As Ottawa moved into November, the real estate market shifted into a quieter gear. Early winter conditions and cautious economic sentiment slowed activity, bringing sales down from October and below the levels seen this time last year. While the market still sits in balanced territory, growing inventory—especially in the townhome and apartment segments—signals a subtle tilt toward stronger supply.
With recent interest rate cuts now in play, buyers may gradually re-enter the market through the winter, setting the tone for a steadier start to 2026 and a potentially more active spring.
November at a Glance
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Total sales: 880
Down from 1,177 in October and 18.2% lower than November 2024 -
Year-to-date sales: Up 1.5% compared to the same period last year
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Average sale price: $680,496
Up just over 2% year over year -
YTD average price: Close to $700,000 (3% higher than 2024)
Much of the price growth is being carried by the single-family home market, where values continue to rise. These homes averaged $825,827 in November, up nearly 5% year over year and 4% YTD.
Inventory Continues to Build
Even though listings often rise in November, this year’s increase is more significant.
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Active listings: 3,721
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Months of inventory: 4.2 (up from 3.6 in October)
This extra selection is influencing pricing across all property types:
Townhomes
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Average price: $542,607
Down from October and below last year’s YTD average -
Softer demand is creating more noticeable price pressure here.
Apartments / Condos
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Condo MOI: 7.3
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Sales: Down more than one-third year over year
Prices have held relatively steady annually, but the sheer amount of available product suggests underlying softness. Ottawa isn’t facing the same intense condo buildup as Toronto, but the upward trend is real—and worth monitoring closely through the winter.
Adding to future supply pressure, nearly 70% of all new home starts this year are rental or condo projects, meaning more multi-unit inventory will be arriving in the coming years.
Residential Market Overview
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Total 2025 sales so far: 13,075 (up 1.5% from 2024)
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November average sale price: $680,496 (up 2.2% YOY, but down more sharply from October than usual)
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YTD average price: $699,635 (3% higher than 2024)
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Total November sales volume: $599M (down 16.5% year over year)
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YTD sales volume: Over $9B (up 4.6% from 2024)
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New listings in November: 1,458
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Down 39% from October
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Up 10% compared to last November
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Active listings: 3,721
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Down month over month
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Up 31.3% compared to November 2024
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Active listings are now trending above every year from the past half-decade—showing this is more than just the typical seasonal buildup.
Months of Inventory by Property Type
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Single-family: 4.0
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Townhome: 3.1
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Apartment: 7.3
This widening gap highlights the diverging performance between freehold homes (steady) and multi-unit properties (cooling).
What This Means for Buyers & Sellers
Buyers
More inventory—particularly in the condo and townhome categories—means additional choice and more negotiating power heading into the winter months.
Sellers
Single-family homes remain the strongest segment, while those listing condos should be prepared for longer days on market and competitive pricing strategies.
