Uncertainty continued to plague the Ottawa residential housing market in February, with sales down from the year-ago period and below the five- and 10-year averages for the month.
According to the Ottawa Real Estate Board, 809 units were sold in February, representing a 10.2 per cent decline from February 2024. Home sales were 19.1 per cent below the five-year average and 15.4 per cent below the 10-year average for the month of February, OREB said.
“Ottawa’s sales activity moderated while prices held steady,” said OREB president Paul Czan in a news release Monday.
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“Despite increased inventory, market uncertainty continues to influence buyer and seller decisions. Some sellers who had previously delayed listing are now entering the market, contributing to more options for buyers. While demand remains strong in certain price segments, the pace of sales varies, making strategic pricing and preparation key for sellers.
“The Bank of Canada’s influence on borrowing power, ongoing economic factors like tariffs, and the potential impact of upcoming elections are also shaping buyer and seller sentiment,” added Czan. “As we approach the spring market, we anticipate increased buyer activity, particularly if interest rates trend downward and confidence continues to build.”
The overall composite benchmark price was $658,300 in February, a 4.4 per cent increase compared to February 2024. The benchmark price for single-family homes was $719,800, up 1.3 per cent year-over-year. By comparison, the benchmark price for a townhouse/row unit was $438,000, a decline of 11.6 per cent from 2024.
The average price of homes sold in February 2025 was $669,945, a 1.4 per cent increase from February 2024. The total dollar volume of all home sales in February 2025 amounted to $541.9 million, an 8.9 per cent drop compared to the same period last year.
The number of new listings rose by 4.8 per cent compared to February 2024, with 1,668 new residential properties added to the market. New listings were 10.8 per cent above the five-year average and 6.7 per cent above the 10-year average for the month of February.
Active residential listings totalled 3,735 units at the end of February, which OREB characterized as a “substantial 61.4 per cent surge” from February 2024. Active listings were 95.7 per cent above the five-year average and 51.4 per cent above the 10-year average for the month of February. Months of inventory stood at 4.6 at the end of February 2025, compared to 2.6 in February 2024.
