Ottawa home sales drop in November, with prices down 4 per cent from October

A 'for sale' sign sits atop a real estate sign on Thursday, May 15, 2025. (Dave Charbonneau/ CTV News Ottawa)

The November real estate market in Ottawa was notably cooler than normal this year.

The Ottawa Real Estate Board (OREB) says early winter weather and a “cautious economic environment” eased Ottawa into a slower market rhythm last month, with declining sales that dipped below October’s levels as well as year-over-year.

There were 880 home sales in November, down from 1,177 in October. That figure is 18.2 per cent lower than sales in November 2024. The average sale price was $680,496 last month, a 4 per cent decline from October, but still 2.2. per cent above November 2024.

OREB says prices typically decrease from October to November, but a 4 per cent drop—equivalent to more than $28,000—is larger than usual.

To date, 13,075 homes have been sold in Ottawa so far this year, up 1.5 per cent over the first 11 months of 2024.

“While inventory typically climbs in November, the increase this year is more pronounced. Active listings reached 3,721, and months of inventory rose to 4.2, a meaningful shift from last year’s tighter conditions,” OREB said in a news release.

The real estate board said Ottawa’s apartment market is important to watch. There is 7.3 months of inventory in the condo market, OREB says, which is putting pressure on prices.

“Nearly 70 per cent of new home starts this year are concentrated in rental and condo projects, creating a substantial pipeline of multi-unit supply coming online in the coming years,” OREB says. “While these starts influence the long-term rather than the immediate picture, they remain a key factor to watch. Toronto’s condo supply challenges emerged over several years as resale listings accumulated alongside an influx of new completions.”

OREB says townhomes averaged $542,607 in November, down from both October and last year’s year-to-date figures, while single-family homes averaged $825,827 in November 2025, up 4.8 per cent compared with November 2024 and up 4 per cent year-to-date.

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