Is Ottawa’s Housing Market Heating Up or Holding Steady? 🏡
Here’s what the latest numbers tell us…
The Ottawa real estate market is showing signs of steady momentum as we head into the spring season. According to the Ottawa Real Estate Board (OREB), 1,103 homes were sold in March 2025 through the MLS® system. That’s a 6.2% drop from March of last year, and sales remain 24% below the five-year average — but things are trending upward month-over-month.
One major factor fueling this shift? Lower interest rates. After a year of caution and economic uncertainty, more buyers and sellers are stepping off the sidelines. OREB President Paul Czan notes that while some are still waiting to see how the upcoming election and global economic pressures play out, spring market activity is gaining traction.
Home Prices: A Mixed Bag
The MLS® Home Price Index (HPI), which tracks price trends more accurately than average prices, puts the composite benchmark at $626,200, up 2.2% from March 2024.
- Single-family homes: $698,700 (+2.7%)
- Townhomes/row units: $431,200 (–8.0%)
- Apartments/condos: $400,900 (–4.3%)
While single-family homes are seeing modest growth, the attached and condo segments continue to face price pressure — good news for buyers looking for more affordable entry points into the market.
Inventory on the Rise
Perhaps the most notable shift is in inventory. Active listings surged to 4,319 units — up a huge 60.3% from last March, and nearly double the five-year average. That’s giving buyers more options and helping stabilize competition after years of tight supply.
New listings also increased 4.1% year-over-year, with 2,221 homes hitting the market in March.
With 3.9 months of inventory now available (compared to just 2.3 months last March), Ottawa is inching toward more balanced conditions — a welcome sign for many in the market.
What’s Next?
Czan cautions that ongoing trade and tariff concerns could still impact construction and new supply, but overall, the outlook for Ottawa’s housing market is cautiously optimistic.
Bottom line? The spring market is off to a stable start. Buyers have more choice, sellers are adjusting expectations, and interest rate relief is nudging the market forward.
Are you thinking of making a move this spring? Now might be the time to get serious.
