The February 2026 Ottawa Real Estate Market Update

The latest statistics are now out from the Ottawa Real Estate Board for last month. They show that Ottawa entered 2026 on a pretty balanced footing, with inventory slightly higher and prices slightly lower than in 2025. However, weakness in the Condo market is worth keeping an eye on.

On the economic front, the Bank of Canada held its policy rate steady at 2.25% on January 28th — the second consecutive hold after a series of cuts in 2025. The Bank signalled that the current rate is appropriate for now, but uncertainty around U.S. trade policy and the upcoming CUSMA review continues to weigh on the economic outlook. For the housing market, stable rates are providing predictability, but buyers remain cautious.

Benchmark prices in January were down slightly compared to this time last year;

• The average price for a single-family home was $793,874, down 3.6% compared to 2025, while the median held steady at $750,000 — unchanged from last January
• The average price for a townhouse was $536,106, down 3.3% compared to 2025
• The average price for a condo apartment was $388,307, down 12.1% compared to 2025

Since January is a very slow month, I am not too concerned about the 12% drop in the condo market – it is probably a monthly blip that will normalize as we move into spring. However, even the benchmark rate shows condos down a more normal 5.3% over the year.

The months of inventory, a key measure of supply, came in at 4.4 overall — up from 3.4 a year ago and closer to pre-pandemic norms. By property type, single-family homes sat at 4.3 months, townhomes at 3.3, and condos at 6.8, making apartments the softest segment of the market.

January is typically one of the quietest months in real estate, and this year was no exception with 610 sales. But there are early signs that conditions are firming up. As we head into the spring market, well-priced properties in good condition should attract solid interest, while overpriced homes will continue to sit. For buyers, there is more selection and negotiating power on the buying side than we’ve seen in years. If you’re a seller, accurate pricing from day one is more important than ever.

Best,

Chris Hendricks,

REALTOR®, Real Estate Broker

P.S. If you are thinking about selling your home this spring, picking the right price is going to be crucial in this market. Click here for a free market value appraisal so you can know exactly what your home is worth and sell with confidence.