Newsletter

Ottawa’s housing market continues to demonstrate steady demand, moderate price growth, and a healthy level of supply — even as other markets experience increased volatility.

Nevertheless, it’s important to keep an eye on what is happening across the province. Some markets in Ontario are encountering more pronounced slowdowns — with declining sales, price corrections, and rising inventory levels outpacing demand.

Historically, the perception is that Ottawa has been somewhat insulated from such extremes, due in part to its stable employment base and consistent population growth, but it is not entirely immune. Broader provincial or national trends have the potential to ripple through the local market over time.

Residential Market Activity

In July 2025, a total of 1,318 homes were sold across the Ottawa Real Estate Board (OREB) region. While this is down from 1,602 units in June, it represents a 4.9% increase over July last year.

Looking at the bigger picture, there have been 8,704 home sales so far this year, which is 3.1% higher than at this time in 2024.

The average sale price for all sold listings in July was $695,209, up 2.2% from last year.

This year, the average year-to-date price is $702,840, a 3% increase over the first seven months of 2024.

Altogether, the total value of homes sold in July reached approximately $920 million, up 7.2% year-over-year, representing a huge contribution to the overall Ottawa economy.

On the listing side, there were 2,549 new residential listings added in July, a 17.1% increase compared to last year, and 4,205 active listings on the market, up 14% from July 2024 and 23.6% above the five-year average for this time of year.

Finally, the months of inventory — a measure of supply — rose slightly to 3.2 months, up from 2.9 at this time last year and 2.7 months from last month.
3.2 months of inventory is typically understood to be an indicator of what is considered a balanced market.

A total of 1,602 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB) in June 2025. This marks an 11.34% decrease from the previous month, but a more modest 10.6% increase compared to June 2024 and sits 3.8% above the five-year average.*

“This was the busiest June we’ve seen in quite some time, with sales up 10.6% and new listings rising nearly 14% year over year, signifying we did, in fact, experience a delayed spring market,” says OREB President Paul Czan. “We’re seeing more inventory hit the market, giving buyers more choice. With the changing market conditions, sellers need to be future-focused—pricing thoughtfully and preparing their homes to be one of the top picks in their area.”

“Apartments are one segment that continues to feel the strain, with sales down about 20% across Ottawa and inventory building. There is a variety of compounding factors in play here including an increase in new construction, elevated financing costs and rising strata fees reducing affordability—especially for first-time buyers, but also, we’re seeing neighbourhood-specific factors impacting demand,” adds Czan. “Still, Ottawa remains a stable market. We’re getting back to familiar seasonal trends—where summer activity will pick up for families looking for a home prior to the school year, and with students returning to the city—a stronger fall is likely ahead.”

By the Numbers – Prices:

• The overall MLS® HPI composite benchmark price was $634,300 in June 2025; a 1.6% increase from June 2024.

  • The benchmark price for single-family homes was $707,600, up 1.6% year-over-year.

  • The benchmark price for a townhouse/row unit** was $467,900, a 9.0% increase from 2024.

  • The benchmark apartment price was $411,500, a 0.6% decline from the previous year.

• The average price of homes sold in June 2025 was $723,152, a 5.2% increase from June 2024.

• The total dollar volume of all home sales in June 2025 reached $1.15 billion, a 16.3% increase 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 increased by 13.8% compared to June 2024, with 2,933 new residential properties added to the market. New listings were 6.6% above the five-year average.

• Active residential listings totaled 4,350 units at the end of June 2025, reflecting an 11.6% increase from June 2024. Active listings were 42.6% above the five-year average.

• Months of inventory remained steady at 2.7 in June 2025, relatively the same level as in June 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.

Due to the transition to PropTx, OREB is momentarily unable to provide the 10-year average.
*In its classification system, the Canadian Real Estate Association (CREA) identifies townhouses under the subtypes “Att Row Townhouse” and “Condo Townhouse.”

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 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 OREB President Paul Czan. “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 Czan. “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 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.

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 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 totaled 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.

Due to the transition to PropTx, OREB is momentarily unable to provide the 10-year average.
*In its classification system, the Canadian Real Estate Association (CREA) identifies townhouses under the subtypes “Att Row Townhouse” and “Condo Townhouse.”

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,306 units in April 2025. This represented an 18.4% increase from March 2025, but an 11.2% decline from April 2024.

Home sales were 17.6% below the five-year average and 16.2% below the 10-year average for the month of April.

“While April sales were down year-over-year, we saw a healthy month-over-month increase—an encouraging sign of growing momentum as we move through the spring market,” says OREB President Paul Czan. “Inventory remains at higher levels compared to previous years, indicating a gradual move towards a balanced market.”

“With more certainty following the federal election, buyers are returning with greater confidence—but they’re proceeding cautiously, taking their time, including conditions in their offers, and being more selective,” adds Czan. “Sellers, meanwhile, are adjusting to longer days on market, which makes strategic pricing and thoughtful home preparation more important than ever. If the listing is priced well, shows well, it’s moving—possibly getting multiple offers. Looking ahead, we’ll be watching how the federal government’s recent housing commitments translate into action. Policies aimed at increasing supply, improving affordability, and supporting first-time buyers are welcome steps toward meaningful impact here in Ottawa.”

By the Numbers – Prices:

• The overall MLS® HPI composite benchmark price was $631,200 in April 2025, a 1.1% rise compared to April 2024.

  • The benchmark price for single-family homes was $703,200, up 1.0% year-over-year in April.

  • By comparison, the benchmark price for a townhouse/row unit was $440,000, an increase of 4.4% from 2024.

  • The benchmark apartment price was $404,000, a 2.8% decline from the previous year.

• The average price of homes sold in April 2025 was $707,180, a 0.4% increase from April 2024.

• The total dollar volume of all home sales in April 2025 amounted to $923.5 million, a 10.8% 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 declined by 3.8% compared to April 2024, with 2,589 new residential properties added to the market. New listings were 2.8% above the five-year average and 5.6% above the 10-year average for the month of April.

• Active residential listings totaled 3,834 units at the end of April 2025, reflecting a 21.4% surge from April 2024. Active listings were 86.9% above the five-year average and 51.3% above the 10-year average for the month of April.

• Months of inventory stood at 2.8 at the end of April 2025, compared to 2.1 in April 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.

OREB has corrected its April 2025 housing market statistics to reflect accurate Active Listings and Months of Inventory after identifying and resolving duplicate entries introduced during the PropTx MLS® platform transition.

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.”

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.

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 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.

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.  

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. 

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.

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.

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,059 units in November 2024 — a slight dip down from the 1,179 units sold the month previous. 

Home sales were 3.1% below the five-year average and 0.5% below the 10-year average for the month of November. 

On a year-to-date basis, home sales totaled 12,882 units in November 2024 — an increase of 11.8% from the same period in 2023.  

“Ottawa’s market is making headway on a long road back from the slowdown experienced in 2023,” says OREB Past-President Curtis Fillier. “Buyers have been slow to come back to the market while watching the interest rates lower, and some are waiting to see how new mortgage rules — the extended amortization period and the increased default insurance cap — coming into effect in December may redefine their purchasing power. Sellers have noticed that caution and those who can are likely holding on for a more active spring.” 

“There will be the typical slowdown at this time of the year as people’s attentions turn to the holidays, and the snow starts to cover a property’s selling features,” says Fillier. “With prices holding steady and open houses getting traffic, though, people are keeping a close eye on opportunities.”  

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 $636,700 in November 2024, an increase of 1.5% from November 2023.

  • The benchmark price for single-family homes was $722,400, up 2.1% on a year-over-year basis in November.

  • By comparison, the benchmark price for a townhouse/row unit was $491,500, up 0.3% compared to a year earlier.

  • The benchmark apartment price was $406,200, down 3.7% from last year.

• The average price of homes sold in November 2024 was $667,098 increasing 4.6% from November 2023. 

• The more comprehensive year-to-date average price was $679,797, increasing by 1.2% from November 2023.

• The dollar volume of all home sales in November 2024 was $706.4 million, up 51.8% from November 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 a decrease of 7.3% from November 2023. There were 1,352 new residential listings in November 2024. New listings were 6.3% below the five-year average and 0.3% above the 10-year average for the month of November. 

• Active residential listings numbered 4,036 units on the market at the end of November 2024, a gain of 38.2% from November 2023. Active listings were 72.8% above the five-year average and 44.3% above the 10-year average for the month of November. 

• Months of inventory numbered 3.8 at the end of November 2024, compared to 4.0 in November 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.

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,179 units in October 2024 — an increase over the 1,047 units sold last month.

Home sales were 3.9% below the five-year average and 0.9% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 11,662 units in October 2024 — an increase of 9.4% from the same period in 2023.

“We’re seeing positive movement in Ottawa’s market with sales activity up,” says OREB President Curtis Fillier. “This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many are waiting for additional rate drops.”

The 50-basis-point reduction might offer optimism following Ontario’s tabling of the Fall Economic Statement where housing starts projections were scaled back to 81,300, representing another reduction in projections and is even further from the province’s goal of creating 125,000 new homes in 2024. The Ontario government cites high interest rates and a tough economic environment as pervasive challenges for homebuilders.

“The challenge remains supply,” says Fillier. “We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges. Now is always the time for fresh action and innovative policies that can create much-needed inventory.”

OREB leaders and volunteers recently joined the Canadian Real Estate Association on Parliament Hill to present focused solutions to confront the ongoing housing supply crisis. With expertise and experience in market conditions and consumer needs, REALTORS® advocated to stimulate supply by investing in offsite construction technologies (i.e. prefabricated homes) and extending HST/GST relief for non-profit-built affordable ownership housing.

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 $639,500 in October 2024, an increase of 0.4% from October 2023.

• The overall MLS® HPI composite benchmark price was $639,500 in October 2024, an increase of 0.4% from October 2023.

  • The benchmark price for single-family homes was $724,500, up 0.7% on a year-over-year basis in October.

  • By comparison, the benchmark price for a townhouse/row unit was $506,900, up 1.6% compared to a year earlier. 

  • The benchmark apartment price was $407,500, down 3.4% from last year.

• The average price of homes sold in October 2024 was $668,690 increasing 1.2% from October 2023. The more comprehensive year-to-date average price was $678,081, increasing by 0.9% from October 2023.  

• The dollar volume of all home sales in October 2024 was $788.3 million, up 47.7% from October 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 10.4% from October 2023. There were 2,089 new residential listings in October 2024. New listings were 6.7% above the five-year average and 17% above the 10-year average for the month of October.

• Active residential listings numbered 3,354 units on the market at the end of October 2024, a gain of 8.9% from October 2023. Active listings were 40.6% above the five-year average and 6.7% above the 10-year average for the month of October.

• Months of inventory numbered 2.8 at the end of October 2024, compared to 3.8 in October 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.

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,047 units in September 2024. This was an 11.4% increase from September 2023. Home sales were 17.4% below the five-year average and 15.4% below the 10-year average for the month of September. On a year-to-date basis, home sales totaled 10,485 units in September 2024 — an increase of 6.4% from the same period in 2023.  

“As we navigate a shifting housing market, Ottawa’s fall outlook is healthy,” says OREB President Curtis Fillier. “Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amidst news about additional interest rate cuts on the horizon, longer amortizations, and increased price caps for insured mortgages.” 

“There have been encouraging policy developments recently that will stimulate demand,” says Fillier. “But Ottawa’s market does not typically have demand problems — we have chronic supply issues. We’re not building enough homes in the city, and we’re not building enough of the right homes to address the ‘missing middle.’” The Canada Mortgage and Housing Corporation (CMHC) recently reported that Ottawa’s “population-adjusted construction is at its lowest level in nearly 10 years.” A City of Ottawa progress report shows that Ottawa is only at 22 per cent of its annual housing target at the end of August.  

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 $642,800 in September 2024, an increase of 0.2% from September 2023.  

  • The benchmark price for single-family homes was $729,000, up 0.5% on a year-over-year basis in September.  

  • By comparison, the benchmark price for a townhouse/row unit was $500,000, down 1.7% compared to a year earlier.  

  • The benchmark apartment price was $414,200, down 1.3% from year-ago levels. 

• The average price of homes sold in September 2024 was $685,551 increasing 1.4% from September 2023. The more comprehensive year-to-date average price was $679,082, increasing by 0.9% from September 2023.  

• The dollar volume of all home sales in September 2024 was $717.7 million, up 12.9% from September 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 3.9% from September 2023. There were 2,343 new residential listings in September 2024. New listings were 4.7% above the five-year average and 11.6% above the 10-year average for the month of September. 

• Active residential listings numbered 3,529 units on the market at the end of September 2024, a gain of 16.9% from September 2023. Active listings were 43.3% above the five-year average and 4.6% above the 10-year average for the month of September. 

• Months of inventory numbered 3.4 at the end of September 2024, up from 3.2 in September 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.

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,100 units in August 2024. This was a 10.2% increase from August 2023. Home sales were 11.4% below the five-year average and 14.1% below the 10-year average for the month of August. On a year-to-date basis, home sales totaled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.

“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

“REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and taking their time to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.”

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 $646,000 in August 2024, a decrease of 0.3% from August 2023.

  • The benchmark price for single-family homes was $732,500, down 0.3% on a year-over-year basis in August.

  • By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier.

  • The benchmark apartment price was $416,800, down 1.2% from year-ago levels.

• The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023.

• The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 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 and New Listings:

• The number of new listings saw an increase of 0.2% from August 2023. There were 1,907 new residential listings in August 2024. New listings were 0.2% above the five-year average and 0.9% above the 10-year average for the month of August.

• Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month of August.

• Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 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.