Ottawa home prices increase in October

While sales in most price categories have slowed, homes above $10 million are moving in the opposite direction. A recent report from Sotheby’s International Realty Canada says 12 properties worth more than $10 million sold in the Greater Toronto Area between January and June, seven of them in Toronto proper. THE CANADIAN PRESS/Sean Kilpatrick

Ottawa real estate prices increased as temperatures dropped in October.

The Ottawa Real Estate Board says the average sale price for a home or condominium was $709,002 last month, up 2.7 per cent from $690,397 in September and an increase of 5.7 per cent from October 2024.

A total of 1,177 homes were sold in Ottawa last month, up from 1,089 homes sold in September, but down from the 1,179 homes and condos sold in October 2024.

The Ottawa Real Estate Board says the market continues to show resiliency, despite “broader concerns about economic uncertainty.”

“We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of elevated inventory levels,” Paul Czan, president of the Ottawa Real Estate Board, said in a statement.

“The recent rate adjustments provide optimism for the coming months, but economic uncertainty looms, and buyers and sellers remain cautious, watching how broader economic factors play out. The current environment points to a steady market rather than a rapid shift in either direction.”

The number of homes and condominiums listed for sale dropped in October compared to September, with 2,405 new listings coming on the market last month. The number of active listings fell from 4,388 in September to 4,232 in October.

“While inventory levels remain higher than in recent years, this familiar fall decrease in active listings suggests that the trend towards elevated supply levels may be starting to stabilize, still within a balanced market range,” the board said.

“Reinforcing that trend, the months of inventory measure eased from 4.0 to 3.6, indicating a modest tightening in the balance between buyers and sellers as the fall market settled.”

There have been 12,197 homes sold in Ottawa this year, up 3.3 per cent over the same 10-month period in 2024. According to the real estate board, the average year-to-date price of a home sold is $700,869, up three per cent from the January-October period last year.

Median prices for homes

Here is a look at the median prices of homes sold in Ottawa in October.

• Single family home: $767,500 (up 1.7 per cent from October 2024)
• Townhouse: $570,000 (no change from October 2024)
• Apartment/condo: $394,000 (up 3.7 per cent from October 2024 and up 2.3 per cent from October 2023)