Year: 2025

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,103 units in March 2025. This represented a 6.2% decline from March 2024. 

Home sales were 24% below the five-year average and 19.3% below the 10-year average for the month of March.

“The Ottawa housing market in March 2025 remained relatively stable, with sales activity slightly lower than the same period last year,” said OREB President Paul Czan. “However, we’re seeing continued momentum month-over-month as the spring market gains traction. Both buyers and sellers are exercising some caution—likely due to economic uncertainty and the upcoming election—but the current lower interest rates are encouraging more activity as they step off the sidelines.”

“Looking ahead, the ongoing trade and tariff concerns could affect new construction and further exacerbate supply challenges,” Czan adds. “So, it’s critical that the City of Ottawa continues collaborating with key stakeholders. We were pleased to take part in discussions around the proposed New Zoning By-Law, which prioritizes housing options and opportunities to maximize options for Ottawa’s residents.”

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By the Numbers – Prices:

• The overall MLS® HPI composite benchmark price was $626,200 in March 2025, a 2.2% rise compared to March 2024.
  • The benchmark price for single-family homes was $698,700, up 2.7% year-over-year in March.
  • By comparison, the benchmark price for a townhouse/row unit was $431,200, an increase of 3.0% from 2024.
  • The benchmark apartment price was $400,900, a 4.3% decline from the previous year.
• The average price of homes sold in March 2025 was $685,866, unchanged from March 2024.
• The total dollar volume of all home sales in March 2025 amounted to $756.5 million, a 6.2% drop compared to the same period last year.

 

By the Numbers – Inventory & New Listings:

• The number of new listings rose by 4.1% compared to March 2024, with 2,221 new residential properties added to the market. New listings were 0.7% below the five-year average and 2.2% below the 10-year average for the month of March.
• Active residential listings totaled 4,319 units at the end of March 2025, reflecting a substantial 60.3% surge from March 2024. Active listings were 92.7% above the five-year average and 49.5% above the 10-year average for the month of March.
• Months of inventory stood at 3.9 at the end of March 2025, compared to 2.3 in March 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.

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The 2025 federal election comes at a time of profound economic uncertainty. Global trade disruptions, rising inflation, and the looming threat of renewed U.S. tariffs have put pressure on Canada’s economic resilience. Amid these challenges, there is no path to long-term economic stability without tackling Canada and Ottawa’s housing affordability and supply crisis. 

The Ottawa Real Estate Board (OREB) is calling on all federal parties to treat housing as a national economic priority— and to back it up with real policy change. Housing is not just a social issue it is economic infrastructure. If workers and families cannot afford to live where jobs are, if employers cannot attract talent, and if young people have no path to ownership, Canada loses. Canada must dramatically lower the cost of building new homes and increase the speed by which they are brought to market. OREB is urging all federal parties to adopt three key recommendations: 

1. Lower taxes and charges that block homebuilding 

In many parts of Canada, government taxes & fees represent over a third of the final purchase costs of a new home. In Canada, we tax housing like we want less of it – not more. Eliminating the GST on all new homes under $1 million is a great first step. Canada must step up with more support for local governments to help them with the costs of housing enabling infrastructure. We cannot continue to tax housing so heavily if we want to build more of it.   

2. Streamline approvals to speed up supply. 

Excessive red tape is slowing down housing construction across the country. The federal government must work with provinces and municipalities to create performance-based funding models that reward faster, more predictable planning timelines. Here in Ottawa, this should include making it easier to accelerate the disposition of federal lands for affordable housing.  

3. Accelerate innovation in housing. 

Whether it’s factory-built modular homes or AI supported permitting platforms, innovation must be part of the solution to build more homes. The federal government can lead by offering tax credits, grants to municipalities and investing in housing sector research. 

When it comes to clearing the way for more housing, its time to get our elbows up. A stronger more economically resilient Canada must include affordable homes for workers and families.  

Paul Czan
2025 OREB President 

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.”

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By the Numbers – Prices:

• 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.

 

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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.”

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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.  

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 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. 

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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.”

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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.

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 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.

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