Author: Nicole

OTTAWA, ON – Ottawa’s housing market in August 2025 offered buyers greater choice amid subtle signs of shifting dynamics. Last month, demand remained healthy, while supply continued to increase. Active listings climbed to 3,971, approximately 37% above the five-year August average.  

This increase in inventory, while worth monitoring, is not currently a cause for concern. Ottawa’s real estate market follows well-established seasonal cycles, with late summer typically bringing a build-up of available listings ahead of the busy fall market. Both the sales-to-new-listings ratio of 58.3% and 3.2 months of inventory indicate that demand is keeping pace with supply, maintaining balanced market conditions.  

It’s also important to recognize that 2020 and 2021 were historic outliers, with unusually low active listing levels that distort the five-year average. Excluding those years and instead referencing the pre-pandemic 2018 and 2019 figures, August 2025 inventory sit roughly 33–34% above the revised five-year trend — a more accurate measure of current market standing relative to historical norms.  

Property-type trends continue to diverge. Single-family home HPI benchmarks remain broadly steady, and townhouse values are showing gains, while the condominium segment, particularly in the downtown core, remains comparatively soft. These variations present differing market opportunities depending on location, property type, and price point.  

For buyers, the current combination of elevated inventory and steady demand presents a strategic window: more choice and greater negotiating power are available for those in a position to act on it. Meanwhile, broader provincial trends — such as slowing sales and rising supply elsewhere in Ontario — remain factors to watch. There are emerging signs of a potential turnaround in these markets, that could support improved conditions in the months ahead.  

OREB will continue to monitor these developments closely to ensure Members and consumers remain informed as Ottawa’s market evolves. 

“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.” 

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Residential Market Activity

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. 

MLS® Home Price Index

As for prices, the MLS® Home Price Index (HPI) composite benchmark price in Ottawa was $633,000 in August, a modest 1.5% increase year-over-year.  

If we break that benchmark price down by property type:   

• Single-family homes came in at $700,100, up 1.5%.  

• Townhouses saw the biggest jump — up 8.3% to $466,200.  

• Apartments, on the other hand, dipped slightly, — down 1.1% to $412,300.  

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For media inquiries, please contact: 

Dave Holmes, Manager, Marketing and Communications 

613-225-2240 ext. 232 | dave@oreb.ca 

OTTAWA, ON — 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 is 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.

Currently, the rise in active listings both year-over-year and compared to the five-year average, may serve as an early indicator of rising supply pressure. At the same time, the sales-to-new-listings ratio change from 51.7% to 55.1% from a year ago provides a mixed signal that may indicate demand is currently keeping pace with supply. For the time being, this rise in inventory provides buyers with more choice, but this is certainly a trend worth monitoring.

“While we’ve seen demand may be softening in the condo market, especially in the downtown core, as a whole, Ottawa’s real estate market continues to stand out for its resilience and stability,” says Paul Czan, President of the Ottawa Real Estate Board (OREB). “With steady demand, balanced inventory, and moderate price growth, our fundamentals remain strong. We’re keeping a close eye on changing dynamics, and we’ll continue monitoring the data and providing transparent insights to help our Members and the public navigate with confidence.” 

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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 solid 11.7% 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.

MLS® Home Price Index

As for prices, the MLS® Home Price Index (HPI) composite benchmark price in Ottawa was $633,100 in July, a modest 1.9% increase year-over-year.

If we break that benchmark price down by property type:

• Single-family homes: $704,800, up 2%
• Townhouses: $468,000, up 8.3%
• Apartments: $411,900, down 1.6%

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Media Contact

For media inquiries, please contact:

Dave Holmes
Manager, Marketing and Communications
613-225-2240 ext. 232
dave@oreb.ca

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.”

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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.”

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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.”

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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.”

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