Market Update
As of April 7th, the Ottawa Real Estate Board reports 1,103 (residential & condominiums) sold in March 2025, approximately a 6.2% decrease in homes sold when compared to March 2024. Home sales were 24% below the five-year average and 19.3% below the 10-year average for the month of March. However, we are seeing momentum build as we do more showings and home evaluations. Signs of Spring and lower interest rates are encouraging some to take the next steps to make some decisions and implement their plan for the rest of the year. Closing dates for Summer months are now appearing on new listings and offers. With some uncertainty created by greater economic activity and the coming election, monitoring the market is key in each neighborhood and price range.
The Ottawa Real Estate Board is now using the MLS®Home Price Index (HPI) to track changes in the real estate market (this tool is used by Canadian Real Estate Association across Canada). The overall MLS® HPI composite benchmark price for Ottawa was $626,200 in March 2025, an increase of approximately 2.2% when compared to March 2024. Benchmark price for single family home was $698,700, up 2.7% on a year-over-year basis when compared to March 2024. The benchmark price for a townhouse/row unit was $431,200, down 8% compared to a year earlier. The benchmark apartment price was $400,900 representing a 4.3% decrease from a year ago.
The average sale price for homes sold in March 2025 was $685,866 unchanged form March 2024. Keep in mind, these are averages so some homes experienced a larger gain and some less, it is key to look at what is happening in your neighborhood, surrounding neighborhoods and with comparable homes.
For Kanata, unit sales in March (all housing types) were 128, translating to approximately a 17.4% increase when compared with March 2024. For greater Stittsville, unit sales in March 2025 (all housing types) were 68 units, representing approximately a 6.3% increase from March 2024. In Kanata, the average sale price in March 2025 was $704,323 for all housing types, representing approximately a 7.4% decrease when compared to March 2024. For greater Stittsville, the average sale price in March 2025 versus March 2024, increased 4.6% to $802,718 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report March 2025)
March residential inventory in Ottawa – 2,221 new properties (all housing types) on the market in March 2025, an increase of approximately 4.1% when compared to March 2024 and 0.7% below the five-year average for March. At the end of March, there were 4,319 homes for sale (all housing types), about a 60.3% increase when compared to the end of March 2024 and 92.7% higher when compared to the 5 year average for March.
At the end of March 2025, Ottawa’s inventory of homes (all housing types) was 3.9 months, up from 2.3 months at the end of March 2024 (this is the number of months it would take to sell current inventories at the current rate of sales activity). Keep in mind, each neighborhood will be different, so important to look at your present neighborhood and housing types as well as the neighborhoods you are interested in. Contact us if you would like an update on your neighborhood/a specific street or type of home.
Click here to read our Ottawa Market Update March 2025 – 50 Years of Change.
Source: See Ottawa Housing Market Shows Stability as Spring Momentum Builds
