2025 – Ottawa Real Estate Board

Ottawa Real Estate Market Holds Steady Amid Changing Conditions

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 809 units in February 2025. This represented a 10.2% decline from February 2024.

Home sales were 19.1% below the five-year average and 15.4% below the 10-year average for the month of February.

“Ottawa’s sales activity moderated while prices held steady,” says OREB President Paul Czan. “Despite increased inventory, market uncertainty continues to influence buyer and seller decisions. Some sellers who had previously delayed listing are now entering the market, contributing to more options for buyers. While demand remains strong in certain price segments, the pace of sales varies, making strategic pricing and preparation key for sellers.”

“The Bank of Canada’s influence on borrowing power, ongoing economic factors like tariffs, and the potential impact of upcoming elections are also shaping buyer and seller sentiment,” adds Czan. “As we approach the spring market, we anticipate increased buyer activity, particularly if interest rates trend downward and confidence continues to build.”

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 $658,300 in February 2025, a 4.4% rise compared to February 2024.
- The benchmark price for single-family homes was $719,800, up 1.3% year-over-year uptick in February.
- By comparison, the benchmark price for a townhouse/row unit was $438,000, a decline of 11.6% from 2024.
- The benchmark apartment price was $459,300, a 4.5% gain from the previous year.
The average price of homes sold in February 2025 was $669,945, a 1.4% improvement from February 2024.
The total dollar volume of all home sales in February 2025 amounted to $541.9 million, an 8.9% drop compared to the same period last year.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings:

The number of new listings rose by 4.8% compared to February 2024, with 1,668 new residential properties added to the market. New listings were 10.8% above the five-year average and 6.7% above the 10-year average for the month of February.
Active residential listings totaled 3,735 units at the end of February 2025, reflecting a substantial 61.4% surge from February 2024. Active listings were 95.7% above the five-year average and 51.4% above the 10-year average for the month of February.
Months of inventory stood at 4.6 at the end of February 2025, compared to 2.6 in February 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.

Ottawa Real Estate Board Congratulates Our New Local MPPs on their Election Victories

The Ottawa Real Estate Board (OREB) congratulates George Darouze (Carleton), Karen McCrimmon (Kanata-Carleton), Tyler Watt (Nepean), Stephen Blais (Orléans), Catherine McKenney (Ottawa Centre), John Fraser (Ottawa South), Lucille Collard (Ottawa-Vanier) and Chandra Pasma (Ottawa West-Nepean) on their election victories.

OREB also congratulates Premier Doug Ford and the Ontario Progressive Conservative Party on securing a third consecutive majority government. Premier Ford’s re-election reflects Ontarians’ strong desire for stable leadership on the economy and housing affordability.

Since taking office, Ford’s government has worked to address Ontario’s housing challenges by reducing bureaucratic barriers, streamlining development approvals, and investing in infrastructure. These measures are critical to ensuring that more families, first-time buyers, and newcomers can find homes in Ottawa and across the province.

Ottawa REALTORS® are eager to work with all MPPs to advance policies that support homeownership, improve housing affordability and ensure Ontario remains a competitive and attractive place to live and invest. Addressing housing supply and affordability must remain a top priority as the province continues to grow.

Part of the plan to protect Ontario from the impact of U.S. tariffs must include stronger efforts to lower taxes on housing and speed up the construction of homes that families can afford. Ontario must also ramp up efforts to reform the Landlord and Tenant Board and clear the backlog of cases affecting the rental housing market.

OREB and its Members look forward to working with all elected representatives to deliver real solutions for Ottawa families striving to buy, sell or rent a home in the nation’s capital.

Ottawa Real Estate Board Launches New PropTx MLS® System

Ottawa, ON – February 21, 2025 – As of November 25, 2024, The Ottawa Real Estate Board (OREB) has officially transitioned its more than 4,000 REALTOR® Members to the advanced PropTx MLS® System, ensuring enhanced access to real estate listings across Eastern Ontario and beyond.

Designed with cutting-edge technology, the new MLS® System integrates Artificial Intelligence (AI) for smarter property searches and blockchain technology for improved data security and integrity. These innovations empower REALTORS® with modern tools to better serve their clients in an evolving real estate landscape.

“We are excited to be working with a new system that will offer enhanced functionality for our members,” said Paul Czan, President of OREB. “We understand that transitions can be challenging and remain committed to supporting our Members throughout the process.”

The Ottawa Real Estate Board continues to provide industry-leading resources to support its Members and the communities they serve.

Ottawa’s Market Warms Up with More Listings and Cautious Buyers

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.

The benchmark price for single-family homes was $713,000 up 2.3% on a year-over-year basis in January.
By comparison, the benchmark price for a townhouse/row unit was $448,000, down 3.9% compared to a year earlier.
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 & 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 the month of 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.

Ottawa’s MLS® December Market Closes Year with Optimism

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 613 units in December 2024. This was a 7.9% increase from December 2023.

Home sales were 6.8% below the five-year average and 2.7% below the 10-year average for the month of December.

On a year-to-date basis, home sales totaled 13,526 units in December 2024 — an increase of 11.8% from the same period in 2023.

“A year of wait-and-see came to a close with the expected slowdown over the holiday season,” says OREB President Paul Czan. “The latter half of the year brought signs of more favourable market conditions with consecutive interest rate drops, higher insured mortgage limits and extended amortizations. It’s early to assess the impact of these measures. And it’s an uphill battle against affordability and supply issues that persist.”

“Listing activity indicates that sellers anticipate improved conditions could spur more activity from buyers who have been keeping a close eye on the market but hesitant to make moves. Buyers are still limited in their selection of affordable inventory that can meet current demands, which stalls movement. While the improving market conditions are encouraging, the supply needs to be there. Coming political shifts are adding a layer of uncertainty but there is a trending optimism for more increased market activity in the months ahead.”

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 $645,800 in December 2024, an increase of 3.8% from December 2023.
- The benchmark price for single-family homes was $729,300, up 3.7% on a year-over-year basis in December.
- By comparison, the benchmark price for a townhouse/row unit was $533,200, up 11.3% compared to a year earlier.
- The benchmark apartment price was $404,400, down 2.5% from last year.
The average price of homes sold in December 2024 was $663,781, increasing 4.4% from December 2023. The more comprehensive year-to-date average price was $679,067, increasing by 1.3% from last year.
The dollar volume of all home sales in December 2024 was $406.9 million, up 12.7% from December 2023. The total dollar volume of all home sales in 2024 was $9.2 billion, up 13.3% from all of 2023.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 13.6% from December 2023. There were 603 new residential listings in December 2024. New listings were 3.5% above the five-year average and 2.7% below the 10-year average for the month of December.

Active residential listings numbered 3,216 units on the market at the end of December 2024, a gain of 58.7% from December 2023. Active listings were 90% above the five-year average and 51.4% above the 10-year average for the month of December.

Months of inventory numbered 5.2 at the end of December 2024, compared to 3.6 in December 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.