Ottawa’s housing market delivered a clear message this November — and it wasn’t just the early winter chill. The month brought a slowdown that was slightly sharper than usual, paired with a steady rise in available homes. Together, these trends point to a market that remains balanced overall but is slowly tilting toward higher supply.
A Slower Month With More Choice
November typically brings a natural seasonal cooldown, but this year’s slowdown was more pronounced. Sales dipped below both October and November 2024 levels, while months of inventory (MOI) rose to 4.2.
This shift gives buyers more room to breathe, especially in segments where listings are rising faster than demand.
Condo Supply Surges
The most notable movement came from the apartment market. Condo MOI climbed above 7, marking the highest supply pressure among all property types. While condo prices have remained relatively stable on a year-over-year basis, the volume of available units is creating a softer environment beneath the surface.
Townhomes also saw some softening, with average prices dipping from October and from last year’s pace. In contrast, single-family homes continue to drive most of the price growth in Ottawa — averaging just over $825,000 in November, up nearly 5 per cent annually.
Rate Cuts Add a Note of Optimism
Recent interest rate cuts may help stabilize demand through the typically quiet winter months. While activity may not surge, renewed confidence could keep buyers engaged — especially those watching for opportunities amid higher supply.
Why This Winter Matters
Beyond current trends, Ottawa’s pipeline of multi-unit construction is another factor to watch. Nearly 70 per cent of new housing starts this year have come from rental and condo projects. These won’t affect the market overnight, but they do signal more multi-unit supply coming in the years ahead.
It’s not the same situation Toronto is experiencing — where condo inventory has reached historic highs — but Ottawa is seeing measurable upward pressure that REALTORS® and consumers will want to monitor closely.
The Bottom Line
Ottawa remains a balanced market on paper, but beneath that, the dynamics are shifting. Rising supply, cooling sales, and strong single-family demand are shaping a more nuanced winter landscape.
As we head into 2026, the next few months will set the tone for a spring market that could look very different from the one we saw this fall.
