Ottawa Housing Market Experiences One of Its Slowest Winters in a Decade
Ottawa’s real estate market recorded one of its slowest winters in the past 10 years, according to the Ottawa Real Estate Board, with sales significantly below historical averages. A total of 780 residential properties were sold in February, representing a 6.8 per cent decrease from the same month last year and remaining well below both the five-year and ten-year February averages. While activity improved compared with January, affordability challenges and higher inventory levels have led buyers to take longer to make purchasing decisions, though demand remains present, particularly at lower price points.
Market performance varied across housing segments. Condo apartment prices rose month over month and townhomes experienced stronger-than-usual sales activity, while the single-family segment remained relatively stable. The average residential sale price in February was $662,773, down one per cent year over year, with the median price declining 3.1 per cent. Benchmark prices increased across all housing types, and industry leaders say improving conditions could create opportunities for buyers and sellers as the spring market approaches.
