TL;DR
- Sales Activity: 780 residential properties sold, down 6.8% year-over-year and 21.2% below the five-year average.
- Inventory Levels: Active listings rose 11.1% to 2,928 units, providing buyers with significantly more choice than in previous years.
- Price Trends: The average sale price dipped slightly to $662,773 (-1.0%), while month-over-month HPI benchmark prices saw genuine upward movement across all segments.
- Segment Performance: Townhomes led the market in turnover, while the apartment segment showed early signs of shifting out of a high-supply phase.
Real Estate Market Analysis in February
The Ottawa residential market remained in a subdued state throughout February, characterized by a typical winter slowdown that kept transaction volumes well below historical averages. However, the narrative for February is one of transition rather than stagnation. While headline sales numbers are down compared to last year, the market is beginning to show signs of firming up as it approaches the spring window.
“Benchmark prices moved higher in February across every segment, and demand remained active where affordability allows, creating a more balanced environment,” noted OREB President Tami Eades. The data suggests that buyers are operating with less urgency and more “breathing room,” benefiting from elevated inventory levels that allow for more thoughtful decision-making. Despite the slower winter, the underlying pricing momentum indicates that the cautious sentiment that defined much of the past year is gradually shifting.
February Data Breakdown
| Metric | February 2026 | Year-Over-Year Change |
|---|---|---|
| Total Sales Activity | 780 | -6.8% |
| New Listings | 1,582 | -7.8% |
| Active Listings | 2,928 | +11.1% |
| Months of Inventory | 3.8 | +22.6% (from 3.1) |
| Average Sale Price | $662,773 | -1.0% |
| Benchmark Price (Composite) | $615,400 | -1.3% |
Note: The MLS® Home Price Index (HPI) Benchmark Price provides a more accurate picture of price trends by controlling for seasonality and changes in the mix of sales, smoothing out distortions caused by the specific types of homes sold in a given month.
Story of February Real Estate
The most notable aspect of the February report is the divergence in how different property segments are navigating the current high-inventory environment.
Single-Family Homes (Detached): The single-family market remained the most stable anchor of the Ottawa real estate scene. While sales were down 10.9% year-over-year, pricing held remarkably steady. The average price for a detached home actually rose slightly (+0.6%) to $830,951. With 3.8 months of inventory, this segment continues to operate in balanced territory, though buyers at lower price points are still facing significant competition for available listings.
Townhomes: Townhomes represented the most active segment of the market in February. Turnover for townhouses ran stronger than typical seasonal levels, with sales activity increasing by 13.8% compared to February 2025. This high volume of transactions did come with some downward pressure on pricing, as both the average price ($539,639) and median price ($550,000) saw year-over-year declines of approximately 7.5% and 6.8%, respectively.
Apartments (Condos): The condo segment appears to be entering a period of absorption after carrying elevated supply since late 2025. While sales were down 28.2% year-over-year, month-over-month benchmark prices rose, and inventory measures began to ease. Currently sitting at 5.6 months of inventory, the apartment segment remains the most supply-heavy portion of the market, leading to a longer median time on market of 43 days compared to just 21 days for detached homes.
Looking Ahead
As we move toward the spring market, the outlook for Ottawa real estate remains one of cautious optimism. CREA’s 2026 forecast anticipates a gradual strengthening in demand as lower borrowing costs continue to permeate the market.
The current inventory base is higher than seasonal norms, which should serve as a stabilizer in the coming months. This healthy level of supply is expected to support increased spring activity without the sharp, sudden price accelerations that have defined previous market cycles. For the remainder of the first half of 2026, we expect Ottawa to continue operating in balanced territory, offering a more predictable environment for both buyers and sellers.