Ottawa’s real estate market shifted into a noticeably slower rhythm this November as winter weather and cautious economic sentiment cooled activity across the region. According to the latest Ottawa Real Estate Board (OREB) report, home sales dropped from October and fell below November 2024 levels, even as prices held relatively steady.
OREB_MarketUpdate_November25
While conditions remain broadly balanced, November data shows the market tilting toward higher inventory and increased buyer choice — trends that both buyers and sellers should keep a close eye on moving into 2026.
According to the OREB report, November recorded 880 total home sales, down from 1,177 in October, and 18.2% lower than November 2024. Despite this slowdown, year-to-date sales remain slightly ahead of last year by 1.5%.
OREB_MarketUpdate_November25
Average prices are holding firm:
Average sale price: $680,496 (up just over 2% from last year)
Year-to-date average: $699,635 (+3% from 2024)
Single-family homes: $825,827 in November (+4.8% year-over-year)
These numbers highlight a resilient price environment despite softer sales — especially for single-family homes, which continue to lead Ottawa’s market performance.
Active listings reached 3,721 in November — significantly higher than last year — and months of inventory (MOI) rose from 3.6 in October to 4.2. This marks a meaningful tilt toward increased supply.
OREB_MarketUpdate_November25
Breakdown by property type:
Single-family MOI: 4.0
Townhomes MOI: 3.1
Apartments MOI: 7.3
Condos (apartments) are experiencing the most notable oversupply, with MOI above 7 and sales down more than one-third year over year. This mirrors early warning signs seen in Toronto’s condo market, where inventory buildup has placed downward pressure on prices.
Townhomes saw average prices fall to $542,607, down from both October and last year’s averages, signalling shifting demand preferences.
More inventory means more choice and better negotiating power, particularly in the condo and townhome segments. Recent rate cuts may encourage renewed buyer activity heading into early 2026.
With inventory rising, pricing strategy and listing presentation matter more than ever. Single-family homes remain in strong demand, but condo sellers may need to adapt to a more competitive environment.
Ottawa’s condo pipeline is growing, influenced by the fact that nearly 70% of new home starts this year are rental and condo projects. Keeping an eye on supply trends will be essential.
OREB_MarketUpdate_November25
Ottawa’s market remains stable overall, but the shift toward higher supply suggests a softer environment heading into 2026 — especially for condos. With rate cuts offering some optimism, the spring market could bring fresh energy, but for now, both buyers and sellers should stay informed and strategic.
If you’re planning to buy, sell, or invest in Ottawa, I’m here to break down the data and guide you with clarity — no guesswork, no noise.
📞 Ray Smiley — RE/MAX Hallmark Realty Group
📱 613-818-1819
🌐 homeforsaleinottawa.com
