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

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!

We’re thrilled to welcome Angela Thomson to the TRU Realty team!

Angela brings energy, enthusiasm, and a true passion for real estate to every client interaction. With a dedication to helping buyers and sellers navigate the Ottawa market, she prides herself on delivering personalized service and building lasting relationships.

Angela chose TRU Realty because of our competitive commission plan and the strong sense of community and support offered by our team. She was drawn to the collaborative atmosphere at TRU — where agents work together, share insights, and are backed by a brokerage that values professionalism and innovation.

Whether you’re buying your first home, upgrading, or investing, Angela’s thoughtful approach and commitment to her clients' goals make her a fantastic choice. We’re proud to have her representing the TRU way — where integrity, value, and teamwork define every transaction.

Welcome to the team, Angela!

Follow Angela’s real estate journey on Facebook: AngelaRealEstateinOttawa

We’re excited to welcome Michael Wood to TRU Realty!

With over a dozen years of experience as a REALTOR®, Michael brings a deep commitment to client care and a passion for doing things the right way. Known for blending cutting-edge technology with classic, hands-on service, Michael has built a reputation for delivering exceptional results and providing the kind of personalised attention every client deserves.

Whether it’s helping clients navigate real estate investments, development opportunities, or buying and selling their next home, Michael insists on first-class service from start to finish. He’s driven by a genuine desire to understand his clients’ needs and tailor each experience to fit.

Michael chose to join TRU Realty because of our commission plan and value, and we’re thrilled to have another professional who shares our commitment to doing more for clients.

Please join us in welcoming Michael to the TRU team!

We’re thrilled to welcome Przemek Kowalski to the TRU Realty team!

Przemek brings a strong work ethic, a passion for helping people, and a genuine commitment to delivering great service—qualities that align perfectly with our core values at TRU Realty. With a keen eye for market trends and a focus on providing clients with honest, reliable advice, Przemek is a great fit for our professional and client-focused brokerage.

When asked why he chose TRU Realty, Przemek pointed to the supportive management, competitive commission plan, and the overall value TRU Realty offers. It’s always exciting to work with agents who recognise the importance of having the right tools and environment to grow their business—and we’re proud to offer just that.

Please join us in welcoming Przemek! We’re excited to see all the great things he’ll accomplish as part of the TRU Realty family.

📲 You can connect with Przemek on Facebook here: Przemek Kowalski

TRU Realty — Defining Professionalism in Real Estate

We’re thrilled to welcome Joanne McNally to the TRU Realty family!

Joanne brings a unique blend of creative vision and hands-on experience to her role as a Realtor. With over 20 years in the real estate space as a design consultant and small business owner, she’s spent her career helping clients unlock the full potential of their homes, both in beauty and value. Her passion for design, paired with her own successful track record in real estate investing, made becoming a licensed Realtor a natural next step.

Joanne joins TRU Realty for the same reasons many others do: our supportive management, competitive commission plan, strong team culture, and unbeatable value. Her eye for potential, whether it’s helping buyers see what’s possible in a home or preparing a property for market, makes her an incredible asset to her clients—and now to our team.

You can follow Joanne’s real estate journey on Instagram at @joannesellsthetruway where she shares insights, design inspiration, and more.

Welcome aboard, Joanne! We’re so excited to see where this next chapter takes you—and your clients.

TRU Realty
Defining Professionalism in Real Estate

We’re excited to welcome Vladimir Davidov to the TRU Realty team!

Vladimir brings a unique and practical perspective to real estate, drawing from years of experience as a licensed master electrician in Ottawa. Having worked extensively in residential construction and renovation, he has a keen eye for the structural and mechanical details that truly make a house a home. His background gives him an edge when helping clients understand the value and potential of a property.

Now transitioning to a full-time Realtor role, Vladimir chose TRU Realty because of our supportive management, strong values, and commitment to professionalism. Our culture of collaboration and efficiency aligned perfectly with his goals as he begins this new chapter.

At TRU, Vladimir is dedicated to guiding clients through every step of the buying or selling process with confidence, clarity, and care. Whether you're purchasing your first home or looking for expert insights into a potential investment, you’ll be in good hands with Vladimir.

Please join us in giving him a warm welcome—we’re proud to have him as part of the TRU team!

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,807 units in May 2025. This represented a 33.1% increase from the previous month, but a more modest 14.9% increase from May 2024 and 2.5% above the five-year average.*

“Year-to-date home sales activity remains in line with 2024; however, the 33.1% surge over April 2025 suggests we’re experiencing a delayed spring market,” says the OREB President. “April’s federal election took up real estate in consumers’ minds. Now, we’re seeing a shift in the marketplace, with active listings on the rise and months of inventory holding steady. Buyers appear to be gaining confidence, re-entering the market and transacting. For sellers, however, rising inventory means that competitive pricing and strong presentation are more critical than ever.”

“Compared to markets like Toronto or Vancouver, which are seeing signs of stagnation, Ottawa is holding steady,” adds the OREB President. “Buyers and sellers are still able to transact fairly, with sale prices remaining close to list, even amid broader economic uncertainty. And the Bank of Canada’s recent decision to hold the key interest rate steady may spur more activity, as buyers grow more confident they’re not missing out on further downward movement.”

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 $629,800 in May 2025; a 0.8% rise compared to May 2024.

  • The benchmark price for single-family homes was $700,000, up 0.6% year-over-year in May.

  • By comparison, the benchmark price for a townhouse/row unit** was $446,900, an increase of 3.4% from 2024.

  • The benchmark apartment price was $404,700, a 3.6% decline from the previous year.

• The average price of homes sold in May 2025 was $728,623, a 4.8% increase from May 2024.

• The total dollar volume of all home sales in May 2025 amounted to $1.316 billion, a 20.4% increase compared to the same period last year.

By the Numbers – Inventory and New Listings:

• The number of new listings increased by 8.7% compared to May 2024, with 3,430 new residential properties added to the market. New listings were 15.8% above the five-year average.

• Active residential listings totalled 4,347 units at the end of May 2025, reflecting a 13.5% surge from May 2024. Active listings were 54.2% above the five-year average.

• Months of inventory remained steady at 2.4 in May 2025, unchanged from the same period last year. 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.

Courtesy of the Ottawa Real Estate Board

We’re excited to welcome Amit Kumar to the TRU Realty team!

Amit’s real estate journey began in 2021 with the purchase of his first home — a milestone that sparked a passion for helping others achieve the same dream. Since then, he’s dedicated himself to guiding buyers and sellers through some of the biggest decisions of their lives, always with empathy, integrity, and personalised service.

As a first-generation immigrant, Amit brings a deep understanding of the unique challenges many first-time home buyers face, especially those navigating the process in a new country. His ability to connect with clients on a personal level and his commitment to community, including charitable work with organisations like United Way and CHEO, make him a fantastic addition to our team.

Amit was referred to TRU Realty by one of our agents, and he chose to join us because of our commission plan, value, team culture, and flexibility — the very principles that define our brokerage.

Please join us in welcoming Amit to TRU Realty. We’re proud to have him on board!

📍 Ottawa-based
📩 Ready to connect? Reach out to Amit and experience the TRU difference.

We’re thrilled to announce that Emily Witzman has joined the TRU Realty team! Emily is a passionate and dedicated real estate agent who brings a wealth of experience and a keen eye for quality craftsmanship to every transaction.

With a background working in the warranty, sales, and contract departments of some of the biggest industrial and new home construction companies, Emily knows how to spot quality design and ensure her clients make informed decisions. She’s committed to finding homes that truly fit her clients’ needs, whether they’re first-time buyers, growing families, or seasoned investors.

Emily’s journey into real estate has already been marked by success. In just the first six months of her career, she helped six happy clients find their new homes and guided her first sellers to a successful sale in under 30 days. Her commitment to honesty, clear communication, and stress-free transactions makes her a perfect fit for TRU Realty’s values.

As a mom of two young boys, Emily understands the importance of finding a home that works for every stage of life. Whether you're buying, selling, or investing, you can count on her to be there every step of the way with care and expertise.

Emily chose TRU Realty because of our flexibility, value, and supportive management—and we couldn’t be happier to have her on board. Welcome, Emily! We’re so glad you’re part of the TRU family.