Ottawa home prices are expected to rise two per cent in the final three months of the year compared to last year, as the capital’s real estate market is “holding steady,” according to a new report. The Royal LePage House Price Survey and Market Forecast says the aggregate price of a home in Ottawa remained flat in the third quarter, up 0.3 per cent year over year to $774,400. Home prices dropped 0.6 per cent over the summer compared to the spring in Ottawa. “After a stronger-than-expected summer, Ottawa’s real estate market is holding steady, with sales activity moving closer to long-term averages and buyer interest remaining healthy,” John Rogan, broker of record with Royal LePage Performance Realty, said in a statement. “Prices have been stable, slipping slightly compared to spring, but still showing modest gains compared to last year. A wide range of buyers are re-engaging, and the fall market has started off on a strong note.” Royal LePage says the median price for a single-family detached home dropped one per cent to $885,700 over the summer, while the median price of a condominium increased 2.1 per cent to $408,700 in the third quarter compared to the same period in 2024. “We are not seeing distressed sales or major challenges with mortgage renewals, and homes are spending about the same amount of time on the market as they traditionally do,” Rogan said. “First-time and move-up buyers are both active, and with limited rental options available in the city, many are drawn to home ownership. Sellers are still confident, but they also recognize that conditions are more balanced than in the past couple of years.” The Ottawa Real Estate Board said 11,025 homes were sold between January and September in Ottawa, up 3.9 per cent from the same nine-month period in 2024. Royal LePage is forecasting the aggregate price of a home will increase two per cent in Ottawa in the fourth quarter of the year compared to the same period last year. Home prices are expected to jump from $770,400 in the fourth quarter of 2024 to $785,808 in the October-December period this year. Rogan expects Ottawa’s housing market to remain stable over the next three months. “The recent interest rate cut has boosted confidence, and another cut could encourage even more buyers to step in,” Rogan said in a statement from Royal LePage. “While there is some uncertainty around potential government job cuts, overall sentiment is positive, with prices expected to remain steady through the end of the year.” The Royal LePage Market Survey Forecast shows home prices are expected to drop three per cent in Toronto and two per cent in Vancouver this fall. Home prices are forecast to jump 6.5 per cent in Montreal. Across Canada, the aggregate home price is expected to jump one per cent to $827,796.
