Ottawa Real Estate: November 2025 Insights and Findings

November marked a continuation of the fall rebound in the Ottawa real estate market. Both freehold and condominium transactions increased compared to October, and the upper end of the market maintained stability despite a robust level of inventory. While buyers remain discerning, many are demonstrating greater resolve as borrowing costs stabilize and Ottawa's relative affordability continues to attract attention. The Sales-to-New-Listings Ratio (SNLR) is a secondary market metric we use to assess market tightness. This metric compares the total number of sales (signed contracts) to the volume of new properties listed within the same timeframe. A higher SNLR indicates tighter market conditions. A balanced market for Ottawa is generally defined by an SNLR that falls between 45% and 65%. Ratios consistently below 45% suggest a buyer's market, while those consistently exceeding 65% indicate a seller's market. We will be incorporating this metric into this report and all future reports.

Market Momentum: Properties Valued Under $2 Million

Ottawa’s core market remains strong, as evidenced by November's sales data. The month recorded a total of 547 freehold contracts and 201 condominium contracts, representing an increase in sales for both segments compared to October.

The price range for freeholds extended from $300,000 to $1.935 million, while condos ranged from $193,500 to $1.895 million.

Notably, 65 freehold sales surpassed the $1 million mark, whereas only 3 condominiums achieved that price, signaling sustained buyer demand for larger, move-up homes.

The freehold market saw brisk activity with 802 new listings and 547 contracts signed, resulting in a high SNLR of 68.20%. This significant percentage suggests that sellers gained considerable leverage this month. The accelerating pace of absorption is clear when comparing this figure to the SNLR of 55.88% in October and 41.89% in September.

The condo segment showed signs of increasing activity, with 406 new listings and 201 contracts finalized. This volume resulted in a 49.51% Sales-to-New-Listing Ratio (SNLR), indicating a balanced market where buyers retain choice but are prepared to commit when clear value is present. This is a significant upward trend from the ratios of the preceding months, rising from 38.76% in October and 35.39% in September.

Although SNLR offers insight into the equilibrium of supply and demand, the more significant conclusion is that both freehold and condominium transactions are increasing, indicating a rise in buyer confidence.

Measured Optimism: Properties Valued Over $2 Million

In November, 10 properties priced over $2 million went under contract, a figure that matches September's total but is lower than the 13 contracts seen in October. The median list price for these November contracts was $2.274 million, and the median marketing time was 52 days. Key sales included 5 Clemow Avenue (last asking price: $2.675 million) and 658 O'Connor Street ($2.395 million).

The luxury real estate market is currently experiencing a high level of available inventory, though this supply has begun to trend downward. The month concluded with 102 active listings and 18 new listings. The months-to-absorb metric held steady at 10.20, meaning it would take approximately ten months to sell all current listings at the present rate, with a monthly absorption rate of 9.80%. A key positive indicator is the substantial improvement in the SNLR, which increased to 55.56%, a significant jump from 31.71% in October and 15.63% in September, signaling a healthier balance between new listings and sales activity, indicating a balanced market. Furthermore, the introduction of new, high-value listings, such as 24 Clemow Avenue ($4.8 M) and 26 Clovelly Road West ($3.5 M), suggests that sellers remain confident and continue to test the market's current pricing tolerance.

Reading the Market

For Ottawa, this suggests that the uptick in freehold and condo transactions in November may continue if borrowing costs remain low, but ample supply and cautious national sentiment mean buyers still have negotiating power. Sellers should take heart in the steady demand yet remain flexible on pricing and presentation.Ottawa's housing market in November mirrored the broader national trend of a cautious recovery. A report from RBC Economics indicated an increase in home resales across most Western and Prairie markets, including Vancouver, Calgary, and Montreal. However, markets like Toronto and Hamilton continued to experience declines due to high inventory levels. RBC also noted that while significant supply is keeping prices on a downward trajectory in markets like Vancouver, Calgary, and Toronto, some Prairie and Quebec markets are seeing price gains. These diverging trends are expected to continue through the end of the year, with a gradual recovery anticipated as economic momentum improves.

While November data from other major banks was forthcoming, October reports from Scotiabank Economics and TD Economics offer additional context. Scotiabank observed a 0.9% rise in national sales and a 1.4% drop in new listings for October, pushing the sales-to-new-listings ratio to 52.2%. Despite this, months of inventory remained high in Ontario and British Columbia. TD Economics reported national sales increases in six of the last seven months and slightly rising prices, but cautioned that the existing "buyer’s-market" conditions in Ontario and B.C. would moderate significant price appreciation.

For the Ottawa market, the November uptick in both freehold and condo transactions is likely to continue if borrowing costs remain stable. However, the abundance of available homes and a cautious national sentiment mean that buyers maintain their negotiating leverage. Sellers should be encouraged by the consistent demand but are advised to remain adaptable regarding pricing and the presentation of their properties.

Economic Context

Macroeconomic conditions remain supportive, though a degree of uncertainty persists. On December 10, 2025, the Bank of Canada chose to hold its policy rate at 2.25%, a decision that follows rate cuts in September and October. This stability was informed by stronger-than-expected economic indicators: Canada’s economy expanded at a 2.6% annualized rate in the third quarter, while the labor market showed improvement, with the unemployment rate dropping to 6.5% in November. Although CPI inflation slowed to 2.2% in October, core inflation measures were between 2.5% and 3%. The Bank judged the current rate to be appropriate for keeping inflation close to the 2% target, but also stated that policy adjustments could be made if economic circumstances shift.

Market analysts at RBC view this December hold as likely marking the conclusion of the easing cycle, especially given the significant surge in Canadian employment (54,000 jobs) and the drop in the unemployment rate. The easing cycle has already reduced the overnight rate by 275 basis points since June 2024. Ratehub.ca confirms that the Bank’s decision keeps the prime rate at 4.45% and variable mortgage rates steady at approximately 3.45%. They note that the stronger GDP and jobs data reduce the probability of further rate cuts and could potentially lead to rate hikes if inflation begins to accelerate.

With borrowing costs stable but economic growth still delicate, Ottawa buyers are expected to remain careful in their decision-making. Steady employment and relatively good affordability should sustain housing demand. However, the current balance of ample supply and ongoing macroeconomic uncertainty means that sellers, particularly in the luxury market, must maintain flexibility in their pricing and home presentation strategies.

Outlook

Heading into the winter months, Ottawa’s real‑estate market appears poised for continued stability. Under‑$2 M segments are enjoying renewed momentum, bolstered by steady employment and modest rate relief. The luxury market remains attractive to discerning buyers, but high inventory means negotiations will remain buyer‑friendly. Nationally, economists expect sales to edge higher and prices to stabilise, though regional disparities will persist. For Ottawa homeowners and buyers, success in the months ahead will hinge on clear value propositions, patience and the ability to navigate an evolving economic landscape.

As the year concludes, the Ottawa market is expected to remain stable. There is high demand and fast sales for properties under $2 million, while the luxury market is settling, making strategic pricing essential. The future direction of the market will largely depend on how quickly inventory increases and the confidence of buyers and sellers next year.

Wishing you and your family a safe and happy holiday season. We will return in early January to provide a complete summary of December sales activity, along with highlights and key trends from the entire 2025 calendar year.

---

November 2025 | Ottawa Signed Contracts Contracts Signed Over $2 Million
Rank	Address	View	Last Asking Price	Details
1	5 Clemow Avenue, Ottawa, Ontario K1S 2A9 (Glebe)	🔗	$2,675,000	3 Bed / 4 Bath
2	658 O'Connor Street, Ottawa, Ontario K1S 3R8 (Glebe)	🔗	$2,395,000	6 Bed / 7 Bath

November 2025 | Ottawa New Listings New Listings Over $2 Million
Rank	Address	View	List Price	Details
1	24 Clemow Avenue, Ottawa, Ontario K1S 2B2 (Glebe)	🔗	$4,800,000	5 Bed / 6 Bath
2	26 Clovelly Road West, Ottawa, Ontario K1J 6M2 (Beacon Hill)	🔗	$3,500,000	6 Bed / 6 Bath

© 2025 HAUS COLLECTION REALTY LIMITED. ALL WORLDWIDE RIGHTS RESERVED. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. THIS INFORMATION IS BASED ON DATA FROM THE OTTAWA REAL ESTATE BOARD AND INTERPRETED BY HAUS COLLECTION REALTY LIMITED. DATA HAS BEEN LIMITED TO SALES REPORTED WITHIN THE CITY OF OTTAWA BOUNDARY. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, OR YOUR ARE UNDER A BUYER REPRESENTATION CONTRACT WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS.