Ottawa Real Estate Market Update – October 2025
Resilience, balance, and cautious optimism define Ottawa’s housing market this fall.
Ottawa’s housing market continues to show strength and balance despite ongoing concerns about broader economic uncertainty. In October, the market saw a modest, seasonal increase in sales activity and a reduction in the elevated inventory levels that have characterized recent months. Together, these shifts signal a stable yet cautious phase as the region moves into the typically slower winter season.
Sales and Prices: Steady Gains Despite a Cooling Season
A total of 1,177 homes were sold in October, up 8.1% from September (1,089 sales), though down slightly 1.2% year over year compared to October 2024.
The average sale price climbed to $709,002, representing a 2.7% month-over-month increase and 5.7% higher than the same period last year.
These numbers highlight underlying buyer demand that remains resilient even as the market adjusts to new economic conditions.
Inventory: Signs of Stabilization
Ottawa saw 2,405 new listings in October — a 15.1% decrease from September, which is typical for this time of year, but still 13.4% higher than October 2024.
Active listings fell from 4,388 in September to 4,232 in October, marking a 3.6% decline month over month.
While inventory levels remain higher than in previous years, this seasonal dip suggests that the elevated supply seen earlier in 2025 may be starting to stabilize within a balanced market range.
The months of inventory eased from 4.0 to 3.6, indicating a slightly tighter balance between buyers and sellers as the fall market settled.
Interest Rates: Relief and Realism
On October 29, 2025, the Bank of Canada announced its second consecutive rate cut, lowering the policy rate by 25 basis points to 2.25%.
This move provided welcome relief to borrowers and renewed optimism for a more active spring market.
However, the Bank also cautioned that this is likely the final cut in the current cycle.
Locally, the Ottawa Real Estate Board (OREB) continues to monitor federal budget and workforce developments closely, as changes in these areas often have an outsized impact on Ottawa’s housing activity given the city’s large federal employment base.
Expert Insight
“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.”
Residential Market Overview
- Year-to-date sales: 12,197 homes sold — up 3.3% over the first 10 months of 2024
- Total dollar volume: $8.55 billion — up 6.5% year over year
- Average year-to-date price: $700,869 — a 3.0% increase compared to 2024
In October alone, homes sold totaled approximately $834.5 million, a 4.5% increase year over year.
On the listing side, 2,405 new listings entered the market — 15.1% fewer than September, but 13.4% higher than the same month last year.
Active listings ended the month at 4,232, 21.3% higher year over year, reinforcing that Ottawa remains in a balanced market despite seasonal softening.
MLS® Home Price Index (HPI)
The HPI composite benchmark price for Ottawa in October was $622,700,
down 0.7% month over month, but up 0.7% year over year — evidence of moderate, sustainable growth rather than volatility.
By property type:
- 🏠 Single-family: $692,400 — up 0.3% year over year
- 🏘️ Townhouse: $456,300 — up 6.6% year over year
- 🏢 Apartment: $402,900 — up 0.1% year over year
Looking Ahead
As we move into the final months of 2025, Ottawa’s real estate market is showing measured strength and stability.
Sales remain consistent, prices are holding firm, and inventory levels are easing into a more balanced state.
While economic uncertainty and policy shifts may shape early 2026, the fundamentals of Ottawa’s housing market remain healthy, resilient, and well-positioned for the year ahead.
Key Takeaway
Ottawa’s market isn’t surging or slumping — it’s steady, sustainable, and balanced.
That’s good news for both buyers looking for opportunity and sellers seeking stability as we head into winter.
