Market Momentum Meets Measured Moves
May marked a turning point in Ottawa’s real estate season — not with fireworks, but with quiet confidence. While the market didn’t pick up speed dramatically, it did settle into a steady rhythm. Buyers are showing up, sellers are paying close attention, and together they’re shaping a more balanced playing field.
A total of 1,807 homes changed hands last month — a 14.7% increase over May 2024, and an eye-catching 51.5% above the five-year average. It’s not the kind of growth that creates headlines, but it’s a clear signal that confidence is returning, just with a bit more caution in the mix.
What’s Behind the Numbers?
The story right now isn’t about runaway growth — it’s about steady movement. Detached homes continue to lead activity, but without the frenzy of previous years. Offers are more deliberate. Sellers are realistic. And perhaps most notably, condos are starting to turn heads again. That uptick? It’s likely a mix of buyers chasing affordability and investors sensing a window.
Price Trends at a Glance
Prices in May showed the kind of mild shifts that point to stability over speculation:
- Detached homes saw a median price of $790,000, a 0.6% dip from April, but still up 1.3% year-over-year.
- Townhomes held steady at $580,000, showing no monthly change, and just a slight 0.9% dip from last year.
- Condos jumped to $415,000, marking a 3.7% month-over-month increase and a 1.0% gain compared to 2024.
So while the pace may be slower, the trajectory remains gently upward — especially in segments where price sensitivity matters most.
Fewer Listings, Faster Movement
- Supply tightened to 2.4 months — a sharp 42.2% drop from April.
- Active listings stood at 4,347, while new listings reached 3,430 (up 8.7% from last year).
- With a sales-to-new listings ratio of 52.7%, the market is moving — but it’s not overheated.
The most noticeable shift this month? Inventory.
This isn’t a seller’s frenzy or a buyer’s bonanza. It’s something in between — a return to balance, with a tempo that rewards preparation over pressure.
Where We’re Headed
With summer around the corner, Ottawa’s market seems poised for a calm, consistent stretch. The highs may not be dramatic, but the lows aren’t threatening either. For many, that’s a welcome shift.
At GoodStory, we see this as a season for smart decisions. Whether you’re buying your first place, listing your family home, or planning your next investment — this is a market where timing, presentation, and strategy truly matter.
Have questions about your own real estate goals? We’re here when you’re ready.
