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Ottawa Housing Market Report
- The average home sale price in Ottawa's housing market fell 0.7% year-over-year and 0.4% month-over-month to $685,640 in September 2026.
- The composite benchmark price fell to $623,500, down 2.2% from August and 0.3% from September 2025.
- Home sales totalled 1,010 in September 2026, up 0.8% from August but 7.3% below September 2025, while new listings jumped 38.1% from August to 2,927 and months of supply rose to 4.8.
- Single-family home average price decreased by 3.1% year-over-year to $823k.
- Townhouse average price decreased by 2.2% year-over-year to $543k.
- Apartment average price increased by 1.7% year-over-year to $432k.
Ottawa Housing Market Overview
Ottawa Housing Market: Price Movements for September 2026
| Home Price | 1-Month Change | 1-Year Change | |
|---|---|---|---|
Benchmark Home Price | $623,500 | -2.2% | -0.3% |
Average Home Price | $685,640 | -0.4% | -0.7% |
Median Home Price | $625,000 | +0.4% | -0.6% |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
September 2026 brought a wave of new sellers to the Ottawa real estate market, while buyer activity held steady. Sales edged up 0.8% from August to 1,010, while new listings jumped 38.1% to 2,927, the highest September total since at least 2016. The benchmark price fell 2.2% to $623,500, and the average price slipped 0.4% to $685,640, while the median edged up 0.4% to $625,000. Months of supply rose to 4.8, keeping Ottawa in balanced territory but close to a buyer's market.
Home Prices
In September 2026, the average home price in Ottawa's housing market fell 0.4% from the previous month to $685,640, 0.7% lower than a year earlier. According to the Ottawa Real Estate Board (OREB), the average price in July, August and September stayed within less than 1% of each other, even as monthly sales swung sharply over the same period.
The composite benchmark price of $623,500 in September 2026 was 0.3% below last year and 2.2% below August's price. The benchmark price represents the estimated value of a typical home in Ottawa and is useful for tracking market trends because it is less affected by unusually high- or low-priced sales than the average price. The 2.2% drop was the largest August-to-September decline in OREB's benchmark series, which dates back to 2005. Over a longer horizon, the benchmark home price in Ottawa has risen 4.0% over the past five years, less than 1% a year, which leaves the typical Ottawa home worth less than it was in 2021 when adjusted for inflation.
The median price represents the midpoint of all home sales, meaning half of the homes sold for more and half sold for less. In September 2026, the median price was $625,000, up 0.4% month-over-month and 0.6% below September 2025. With the median steady and the benchmark down, transaction prices are holding up better than underlying values.
Sales and Inventory
The 1,010 sales recorded in September 2026 were 0.8% above August's total and 7.3% below September 2025. New listings jumped 38.1% from August to 2,927, 3.0% more than the same month last year, nearly three times the typical August-to-September increase of 12.9% over the past decade, according to OREB.
The sales-to-new-listings ratio (SNLR) fell from 47.3% in August to 34.5% in September 2026, below the 38.5% recorded in September 2025. For reference, an SNLR of less than 40% indicates that the market favours buyers. An SNLR of 40% to 60% typically indicates that the market is balanced and doesn't tip in favour of sellers or buyers. When the SNLR exceeds 60%, the market is considered to favour sellers.
Another indicator of market conditions is months of inventory, which was 4.8 months in September 2026, up from 4.5 months in August and 4.0 months in September 2025. At this level, the market is still considered balanced. Generally, a balanced market has three to five months of inventory, while less than three months signals a seller's market and more than five months indicates a buyer's market. SNLR and months of inventory indicate that Ottawa's housing market is tilting towards buyers.
The market had 4,813 active listings, 7.1% more than last month and 9.7% more than in September 2025.
Additional Ratios
The sales-to-list price ratio in September 2026 was 97.5%, indicating that homes sold 2.5% below the listing price on average, down from August's 97.9% and September 2025's 98.1%.
The median days on the market, representing the time listed properties remained available, was 27 days, down from 29 days in August 2026 but up from 23 days in September 2025.
Property Types' Analysis
Looking at the different property types in Ottawa:
Single-family homes had an average price of $823,449, decreasing by 2.6% monthly and 3.1% annually. Sales of single-family homes reached 535, unchanged from August and down 4.6% year-over-year.
The average price of townhouses sold was $543,337, up 2.7% from last month but down 2.2% annually. Townhouse sales reached 329, up 6.1% monthly and down 4.1% annually.
The average price for apartments in September 2026 was $431,645, up 1.1% from August and 1.7% from September 2025. Apartment sales reached 121, down 11.0% month-over-month and down 26.2% from September 2025. Ottawa condo prices rose on average, but the benchmark fell 6.1% year-over-year, so the gain reflects which units sold rather than rising values.
Reasoning
September's numbers describe a market where supply surged while demand held steady. Sales were essentially flat from August, while new listings rose 38.1% and active listings rose 7.1%, so more homes competed for a similar number of buyers and the benchmark price slipped.
Ottawa's condo market is under the most pressure. Apartments recorded 7.3 months of inventory in September, and the apartment benchmark price fell 6.1% year-over-year even as the average apartment price rose. The Ottawa housing market outlook for the rest of 2026 depends on whether new listings ease in October and November, as they usually do, or keep inventory elevated into the winter.
The Bank of Canada held its policy rate at 2.25% on September 2, 2026, but rising long-term bond yields pushed fixed mortgage rates higher through September, weighing on affordability. Ottawa's public-sector employment base continues to put a floor under demand without lifting it.
Comparison
Ottawa's housing market remains much more affordable than Vancouver's housing market and Toronto's housing market. Ottawa's average home price was $685,640 in September 2026, compared with Metro Vancouver's average price of $1,225,818 and a Greater Toronto Area average of $1,006,409 in the same month.
Ottawa's housing market is more expensive than the Calgary housing market, where the city-wide average price was $646,198 in September 2026. Compared with Montreal's housing market, Ottawa's September average sits just above Montreal's average of $683,074, leaving the two markets closely matched. Even so, Ottawa remains far more affordable than Canada's most expensive major markets.
As most homes in Ottawa are well below the $1.5 million mark, they are eligible for a minimum down payment of 5% to 10% with CMHC insurance, allowing more buyers to compete for the inventory.
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Home Prices in Ottawa
Ottawa Housing Market Statistics for All Property Types in September 2026
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Single Family Homes in September 2026
Average Sold Price
Transactions
Market Overview for Townhouses in September 2026
Average Sold Price
Transactions
Market Overview for Apartments in September 2026
Average Sold Price
Transactions
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Ottawa Real Estate Board (OREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
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