Grab Your Coffee & Let’s Talk: Ottawa Housing Market Update
February 2025 Ottawa housing market update is here, and we’re breaking it all down. If you’ve been keeping an eye on Ottawa’s housing market, you might be wondering—what’s actually happening out there? Are homes still selling? Are prices climbing? Is now a good time to buy or sell? Pour yourself a coffee your favourite hot drink, and let’s break it all down in a way that actually makes sense.
February 2025 Ottawa Housing Market: The Numbers
Home Prices: Holding Steady (Mostly)
Let’s get right to what everyone wants to know—home prices. The overall MLS® benchmark price in Ottawa sat at $658,300 in February, a 4.4% increase from last year. But the picture changes depending on what kind of home you’re looking at:
- Single-family homes: $719,800 (+1.3%) – Prices are holding steady, with a slight increase.
- Townhouses/row units: $438,000 (-11.6%) – This segment saw the biggest drop, creating opportunities for buyers.
- Apartments: $459,300 (+4.5%) – Demand is keeping condo prices on the rise.
Meanwhile, the average sale price (which fluctuates based on what types of homes are selling) came in at $669,945, up 1.4% from last year.
Takeaway? Prices aren’t skyrocketing, but they’re staying stable in most areas, and if you’re in the market for a townhouse, you might find some deals compared to last year.
Source: Ottawa Real Estate Board (OREB)
More Listings, More Choices for Buyers
If you’ve been waiting for more selection, you’re in luck. February saw 1,668 new listings, up 4.8% from last year. This number was also 10.8% above the five-year average and 6.7% higher than the 10-year average, meaning more homeowners are feeling confident enough to list.
At the same time, active listings surged by 61.4% year-over-year, with 3,735 homes on the market—that’s nearly double the five-year average (+95.7%)!
So what does this mean? Buyers have more options than we’ve seen in recent years, and sellers are facing more competition, meaning smart pricing and staging are more important than ever.
How Many Homes Are Actually Selling?
With more inventory available, 809 homes sold in February—a 10.2% drop from last year. This also puts sales 19.1% below the five-year average and 15.4% below the 10-year average.
Despite that, homes are still moving at a steady pace. The median days on market was 19 days, just slightly faster than the 20 days recorded in February 2024.
In other words, well-priced homes are still selling quickly, while others are sitting longer as buyers take their time with more options available.
What’s Next?
As we head into spring—the busiest time of year for real estate—we’ll be watching to see if more buyers jump in now that inventory has improved. Will sellers price competitively? Will townhomes continue to be a bargain compared to last year?
One thing’s for sure: if you’re thinking about making a move in the Ottawa housing market, strategy matters now more than ever.
