Market Update
As of March 10th, the Ottawa Real Estate Board reports 809 properties (residential & condominiums) sold in February 2025, approximately a 10.2% decrease in homes sold when compared to February 2024. Home sales were 19.1% below the five-year average and 15.4% below the 10-year average for the month of February. We are starting to see the supply of homes on the market increase providing more choice to buyers. However, in some price segments, style of homes and neighborhoods demand is high, resulting in some competing situations and fewer days on market, while in other segments, homes are staying on the market longer. For sellers, pricing, home preparation and monitoring the market are key.
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 $658,300 in February 2025, an increase of approximately 4.4% from February 2024. Benchmark price for single family home was $719,800, up 1.3% on a year-over-year basis when compared to February 2024. The benchmark price for a townhouse/row unit was $438,000, down 11.6% compared to a year earlier. The benchmark apartment price was $449,300 representing a 4.5% increase from a year ago.
The average sale price for homes sold in February 2025 was $669,945 increasing 1.4% from February 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 February (all housing types) were 73, translating to approximately a 6.4% decrease when compared with February 2024. For greater Stittsville, unit sales in February 2025 (all housing types) were 36 units, representing approximately a 30.8% decrease from February 2024. In Kanata, the average sale price in February 2025 was $696,324 for all housing types, representing approximately a 1.4% increase when compared to February 2024. For greater Stittsville, the average sale price in February 2025 versus February 2024, increased 8.8% to $808,146 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report February 2025)
February residential inventory in Ottawa – 1,668 new properties (all housing types) on the market in February 2025, an increase of approximately 4.8% when compared to February 2024 and 10.8% above the five-year average for February. At the end of February, there were 3,735 homes for sale (all housing types), about a 61.4% increase when compared to the end of February 2024 and 95.7% higher when compared to the 5 year average for January.
At the end of February 2025, Ottawa’s inventory of homes (all housing types) was 4.6 months, up from 2.6 months at the end of February 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 February 2025 – 50 Years of Change.
Source: (See Ottawa Real Estate Market Hold Steady Amid Changing Conditions)
