.3 in March from 3.8 in February, indicating that while buyers still have choice, sales are keeping a better pace with new listings.
Prices and Market Balance
Home prices in Ottawa remained relatively stable in March. The average residential sale price was $692,584, up 0.9% from March 2025, while the median price was $642,000, down 0.5% year-over-year.
Year to date:
These figures represent an improvement compared to February.
While headline prices show modest movement, the MLS® Home Price Index points to firmer underlying trends. Benchmark prices rose month over month in the composite, single-family, and apartment segments, while townhomes remained stable. Because the HPI adjusts for the mix of homes sold, it provides a clearer view of true price movement and suggests values are beginning to firm.
Supply continued to build:
Months of Inventory
Single Family: 3.0
Townhome: 2.8
Apartment: 5.5
This indicates tighter conditions in detached and townhome segments, while apartments continue to face higher supply and more price pressure.
Looking Ahead
March data suggests Ottawa’s spring market is taking shape, with improving sales, firmer pricing signals, and more effective absorption of inventory. While activity has not fully returned to long-term averages, the pace of recovery is strengthening.
Rising benchmark prices and declining months of inventory point to gradually tightening conditions within an overall balanced environment.
CREA’s 2026 outlook anticipates strengthening demand as borrowing conditions ease. Ottawa's recent performance is beginning to align with that trajectory, with early signs of a typical spring pickup now emerging. If current trends continue, the market is likely to see steady momentum in the months ahead, without a sharp shift in balance.
Recent federal and provincial announcements represent one of the most significant aligned housing policy efforts in recent years, and will likely spur activity in Ottawa’s housing market.
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