The March 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’s winter slowdown continued in February and that we are entering the spring market a bit weaker last year, with lower prices in the Condo and Townhome sub-markets.

On the economic front, the Bank of Canada’s rate holds have given buyers and sellers predictability on the borrowing cost side, but the broader economic  and political uncertainty is likely keeping many on the sidelines.

Benchmark prices in February were down slightly compared to this time last year, but showed encouraging month-over-month gains:

• The average price for a single-family home held relatively steady, with months of inventory at 3.8 – firmly in balanced territory and with average prices up 0.6% from last year.
• Townhomes went on sale last month, with average prices down 7.5% and benchmark prices down 3.4%. But they were also the busiest segment, with a sales-to-new-listings ratio that outpaced other property types and months of inventory at just 2.7 – which means these townhomes are getting snatched up.
• Condo apartments also are showing weakness, with prices down 4.8% and inventory at 6.1 months of inventory. This is well into buyers market territory and it looks like this spring will be a great market for condo buyers as they will have high selection and lower prices than last year.

As we head into spring, the setup looks like a challenging one for sellers. Overpriced listings will continue to sit, and getting top dollar – especially for condos and townhomes – will require good marketing and negotiation. Pricing accurately from day one is absolutely critical — the market will reward realism and punish the greedy. For buyers, this remains one of the best windows of negotiating power in years and I think now that we are four years after the peak of the market in 2022, it’s a great time for new buyers to enter the market.

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.