The slip in the February 2026 resale market resulted in the fourth month in a row of declines, making this winter one of the slowest in a decade, according to the Ottawa Real Estate Board.
At the same time, some segments of the market saw growth in sales transactions or prices, and inventory levels remain solid, resulting in an overall balanced market and — barring unforeseen circumstances — a more active market in the coming months, according to the board.
Realtors sold 780 homes in February. While that was higher than January’s transactions, it was down almost seven per cent from the same month last year and almost 18 per cent below the 10-year average.
Single-family homes and condos especially saw sales transactions fall compared to last year and most previous years, while townhome sales were up over last year and compared to the 10-year average.
“Buyer activity remains present, particularly at lower price points, with elevated inventory and ongoing affordability considerations contributing to longer decision timelines,” said the board’s report.
Prices, inventory and listings
The average residential sale price in February was $662,773, down one per cent year over year, while the median price declined three per cent to $615,450.
“Both movements remain modest in scale and are consistent with a market adjusting to elevated supply rather than one experiencing broad-based downward pressure,” said the board.
Prices last month averaged $830,951 for single-family homes, $539,639 for townhomes and $428,538 for condo apartments.
Inventory of all housing types is higher than seasonal norms, giving prospective buyers more homes to view, according to the board. While new listings were down almost eight per cent from the same month last year, active listings are more than 11 per cent higher year-over-year and well ahead of numbers during the past several Februarys.
Nationally, sales fell more than one per cent in February compared to the same month last year while average prices remained almost the same at $663,828, according to a report from the Canadian Real Estate Board. February numbers varied across the country, with Toronto and Vancouver seeing the steepest decline in sales and prices.
