This winter has been one of the slowest in the past decade in the Ottawa residential market.
According to the Ottawa Real Estate Board, 780 residential properties sold in Ottawa last month, down 6.8 per cent from February 2025. While improved from 610 transactions in January, sales remained 21.2 per cent below the five-year February average of 990 and 17.8 per cent below the 10-year average of 949.
“Buyer activity remains present, particularly at lower price points, with elevated inventory and ongoing affordability considerations contributing to longer decision timelines,” OREB said in a news release last week.
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Average condo apartment prices rose month-over-month while inventory eased. Townhomes saw the most turnover, with sales activity running stronger than typical February levels, even as rising inventory placed downward pressure on prices. The single-family market remained stable, with pricing holding steady despite a drop in sales.
The average residential sale price in February was $662,773, down one per cent year-over-year, while the median price declined 3.1 per cent to $615,450.
According to OREB, benchmark prices remain below year-ago levels, but February recorded month-over-month increases in the composite, single-family, townhouse and apartment benchmarks compared to January. Benchmark prices control for seasonality and changes in the mix of sales.
“Benchmark prices moved higher in February across every segment, and demand remained active where affordability allows, creating a more balanced environment,” said Tami Eades, president of OREB, in the release. “Buyers are gaining a little more breathing room to make thoughtful decisions, while sellers continue to see consistent momentum. The conditions that kept many buyers cautious over the past year are gradually shifting. Spring is shaping up to be a meaningful window for those who are ready to act.”
New listings in February totaled 1,582, down 7.8 per cent from February 2025 but up from January’s 1,522. Active listings reached 2,928 units at month-end, an increase of 11.1 per cent year-over-year and well above levels seen in recent February periods, OREB said.
Looking ahead, OREB pointed to the 2026 outlook from the Canadian Real Estate Association, which anticipates gradually strengthening demand as lower borrowing costs work their way through the market.
“Ottawa’s recent results are consistent with that view. If momentum continues to build into spring, the current inventory base should support a more active market without generating the sharp price acceleration that has defined previous cycles,” OREB said.
New home sales also started the year under pressure, with 255 sales recorded in January, down 16.7 per cent from the same month in 2025. Sales were up 40 per cent from
December, when only 182 new homes were sold, according to a release from the Greater Ottawa Home Builders’ Association.
“Ongoing economic concerns, classic winter weather, and continued market uncertainty are contributing to a cautious and fragile market environment,” said Jason Burggraaf, executive director of the association. “Sustained recovery will require restoring buyer confidence by governments delivering clarity on the policy and cost factors that directly shape housing supply and affordability.”
