The Ottawa real estate market eased into a slower pace in November as early winter weather and a cautious economic environment shaped buyer and seller activity. Home sales declined month over month and fell below November 2024 levels. Although active listings dipped slightly, months of inventory (MOI) rose again after tightening earlier this fall. Overall, Ottawa remained in balanced-market territory, but higher supply made this year’s seasonal slowdown more pronounced.
With recent interest rate cuts, buyers may see renewed motivation heading into the typically quiet winter months. This could help set the stage for a steadier start to 2026 and a more energized spring market. Still, elevated inventory levels—particularly in the townhome and apartment segments—remain important for clients to understand as conditions shift.
November 2025 Ottawa Market Snapshot
- Total home sales: 880 (down from 1,177 in October)
- Sales vs. November 2024: 18.2% lower
- Year-to-date sales: up 1.5% compared to 2024
- Average sale price: $680,496 (up just over 2% year-over-year)
- Year-to-date average price: near $700,000, a 3% annual increase
- Single-family average price: $825,827 (up 4.8% year-over-year; up 4% YTD)
Single-family homes continue to drive price growth across the city, with steady demand and more moderate inventory levels supporting values.
Supply Continues to Build
Inventory typically rises in November, but this year’s increase is more substantial.
- Active listings: 3,721
- Months of inventory: 4.2 (up from 3.6 in October)
More choice is influencing pricing and buyer behaviour across property types:
- Townhomes: average price of $542,607, down from both October and last year’s YTD figures
- Apartments: facing the most supply pressure
- Condo MOI climbed above 7
- Sales dropped more than one-third year-over-year
- Prices remain more stable annually, but rising supply signals a softer environment than pricing alone suggests
Ottawa’s condo market is worth monitoring, especially with Toronto currently experiencing one of its largest condo inventory buildups in years. Ottawa is not in the same position, but rising multi-unit supply is real. Nearly 70% of new home starts this year are in rental and condo projects, creating a significant pipeline of future inventory. While these starts affect longer-term conditions, they remain an important factor for REALTORS® to watch as resale supply grows.
Residential Market Activity – Big Picture (2025 YTD)
- Total home sales: 13,075 (up 1.5% compared to 2024)
- Average November sale price: $680,496 (2.2% higher than 2024; down 4% from October, which is a larger-than-usual seasonal dip)
- Year-to-date average price: $699,635 (3% higher than 2024)
- Total value of homes sold in November: $599M (down 16.5% year-over-year)
- Year-to-date sales volume: over $9B (up 4.6% from 2024)
- New listings in November: 1,458 (down 39% from October but 10% above November 2024)
- Active listings: 3,721 (down 12% from October but 31.3% higher year-over-year)
Active listings are trending higher than any of the past five years, indicating that supply growth extends beyond the typical late-fall buildup.
Months of Inventory by Property Type
- Single-family: 4.0
- Townhome: 3.1
- Apartment: 7.3
While Ottawa remains broadly balanced, the gap between property types highlights very different conditions across the market. Apartments are firmly in high-supply territory, townhomes remain more competitive, and single-family homes continue to show steady resilience.
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