January 2025 Ottawa Housing Market Update: Inventory Grows as Buyers Wait and See
January kicked off with a bit of a slow burn in Ottawa’s real estate market—like the city itself easing into the new year with a hot coffee in hand. While we saw an uptick in listings, buyers are still taking a cautious approach, making this a market that feels balanced… but not yet bustling.
January 2025 Ottawa Housing Market: The Numbers
Home Sales & Listings
In January, 617 homes changed hands through the MLS® System—down 4.2% from this time last year. That’s also a bit below what we typically see for this time of year, sitting 13% under the five-year average and 9.6% below the 10-year average.
But while sales dipped, sellers seemed a little more optimistic: 1,359 new residential listings hit the market—up 3% year-over-year. And overall inventory continues to grow, with 3,312 active listings at the end of January, a massive 57.3% jump from January 2024.
In short? There’s more to choose from, but buyers are still moving slowly—likely waiting on rate announcements or watching to see how 2025 unfolds before making big decisions.
Source: Ottawa Real Estate Board (OREB)
Prices: Holding Steady (and Rising in Some Segments)
Prices are mostly holding firm, with some property types seeing small gains—and others, a slight dip. The overall benchmark price was $649,900, which is up 5.2% from a year ago.
Single-family homes saw a modest increase to $713,000 (+2.3%), while apartments rose to $436,900 (+4.5%). The one segment that softened was townhomes/row units, which dropped to $448,000, a 3.9% decrease year-over-year.
If you’re watching the average sale price, that number came in at $670,258, up 5.8% from January 2024. Just keep in mind that averages can be skewed depending on what types of homes are selling, which is why benchmark pricing offers a clearer picture.
Days on Market & Buyer Behavior
The median days on market was 43 days—just one day longer than last year, so not a huge shift. But what we’re seeing on the ground is that buyers aren’t rushing. With more listings to choose from, many are taking a slower, more cautious approach, waiting for the right opportunity (or interest rate news) before making a move.
What This Means for You
If you’re thinking of buying, you may benefit from increased choice and slightly more negotiating power—especially if you’re eyeing townhomes or row units. But don’t expect prices to drop dramatically; the market is showing signs of stability, not distress.
If you’re thinking of selling, strategic pricing and great presentation still matter. Inventory is rising, and buyers have options—so your home needs to stand out.
Final Thoughts
The January 2025 Ottawa housing market feels like it’s in a reset phase. Inventory is building, buyer confidence is still cautious, and pricing trends are holding steady in most categories. Whether you’re planning to buy, sell, or just keep tabs on the market, staying informed each month helps you move when the timing is right.
Whether you’re thinking about buying, selling, or just keeping an eye on the market, I’m here to help you make sense of it all
