Ottawa’s housing market closed out the year with a typical December slowdown in activity.

Sales softened further, reinforcing the cautious tone that emerged this fall. Inventory levels declined, while prices remained broadly stable. Despite a quiet finish in November and December, annual sales in 2025 ended 1.3% higher than in 2024 by total sales, and 4.1% higher than 2024 by total dollar volume, pointing to a year defined by balance and overall stability. 

The year followed an unconventional seasonal pattern, beginning with a delayed spring, transitioning into a steady summer that avoided the usual mid-year dip, and then moderating again through the fall and early winter. 

Ottawa continues to show resilience compared with the price corrections seen in some larger Canadian markets. December data suggest a market that is holding steady, offering buyers more choice while maintaining generally steady conditions. That said, market performance continues to vary meaningfully by property type, with the condo segment remaining the softest area of the market. 

“Even with a quieter finish to the year, Ottawa’s housing market showed real stability in 2025,” said the President of the Ottawa Real Estate Board. “Sales and dollar volume both surpassed 2024 levels despite more moderate conditions through the fall. That balance points to a market driven by fundamentals, not pressure.”

Residential Market Activity

In December, 587 residential properties sold, down 32% from November but consistent with typical December activity when excluding the unusually strong pandemic markets of 2020 and 2021. Since 2018, average December sales (excluding those two years) have been 583 units. While the slowdown reflects normal seasonal patterns, it also points to continued buyer caution. 

On the supply side, new listings declined as expected, and active listings fell from 3,628 in November to 2,544 in December, reflecting the usual holiday-season slowdown. Even so, inventory levels remain elevated compared with recent December norms, continuing the trend seen throughout the fall of increased choice for buyers. 

Since 2022, Ottawa has seen a multi-year trend across all market segments toward higher year-end inventory levels. While seasonal absorption typically limits a sharp buildup of listings in December, it has not fully offset the higher volume of inventory entering the market earlier in the year. Year-to-date active listings in December 2025 were 19% higher than last year, 45% higher than 2023, and 89% higher than in 2022. Months of inventory rose to 4.3, higher than last December and closer to long-term, pre-pandemic averages.

Prices and Market Balance

Prices remained relatively stable in December. The average residential sale price was $658,943, essentially unchanged from December 2024. This follows November’s modest year-over-year increase and reflects a market where prices are being supported, but not driven higher. 

The MLS® Home Price Index offers additional context. The composite benchmark price has declined month over month since the summer, yet still finished 2025 slightly above 2024 levels overall. This suggests price adjustment is occurring gradually at the benchmark level, even as average prices continue to be influenced by the mix of homes sold.

Property Type Breakdown

Market conditions continue to vary meaningfully by property type. 

Single-Family Homes 

In December, detached homes continued to outperform townhomes and condos. Prices remained comparatively stable, with supply balanced at 4.3 months of inventory. The single-family benchmark price posted a 0.4% year-over-year increase, underscoring the resilience of this segment. 

Limited availability and consistent demand continue to support detached homes, which remain the anchor of Ottawa’s market stability. 

Townhomes

Townhomes continue to adjust as inventory levels remain slightly elevated. Sales activity has been more resilient than in the apartment segment, though pricing pressure is becoming more apparent. The townhouse benchmark price declined 3.7% year over year, and the average sale price fell just 1.4%. This gap suggests that softness has been more pronounced at the benchmark level than in actual transactions. Sales mix and sustained interest from first-time buyers, who continue to view townhomes as a more accessible entry point, have helped support average and median prices. 

Apartments (Condos)

The apartment segment remains the softest part of the Ottawa market, with December data reinforcing trends seen in November. Sales activity remained subdued, while months of inventory climbed to nearly eight, well above balanced levels. 

The apartment benchmark price declined on a year-over-year basis, reflecting growing supply relative to demand. While Ottawa has not seen the level of condo oversupply present in larger urban markets, the trajectory remains one to monitor closely. 

Months of inventory:

• Single Family: 4.3

• Townhome: 2.8

• Apartment: 7.9

Looking Ahead

As Ottawa enters the new year, December’s data suggests that any improvement in activity is likely to be gradual rather than immediate. Interest rate relief has helped support confidence, but buyers continue to move carefully, keeping a close eye on broader economic conditions. A period of modest ups and downs within an overall theme of stability appears likely for 2026. 

While close monitoring of the oversupplied condo apartment segment remains important, the broader message for REALTORS® and consumers is consistent: Ottawa’s housing market remains stable, segmented by property type, and increasingly shaped by fundamentals rather than urgency.

Courtesy of the Ottawa Real Estate Board

Finding a real estate agent is easy. Finding an agent who truly lives and breathes the local market, and who puts your interests above all else, is a different story.

At TRU Realty, we are dedicated to building a team of professionals who share our commitment to integrity and exceptional client care. Today, we are excited to officially welcome Nicholas Dupré, REALTOR®, to our brokerage.

With over ten years of experience under his belt, Nick has seen it all in the Ottawa market. He has successfully guided clients through everything from military relocations and first-time home purchases to complex commercial investments and land development projects.

While his resume is impressive, it’s Nick’s philosophy that makes him a perfect fit for TRU Realty. He operates with a "common sense" approach, believing that clear, transparent analysis is better than a sales pitch any day. He is known for the hard work he puts in behind the scenes to ensure his clients’ goals are met.

For Nick, real estate isn’t just a 9-to-5 obligation—it’s a lifestyle. He is the type of professional who spends his free time driving through emerging neighbourhoods, always keeping a pulse on where the market is heading next. When you work with Nick, you aren't just getting an agent; you are getting a dedicated partner who loves this city and understands its potential.

We are incredibly proud to have Nicholas on our team. If you are looking for an advisor with deep experience and a straightforward approach, give Nick a call today.

Ottawa eased into a slower market rhythm in November, shaped by early winter weather and a cautious economic environment. Sales declined from October and fell below November 2024 levels. Although active listings dipped down month over month, months of inventory (MOI) rose again after tightening earlier in the fall. The market remained broadly balanced, but the data shows a tilt toward higher supply, with November’s seasonal slowdown more pronounced than usual.

Recent rate cuts offer some optimism for renewed buyer engagement through the typically quiet winter months, setting the stage for a steadier start to the new year and a more energized spring. At the same time, elevated inventory in the townhome and apartment segments warrants ongoing attention to ensure clients understand the current dynamics.

November Snapshot: Home Sales in Ottawa 

• November total sales: 880, down from 1,177 in October 2025

• 18.2% lower than November 2024

• Year-to-date sales remain 1.5% ahead of this point in 2024

• Average sale price was $680,496, up a little more than 2% compared with last year

• Year-to-date average is still holding near $700,000, 3% higher than a year ago

• Gains are largely driven by single-family sales, which continue to climb

• Single-family homes averaged at $825,827 in November 2025, up 4.8% compared to November 2024 and up 4% year-to-date

Supply Continues to Build

While inventory typically climbs in November, the increase this year is more pronounced. Active listings reached 3,721, and months of inventory rose to 4.2, which is a meaningful shift from last year’s tighter conditions. That additional choice is influencing pricing and buyer behaviour, especially across property types. Townhomes averaged $542,607 in November, down from both October and last year’s year-to-date figures. Apartments face the most supply pressure: condo MOI climbed above seven, and sales were down by more than a third year over year. Prices in this segment have held up better than townhomes on an annual basis, but the volume of available product signals a softer environment than the stable average sale price suggests.

Ottawa’s apartment market is particularly important to watch in light of Toronto’s experience. Toronto is working through one of the most significant buildups of condo inventory in recent memory, which is putting clear pressure on prices. Ottawa is not in the same position, but the increase in apartment inventory is real. REALTORS® will want to monitor this segment closely through the winter, especially if listings continue to rise faster than sales. Nearly 70% of new home starts this year are concentrated in rental and condo projects, creating a substantial pipeline of multi-unit supply coming online in the coming years. While these start influences the long-term rather than the immediate picture, they are still a key factor to watch. Toronto’s condo supply challenges emerged over several years as resale listings accumulated alongside an influx of new completions.

Residential Market Activity: Big Picture

• Total 2025 home sales to date: 13,075 increase in home sales compared to 2024:1.5%

• Average sale price in November: $680,496 

• Increase in home sale price from 2024: 2.2%. down more than 4% from October*

• Year-to-date average home price: $699,635, a 3.0% increase over the first 11 months of 2024.

• Total value of homes sold in November: $599 million (16.5% year-over-year decrease compared to 2024)

• Year-to-date sales: more than $9 billion, a significant 4.6% increase over 2024. 

• New residential listings in November: 1,458, down 39% from October but still 10% higher than November of last year

• November Active listings: 3,721, a 12% decrease from October, but 31.3% higher compared to 2024

*Prices typically decrease from October to November, and a 4% drop is notable as this is larger than usual.

This active listing indicator is trending higher than each of the past 5 years, indicating this is more than just the cyclical supply build-up associated with late fall/early winter.

Months of inventory (MOI), a key measure of supply, rose overall from 3.6 in October to 4.2, reflecting what remains a generally balanced market. Though it is worth noting that the disparity in MOI between property types.

Months of Inventory:

• Single Family: 4.0

• Townhome: 3.1

• Apartment: 7.3

Courtesy of the Ottawa Real Estate Board

Ottawa’s market continues to be resilient despite broader concerns about economic uncertainty. In October, Ottawa’s housing market experienced a modest, seasonal increase in sales activity accompanied by a reduction in the elevated inventory levels seen in recent months. This points to a stable yet cautious phase for the region as we move into the typically slower winter season.

Last month, a total of 1,177 homes were sold, up 8.1% from 1,089 in September 2025, but down slightly year over year with a 1.2% decrease compared to October of 2024. The average sale price climbed to $709,002, an increase of 2.7% month over month and 5.7% higher than the same period last year, suggesting that underlying demand remains resilient.

Ottawa saw 2,405 new listings in October, a 15.1% decline from September 2025, but 13.4% higher than October 2024. This seasonal drop-off in new listings between September and October has been a consistent pattern over the past decade. More notably, active listings fell from 4,388 in September to 4,232 in October, a 3.6% decrease. While inventory levels remain higher than in recent years, this familiar fall decrease in active listings suggests that the trend towards elevated supply levels may be starting to stabilize, still within a balanced market range. Reinforcing that trend, the months of inventory measure eased from 4.0 to 3.6, indicating a modest tightening in the balance between buyers and sellers as the fall market settled.

The Bank of Canada’s second consecutive rate cut on Oct. 29, 2025, lowered the policy rate by 25 basis points to 2.25%, providing additional relief to borrowers and some optimism for an active spring market. However, the bank tempered expectations for further easing, noting in its statement that this is likely the final cut in the current cycle. The Ottawa Real Estate Board (OREB) is monitoring the newly released federal budget and workforce announcements, as cuts in either area have historically affected Ottawa’s housing market, given the city’s large federal employment base.

Overall, Ottawa continues to display a pattern of measured balance, modestly improving demand, steady prices, and a market environment that remains fundamentally healthy as it heads toward year-end.

“Ottawa’s market continues to demonstrate balance and resilience,” said the OREB President. “We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of elevated inventory levels. The recent rate adjustments provide optimism for the coming months, but economic uncertainty looms, and buyers and sellers remain cautious, watching how broader economic factors play out. The current environment points to a steady market rather than a rapid shift in either direction.”

Residential Market Activity

Year to date, 12,197 homes have sold, a 3.3% increase over the first 10 months of 2024. The total dollar volume through October reached $8.55 billion, up 6.5% year over year, while the average year-to-date price stands at $700,869, a 3.0% increase year over year.

Looking at the bigger picture, there have been 12,197 home sales so far this year, a 3.3% increase compared to the same period in 2024.

The average sale price for all sold listings in October was $709,002, up 5.7% from last year and 2.7% higher than September.

Altogether, the total value of homes sold in October was approximately $834.5 million, a 4.5% year-over-year increase, and sits just under $8.5 billion year to date, a significant 6.5% increase over the same period of time in 2024.

On the listing side, there were 2,405 new residential listings added in October, down 15.1% from September but still 13.4% higher than last year.

Active listings totalled 4,232, a 3.6% decrease from September but 21.3% higher year over year.

The months of inventory, a key measure of supply, eased from 4.0 in September to 3.6, reflecting a slightly tighter balance between supply and demand within what remains a generally balanced market.

MLS® Home Price Index (HPI)

The MLS® Home Price Index (HPI) composite benchmark for Ottawa was $622,700 in October, down 0.7% month over month but up 0.7% year over year, continuing the trend of moderate, sustainable price movements rather than volatility.

By property category:

• Single-family: $692,400 up 0.3% compared to 2024

• Townhouse: $456,300 up 6.6% compared to 2024

• Apartment: $402,900 up 0.1% compared to 2024

**In its classification system, the Canadian Real Estate Association (CREA) identifies townhouses under the subtypes “Att Row Townhouse” and “Condo Townhouse."

Courtesy of the Ottawa Real Estate Board

We’re proud to welcome Felix Koolen-Renaud to the TRU Realty team!

Felix grew up in Eastern Ontario and later moved to Ottawa to attend the University of Ottawa, where he graduated with a double major with honours in Indigenous Studies and Criminology. While completing his studies, Felix also built a successful career in Public Safety and Law Enforcement, serving in several municipalities across the region before specializing in protective services with the federal government in the National Capital Region.

His entrepreneurial spirit and desire to make a direct impact on people’s lives eventually led him to real estate, where his background in service, integrity, and attention to detail has proven invaluable. Felix’s deep knowledge of Ottawa and the surrounding communities, coupled with his understanding of the public- and private-sector dynamics that make the region so distinctive, give his clients a clear advantage when navigating today’s real-estate market.

We’re thrilled to have Felix bring his professionalism, experience, and community-minded approach to TRU Realty. Please join us in welcoming him to the team!

TRU Realty – Defining Professionalism in Real Estate.

Welcome Keith Johnston to TRU Realty!

TRU Realty is proud to welcome Keith Johnston to our growing team of professional Realtors serving Ottawa and the surrounding areas!

Born in Halifax, Nova Scotia, Keith grew up in a military family as the son of a retired Admiral who served 38 years in the Canadian Navy. His upbringing instilled in him a strong work ethic, adaptability, and a deep appreciation for community—values that continue to define his approach to real estate today. Having lived across Canada and the U.S., Keith ultimately made Ottawa his home in 2001 and has been deeply rooted here ever since.

Before entering real estate, Keith built an impressive 20-year career in investment banking, developing expertise in finance, lending, and client service. In 2021, his lifelong fascination with homes, renovations, and property investment inspired him to make the leap into real estate—a move that proved to be a perfect fit. His extensive background in investing, lending and renovations allows him to offer clients practical insights and a clear, confident path through every stage of buying or selling.

Keith’s dedication extends far beyond his professional work. He is a passionate community volunteer, contributing his time and energy to organizations such as the Multiple Sclerosis Society, Meals on Wheels, Ronald McDonald House, Kaboom Play Structures, Habitat for Humanity, and the LGBTQ2+ community. Known for his lightning-fast communication, approachable style, and genuine care, Keith ensures every client feels fully supported throughout their real estate journey.

When he’s not working with clients, Keith can often be found camping with his partner, tackling home improvement projects, planning his next travel adventure, or tinkering with classic cars in the garage.

Please join us in welcoming Keith Johnston to the TRU Realty family—another great addition to our team that continues to Define Professionalism in Real Estate.

TRU Realty is pleased to welcome Paul Pepin, an experienced and well-respected real estate professional, to our growing team of agents, defining professionalism in real estate across Ottawa and Eastern Ontario.

With a Bachelor of Commerce and over a decade of experience as a licensed Realtor, Paul brings a deep understanding of the residential, condominium, and multi-residential markets. His 17 years as a licensed mortgage agent further enhance his ability to guide clients through every step of the buying or selling process—from financing to closing—with confidence and clarity.

Paul’s extensive market knowledge spans Ottawa, Kanata, Barrhaven, Stittsville, Nepean, Manotick, and Orléans, where he has built a reputation for integrity, professionalism, and exceptional service. Fluent in both English and French, Paul is proud to serve clients throughout Eastern Ontario, helping them achieve their real estate goals with trusted expertise and a personal touch.

Please join us in welcoming Paul Pepin to the TRU Realty family!