TL;DR
- Sales Growth: Annual sales for 2025 finished 1.3% higher than 2024, with dollar volume up 4.1%, indicating a year of overall stability.
- Inventory Trends: Active listings in December were down from November but remained significantly elevated year-over-year, offering buyers more choice.
- Price Stability: The average residential sale price was essentially unchanged from December 2024, while the benchmark price showed a gradual adjustment.
- Market Balance: The market remains balanced overall, though conditions vary significantly by property type, with condos remaining the softest segment.
- Seasonal Slowdown: December sales dropped 32% from November, consistent with typical seasonal patterns and continued buyer caution.
Real Estate Market Analysis in December
Ottawa’s housing market concluded 2025 on a note of stability, characterized by a typical seasonal slowdown in activity. December sales softened, reinforcing the cautious tone that had emerged throughout the fall. Despite a quiet finish to the year, the annual data paints a picture of resilience; total sales activity for 2025 ended 1.3% higher than the previous year, and total dollar volume increased by 4.1%.
The year followed an unconventional pattern, starting with a delayed spring and moving into a steady summer that avoided the usual mid-year dip, before moderating through the fall and early winter. While buyers continue to exercise caution, Ottawa has shown resilience compared to price corrections seen in larger Canadian markets. According to Tami Eades, President of the Ottawa Real Estate Board, the balance seen in 2025 points to a market “driven by fundamentals, not pressure,” with buyers benefiting from increased choice and generally steady conditions.
| Metric | December 2025 | Year-Over-Year Change |
| Total Sales Activity | 587 | -6.2% |
| New Listings | 644 | +10.7% |
| Active Listings | 2,544 | +28.5% |
| Months of Inventory | 4.3 | +1.1 (vs 3.2) |
| Average Sale Price | $658,943 | -0.2% |
| Benchmark Price (Composite) | $615,500 | +0.4% |
Note: The Benchmark Price smoothes out distortions caused by the mix of homes sold, offering a more consistent view of underlying price trends. Data sourced from Residential Market Activity and HPI tables.
Story of December Real Estate
The defining story of the December market is the divergence in performance across different property types. While the overall market remains balanced, specific segments are experiencing distinct conditions.
Single-Family Homes (Detached) Detached homes continue to be the anchor of Ottawa’s market stability, outperforming other segments. Prices remained comparatively stable with a benchmark price increase of 0.4% year-over-year. Limited availability and consistent demand are supporting this segment, which remains balanced with 4.3 months of inventory.
Townhomes Townhomes are seeing some adjustments as inventory levels remain slightly elevated. While sales activity has been more resilient than in the apartment segment, pricing pressure is becoming apparent; the benchmark price for townhomes declined 3.7% year-over-year. However, the average sale price fell just 1.4%, suggesting that sustained interest from first-time buyers is helping to support average prices.
Apartments (Condos) The condo segment remains the softest area of the Ottawa market. Sales activity remained subdued in December, while months of inventory climbed to nearly eight (7.9), a figure well above balanced levels. Consequently, the apartment benchmark price declined on a year-over-year basis, reflecting growing supply relative to demand. While not as severe as in some larger urban markets, the trajectory of condo oversupply is one to monitor closely.
Looking Ahead
As Ottawa enters the new year, any improvement in activity is expected to be gradual rather than immediate. Although interest rate relief has supported confidence, buyers remain careful and are closely watching broader economic conditions. The outlook for 2026 suggests a period of modest ups and downs within an overall theme of stability. The market is likely to remain segmented by property type and increasingly shaped by fundamentals rather than urgency.