Editor’s note: An earlier version of this article included February benchmark prices of single-family homes, townhomes and condos. That information has been retracted following a notification from the Ottawa Real Estate Board that benchmark price data it had reported contained irregularites.
Ottawa’s February 2025 resale market slipped more than 10 per cent from the same month last year, the second month in a row the market has declined after steady sales growth throughout the second half of 2024.
The Ottawa Real Estate Board reports that last month Realtors sold 809 units through the board’s Multiple Listing Service (MLS). That was down not only 10.2 per cent from the same month last year but also more than 19 per cent and 15 per cent below the five- and 10-year averages respectively for the month of February.
“Ottawa’s sales activity moderated while prices held steady,” OREB president Paul Czan said in a statement. “Market uncertainty continues to influence buyer and seller decisions… 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.”
Although Czan didn’t mention it, February’s bitter winter weather may have also influenced sales.
By the numbers
The average price of all homes sold in February 2025 was $669,945, 1.4 per cent higher than February 2024. That was down from the almost six per cent jump in January, but on par with the 1.3 per cent average price growth in 2024.
Active listings of resale homes last month totalled 3,735. That was up more than 61 per cent from a year ago and 51.4 per cent above the 10-year average for the month of February. The number of active listings typically means greater buyer choice. In the current market, it also signals fewer homes being sold, a fact reflected in the months of inventory in February: 4.6 compared to 2.6 in February 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
“Some sellers who had previously delayed listing are now entering the market, contributing to more options for buyers,” said Czan. “While demand remains strong in certain price segments, the pace of sales varies, making strategic pricing and preparation key for sellers.”
