Nicole – Ottawa Real Estate Board

Ottawa Housing Market Closes 2025 on a Note of Stability

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 suggests 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 Tami Eades, 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 averages prices continue to be influenced by the mix of homes sold.

Overall, the market remains balanced. Buyers have more leverage than in recent years, while sellers continue to benefit from steady demand and relatively resilient pricing.

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 with 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, 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.

OREB Statement on RECO Administrator Update Regarding iPro Realty Claims

OTTAWA – The Ottawa Real Estate Board (OREB) has consistently advocated for full compensation for REALTORS® impacted by the actions of iPro Realty and the mishandling of trust fund accounts.

RECO’s province-appointed Administrator, Jean Lépine, confirmed in an update today that all affected consumers have now been fully reimbursed, and the insurer’s program manager has reviewed 1,000 of the 2,500 REALTOR® claims currently on file, and with that visibility, feel comfortable starting paying out commissions at 50% of total amount owing on transactions that have closed or are closing, beginning Wednesday, December 17, 2025.

While this progress is welcome and a strong step in the right direction, it does not yet go far enough. REALTORS® continue to face financial uncertainty for work that has already been completed in good faith. Many haven’t received payment for months.

OREB will continue to press for timely and full compensation for all affected REALTORS®, swift action and significant consequences for others who breach the public’s trust, and for meaningful reforms to ensure accountability and prevent similar failures in the future.

Like the public, our members must have confidence that the regulatory and insurance framework they are required to participate in will protect them when bad actors undermine the system.

Balanced but Softening: Ottawa Housing Market Shifts Toward Higher Supply

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 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 per cent lower than November 2024
Year-to-date sales remain 1.5 per cent ahead of this point in 2024
Average sale price: $680,496, up a little more than 2 per cent year over year
Year-to-date average: near $700,000, 3 per cent higher than a year ago
Gains are largely driven by single-family sales, which continue to climb
Single-family homes averaged $825,827 in November 2025, up 4.8 per cent compared with November 2024 and up 4 per cent 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, a meaningful shift from last year’s tighter conditions. That additional choice is influencing pricing and buyer behaviour 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, 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 per cent 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 starts influence the long-term rather than the immediate picture, they remain 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 with 2024: 1.5 per cent
Average sale price in November: $680,496
Increase in sale price from 2024: 2.2 per cent, down more than 4 per cent from October*
Year-to-date average home price: $699,635, a 3.0 per cent increase over the first 11 months of 2024
Total value of homes sold in November: $599 million (16.5 per cent decrease year over year)
Year-to-date sales: more than $9 billion, a 4.6 per cent increase over 2024
New residential listings in November: 1,458, down 39 per cent from October but 10 per cent higher than November 2024
November active listings: 3,721, a 12 per cent decrease from October but 31.3 per cent higher than 2024

*Prices typically decrease from October to November. A 4 per cent drop is notable as it is larger than usual.

This active listing indicator is trending higher than each of the past five years, indicating this is more than the cyclical supply buildup associated with late fall and 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

OREB is working to resolve a discrepancy in the November HPI data. It will be distributed as soon as possible.

OREB Statement on New Build Canada Homes and City of Ottawa Partnership

The Ottawa Real Estate Board (OREB) welcomes the federal government’s new housing partnership with the City of Ottawa, announced today under the Build Canada Homes program.

The $400-million joint investment will deliver up to 3,000 mixed-income and affordable units, including 2,000 homes on federal lands supported by modern building methods, faster approvals and innovative financing. This announcement represents a meaningful step toward improving housing supply and affordability in the nation’s capital.

 We are particularly encouraged that one of the first Build Canada Homes partnerships is happening here in Ottawa.

“This city and this partnership is a model for how we want to build homes across the country,” Prime Minister Mark Carney said Monday, when he made the announcement at the Mayor’s Breakfast event with Ottawa Mayor Mark Sutcliffe.

Housing solutions must serve the full spectrum of needs in our community, from supportive and affordable housing to purpose-built rental and attainable ownership.

This approach aligns with OREB’s long-standing call for policy tools that expand choice, accelerate construction and reduce barriers to bringing more homes to market. Measures such as streamlined permitting, reduced development-related fees and collaborative public-private delivery models will help ensure that more Ottawa residents can find stable, appropriate housing that meets their needs.

This demonstrates both the urgency of our local housing challenges and the potential for real leadership and innovation in responding to them. OREB looks forward to working with all levels of government, industry partners and community organizations to help ensure these new homes reflect local housing needs and contribute to a more diverse, resilient and sustainable housing market for Ottawa residents.

OREB congratulates Build Canada Homes CEO Anna Bailão, Mayor Mark Sutcliffe, and Prime Minister Carney for their leadership in advancing this initiative for Ottawa.

OREB Statement on Government of Ontario Decision to Appoint Administrator for RECO

The Ottawa Real Estate Board (OREB) supports the Government of Ontario’s decision to appoint an administrator to oversee the Real Estate Council of Ontario (RECO) and its Board of Directors to ensure the regulator is carrying out the pledged reforms. We look forward to working with Jean Lépine as he takes on the role of administrator to RECO in the coming days.

OREB has consistently maintained that strong, transparent, and accountable regulation is essential to maintaining confidence in real estate transactions. This decision by the provincial government reflects the seriousness of the situation and will help restore public confidence.

We will continue to advocate for a regulatory environment that strengthens consumer trust, supports high professional standards, and safeguards the reputation of our industry. We remain committed to constructive, solution-focused collaboration throughout this period of oversight and reform.

For media inquiries, please contact:

Melanie Coulson, Director of Strategic Communications & Engagement
613-225-2240 ext.247 | melanie@oreb.ca

OREB Statement on Bill 60: Fighting Delays, Building Faster Act

Housing affordability remains one of the most urgent challenges facing residents across the City of Ottawa. Families are struggling to enter the housing market, young people increasingly doubt they will ever be able to buy a home in the communities they grew up in, and rental housing is becoming less secure and more expensive for many.

The passage of the Fighting Delays, Building Faster Act, 2025 (Bill 60) is a welcome attempt by the Province of Ontario to speed up Ontario’s housing and infrastructure system by reducing lengthy delays across multiple government processes, including at the Landlord Tenant Board (LTB).

For years, systemic delays and backlogs at the LTB have undermined confidence in the system for both tenants and rental property owners and made the Ontario rental system difficult to navigate and unfair for many. OREB supports measures to speed up hearings, make dispute resolution more efficient, target chronic and high-risk tenancy issues, and restore confidence in the rental market to unlock more rental housing.

In addition, OREB supports measures in Bill 60 aimed at addressing the impact of development charges and other barriers standing in the way of building more affordable housing. High and unpredictable growth-related costs are passed on to buyers and renters, making it harder for families to find homes they can afford. Bill 60 takes important steps to bring more consistency and transparency to how municipalities calculate, administer, and report on development charges. Improving predictability around DCs is a critical step toward lowering the cost of building homes for families, seniors, and renters.

As part of our association’s recent 2025 Days of Action at City Hall, OREB advocated for lower development charges, stronger protections for tenants and rental property owners, and a general city zoning by-law focused on affordability, certainty, and supply. These remain core OREB priorities and we will continue working closely with provincial and municipal partners to ensure Ottawa does not fall further behind on housing affordability.

While Bill 60 is an important step forward, the Bill does weaken some tenant protections. OREB will closely monitor the implementation of the Bill to ensure that it does not lead to unwarranted evictions, reduced appeal rights, or greater housing instability for renters. LTB reform is long overdue, and although Bill 60 represents an initial step, more work is needed to restore affordability and ensure balanced protections across the rental housing system.

OREB will continue to encourage the province to pursue measures that increase housing supply, strengthen overall confidence in the housing system, improve affordability and reduce costs for homebuyers. This includes expanding the HST rebate to all homes.

Paul Czan
2025 President
Ottawa Real Estate Board

Sales Rise as Inventory Levels Ease in October

OTTAWA, ON — 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 OREB President Paul Czan. “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.

The year-to-date average price now stands at $700,869, a 3.0% increase over the first ten months of 2024.

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 totaled 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

For media inquiries, please contact:

Melanie Coulson, Director of Strategic Communications & Engagement

613-225-2240 ext.247 | melanie@oreb.ca

Federal Budget a Step Forward, but Falls Short on Immediate Housing Affordability in Ottawa

Ottawa, ON — The Ottawa Real Estate Board (OREB) welcomes the housing investments in Canada Strong: Budget 2025, as several measures align with the Board’s ongoing calls for coordinated action to expand housing supply.

OREB acknowledges the federal government’s efforts to boost housing supply through Build Canada Homes, including a $1 billion investment for transitional and supportive housing for those experiencing homelessness, and a recommitment to invest $2.8 billion through the Urban, Rural, Northern and Indigenous Housing Strategy.

While these are important ‘generational investments’, the proposed federal budget falls short of addressing the immediate affordability challenges faced by Ottawa residents, and lacks concrete measures to help Canadians currently aspiring to achieve affordable homeownership. The Budget missed an opportunity to explicitly encourage the construction of more missing middle housing such as townhomes, duplexes, and low-rise apartments that are entry points for many first-time buyers.

The Budget does confirm several previously announced measures, including the elimination of the GST on new homes for first-time buyers. These are important steps that will help lower costs, facilitate greater movement through the market, and encourage construction.

“Ottawa families are struggling to find homes they can afford,” said Paul Czan, President of OREB. “Although we are pleased that the federal government is investing in housing, we were looking for a stronger focus on coordinated action between all levels of government to make the dream of home ownership a reality.” A recent survey conducted by Abacus Data for OREB underscores the urgency of this challenge.

82% of Ottawa residents are concerned about the city’s housing situation.
67% describe local housing as unaffordable.
71% of non-homeowners still hope to buy a home
50% doubt they’ll ever be able to afford one in their community of choice.

The survey also found that 62% of respondents are worried that should their financial situation suddenly change, they could lose their home or rental unit. A concern that could deepen following Tuesday’s announced cuts to the federal public service, which may have a marked effect on Ottawa and area’s housing market.

“These numbers paint a stark picture,” said Nicole Christy, CEO of OREB. “Ottawa residents want more affordable housing options, especially missing middle homes that seniors, families, and young people can afford. The federal government has taken a step in the right direction, but there’s still more work ahead.”

In a city where infrastructure costs drive up the price of every new home, OREB sees value in the federal government’s move to connect federal infrastructure funding to affordability reforms. Historically, much of this cost has been covered through development charges, which in Ottawa can add up to $63,000 to the price of a new low-rise home. The new Community Housing Infrastructure Fund provides municipalities with federal support for these critical infrastructure projects, creating an opportunity to reduce development charges, lower costs, and accelerate construction.

Furthermore, OREB supports the federal government’s decision to eliminate programs that added administrative burdens without meaningfully improving housing supply, such as the Underused Housing Tax.

“Ottawa can’t solve its housing crisis without lowering costs and cutting red tape. This Budget gives governments an opportunity to do both, but it’s time to seize that opportunity.” added Christy.

While Budget 2025 takes meaningful steps to support housing supply and infrastructure, Ottawa residents still face significant affordability challenges. We have a once-in-a-lifetime opportunity to lower costs, accelerate construction, and expand attainable options like missing middle housing.

OREB will continue to call for stronger coordination between all levels of government to ensure federal investments align with provincial and municipal housing investments and reforms, opening more doors to attainable housing and home ownership in Ottawa.

Statement from the Ottawa Real Estate Board on Ontario’s New HST Rebate for First-Time Home Buyers

Ottawa, ON – The Ottawa Real Estate Board (OREB) recognizes the Ontario government’s announcement that it is proposing a rebate of the full 8 per cent provincial part of the HST on qualifying new homes for first-time buyers. This tax-relief when implemented, will help make homeownership more attainable for many Ontarians.

OREB and our provincial partner, the Ontario Real Estate Association (OREA), have long advocated for policies that support affordable homeownership, including targeted tax relief for first-time buyers. Today’s announcement reflects progress on an issue REALTORS® across Ontario have championed making it easier for young families and first-time buyers to enter the housing market.

The introduction of this rebate is a critical step in the right direction. The rebate, which applies to homes valued up to $1 million, will lower costs for first-time buyers and will encourage new home construction.

We acknowledge the efforts of Premier Doug Ford, Minister of Finance Peter Bethlenfalvy, and Minister of Municipal Affairs and Housing Rob Flack for their commitment to improving housing affordability in Ontario.  This bold step will provide much-needed relief to first-time homebuyers and will help them achieve the dream of homeownership.

Going forward, OREB urges the province to continue its work to tackle the systemic challenges affecting Ontario’s housing market – including strengthening adjudicator capacity and case backlogs at the Landlord Tenant Board (LTB). These actions, combined with the proposed HST rebate, will help create a more balanced housing ecosystem where Ontarians can find the right home for every stage of life.

OREB is committed to working with all elected officials to advance solutions that lower barriers and make affordable housing accessible to all Ontarians.

Nicole Christy
Chief Executive Officer
OREB

Ottawa Real Estate Board Welcomes Ontario’s Fighting Delays, Building Faster Act, 2025

The Ottawa Real Estate Board (OREB) welcomes the Ontario government’s Fighting Delays, Building Faster Act, 2025, which proposes to improve efficiency, shorten case timelines, reduce procedural delays, and improve fairness and efficiency at the Landlord and Tenant Board (LTB).

Ottawa continues to face mounting affordability pressures and growing demand for housing. As an association representing landlords and tenants, OREB encourages the province to balance changes to Ontario’s tenancy lease framework regarding month-to-month leases alongside maintaining strong protections for both parties, while also addressing the patchwork of renoviction by-laws in municipalities across the province that are hurting small landlords.

OREB believes that the province can succeed by working with municipalities to empower renters with education and information about their existing rights under the Residential Tenancies Act. Furthermore, we would like to see the province commit to publishing additional data on the use of N13 applications by landlords to end a tenancy. OREB members work with tenants and landlords in Ottawa every day, and our members are ready to play their part in better protecting existing tenant rights.

As a long-time advocate for housing policy that boosts housing supply and improves affordability, OREB looks forward to working with the province and the City of Ottawa to ensure these reforms translate into real results for homebuyers, renters, and REALTORS® across our region.

Nicole Christy
Chief Executive Officer
CEO