Market Watch

Sales Rise as Inventory Levels Ease in October

Fri, 07 Nov 2025 22:43:00 GMT

November 2025 ■ 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.”

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

INVENTORY BUILDS BUT DEMAND REMAINS RESILIENT HEADING INTO FALL

Tue, 14 Oct 2025 15:19:00 GMT

October 2025 — Ottawa’s housing market in September demonstrated a continuation of late-summer seasonal trends, with sales activity easing slightly while inventory levels continued to climb. A total of 1,089 homes sold in September, down from 1,236 in August and 1,318 in July. This three-month trend of softer sales is not unusual as the spring peak transitions into the quieter summer months.

On the price side, the average sale price of $690,397 in September fell between August’s $686,536 and July’s $695,209, remaining up 0.3% year-over-year. Benchmark prices have remained relatively stable throughout this adjustment period, indicating that demand is holding steady even as buyers gain more choice.

Active listings rose to 4,388 in September, following 3,971 in August and 4,205 in July. These elevated inventory levels are a departure from undersupplied pandemic-era levels and align more with longer-run balanced conditions, though at elevated levels, which continues to be a trend worth monitoring. Continued steady demand helps explain why prices have remained relatively flat, even as inventory builds. Months of inventory edged up to 4.0, compared to 3.2 in August and 3.2 in July, reinforcing this balance between buyers and sellers.

On September 17, the Bank of Canada cut its key policy interest rate by 25 basis points to 2.5%, citing slowing global growth and easing inflation pressures. This policy shift, combined with Ottawa’s resilient demand and balanced market conditions, could encourage more first-time buyers and bring additional activity to the market in the months ahead.

“September reinforced Ottawa’s resilience, with sales nearly 2.4% higher than last year, and prices are holding steady despite more listings coming to market,” said Paul Czan, OREB President. “When you peel back the layers, you see that townhomes are driving stability while single-family homes are easing. And while Ottawa’s diversity of housing continues to increase inventory, missing middle housing—like townhomes—still aren’t being built fast enough, and that’s something OREB continues to advocate for.”

Residential Market Activity

Looking at the bigger picture, there have been 11,025 home sales so far this year, which is 3.9% higher than at this time in 2024. The average sale price for all sold listings in September was $690,397 up 0.3 % from last year. This year, the average year-to-date price is $699,910, a 2.7% increase over the first nine months of 2024.

Finally, the months of inventory, a measure of supply, sits at 4.0 months, which is up from 3.2 months of inventory in August. Having 4.0 months of inventory is typically understood to be an indicator of being a balanced market.

SEASONAL INVENTORY GROWTH MEETS STEADY DEMAND

Tue, 09 Sep 2025 15:28:00 GMT

September 2025 ■ In August 2025, a total of 1,236 homes were sold across the Ottawa Real Estate Board (OREB) region. While down from 1,318 units in July 2025 and 1,602 in June 2025, this represents a 12.1% increase compared to August last year. Two consecutive months of slower sales is consistent with the spring to summer market seasonality, particularly as we are already approaching what is typically a more active fall market.

Looking at the bigger picture, there have been 9,936 home sales so far this year, which is 4.1% higher than at this time in 2024. 

The average sale price for all sold listings in August was $686,536, up 3.6% from last year. 

This year, the average year-to-date price is $700,828, a 3% increase over the first eight months of 2024. 

Altogether, the total value of homes sold in August reached approximately $850 million, up 16% year-over-year, with the housing sector continuing to be one of the major drivers of the overall Ottawa economy. 

On the listing side, there were 2,121 new residential listings added in August, a significant 8.6% increase compared to last year, and 3,971 active listings on the market, up 13.3% from August 2024, and 37.1% above the five-year average for this time of year. 

Finally, the months of inventory—a measure of supply— sits at 3.2 months, which is unchanged from last month and identical to last August’s metric as well. 3.2 months of inventory is typically understood to be an indicator of what is considered a balanced market.  Another indication that, despite Ottawa’s high active listing count that demand is currently keeping pace with supply.

“August was an active month for Ottawa’s housing market, with overall prices trending upward and sales activity stronger than in recent years as the summer season winds down,” said Tami Eades, OREB President-Elect.

“While we continue to see different price movements across segments, the broader picture points to renewed momentum in the Ottawa Region as buyers and sellers alike re-engage ahead of the fall market. Ottawa’s market reflects balanced conditions, though we are mindful of broader economic factors—such as federal employment trends and U.S. trade policies—that could affect our market in the months ahead.”