Ottawa in September 2026
The Ottawa Real Estate Board recorded 1,010 home sales in September 2026 — down 6.6% year over year, but up 0.8% from August’s 1,002. Sales normally ease from August to September (only one of the previous 10 years saw an increase; the median change was a 5.9% decline), so OREB described the month as sales holding near August levels rather than declining. All three major property types sold less than a year earlier: single-family sales fell 4.6% to 535, townhouses 3.5% to 329, and apartments 24.8% to 121, which alone accounted for more than half of the net year-over-year drop. Prices moved less than volumes. The MLS® HPI composite benchmark was $623,500, down 0.3% from September 2025 and 2.2% from August, while the average sale price was $685,640 (−1.0% YoY) and the median $625,000 (−0.8% YoY). Months of inventory rose to 4.8 from 4.5 in August and 4.1 a year earlier — the highest September reading of the past decade.
New listings totalled 2,927, up 3.0% from September 2025 and 38.1% from August, while active listings stood at 4,813, up 7.9% year over year. The sales-to-new-listings ratio fell from 47.3% in August to 34.5%, roughly one sale for every three new listings and the lowest September ratio of the past decade. Segment conditions diverged: single-family homes carried 4.4 months of inventory and townhouses 4.0, while apartments reached 7.3 months (up from 6.3 in August), with an apartment ratio of 27.0%. OREB President Tami Eades said, “Ottawa’s suburban areas remained the main engine of activity in the housing market, accounting for nearly three-quarters of all September sales and continuing to shape the citywide result,” adding that “the downtown and rural areas continue to see more volatility with a widening gap between the number of homes coming onto the market and the number selling.” OREB noted that new listings have fallen in both October and November in each of the past 10 years, so the coming months will show whether September’s influx is seasonal.
Source: Ottawa Real Estate Board (OREB), news release and MLS® Residential Market Activity and HPI Report, October 5, 2026 (September 2026 data).
Sales-to-new-listings ratio and month-over-month figure: Source: Ottawa Real Estate Board (OREB), news release and MLS® Residential Market Activity and HPI Report, October 5, 2026 (September 2026 data). Buyer’s/balanced/seller’s thresholds shown here follow standard real estate industry convention for the sales-to-new-listings ratio and are not an official OREB classification.
Benchmark, Average & Median Prices
Ottawa’s MLS® HPI composite benchmark price was $623,500 in September 2026 — down 0.3% from a year earlier and 2.2% from August. The average sale price was $685,640 (−1.0% YoY) and the median price $625,000 (−0.8% YoY). OREB noted that average and median prices stayed close to August while the HPI fell more noticeably, which points to underlying softness once the mix of homes sold is taken into account.
Source: Ottawa Real Estate Board (OREB), news release and MLS® Residential Market Activity and HPI Report, October 5, 2026 (September 2026 data).
Prices & Sales by Property Type
Benchmark prices fell in every segment on the month, with apartments weakest. Single-family homes were essentially flat on the year, while townhouses and apartments/condos both declined. OREB also noted that the average apartment sale price rose 0.9% year over year even as the apartment benchmark fell 6.1%, which suggests the mix of apartments sold supported the average.
| Property Type | Benchmark Price | Benchmark MoM | Benchmark YoY | Sales (September) | Sales YoY |
|---|---|---|---|---|---|
| Single-Family | $705,100 | ▼ 3.0% | ▼ 0.1% | 535 | ▼ 4.6% |
| Townhouse | $546,500 | ▼ 0.1% | ▼ 2.2% | 329 | ▼ 3.5% |
| Apartment / Condo | $380,800 | ▼ 3.1% | ▼ 6.1% | 121 | ▼ 24.8% |
Source: Ottawa Real Estate Board (OREB), news release and MLS® Residential Market Activity and HPI Report, October 5, 2026 (September 2026 data). Benchmark price and change by property type are from OREB’s MLS® HPI Benchmark Price table in the same report.
Supply and Demand Breakdown
New listings climbed sharply while sales were nearly flat, so active listings rose 7.9% from a year ago and the balance moved further in buyers’ favour. Months of inventory varied by segment — single-family (4.4) and townhouse (4.0) supply was moderate, while apartments/condos carried 7.3 months. By area, the three suburban submarkets accounted for 734 sales, or 72.7% of the total, with Ottawa Suburb West showing the firmest absorption (a 40.7% ratio and 3.7 months of inventory) and Ottawa Centre the softest (27.6% and 6.8 months).
Source: Ottawa Real Estate Board (OREB), news release and MLS® Residential Market Activity and HPI Report, October 5, 2026 (September 2026 data).
What's Driving the Market
Interest rates: The Bank of Canada’s overnight rate is 2.25%, and the lowest published 5-year fixed rates are around 4.7%. Lenders continue to qualify borrowers under OSFI’s B-20 stress test — the greater of the contract rate + 2%, or 5.25%. See our guide to the 2026 stress test for details.
A federal-government-anchored economy: Ottawa’s employment base is heavily weighted toward the federal public service, which has historically provided a degree of stability relative to markets more exposed to housing-sensitive or resource sectors. That said, OREB’s September commentary points to real softness in apartments and in the downtown and rural areas, while the suburbs carried nearly three-quarters of sales. OREB also noted that CMHC expects Ottawa’s rental market to soften as a large construction pipeline completes; most of that new supply is purpose-built rental housing rather than resale condominiums.
Listings versus demand: New listings rose 38.1% from August while sales were nearly unchanged, dropping the sales-to-new-listings ratio to 34.5% from 47.3% — the lowest September reading of the past decade. OREB said it will take the coming months to show whether September’s surge recedes with the usual October–November seasonal pattern or keeps inventory elevated for longer.
Key Terms
Ottawa Rents — September 2026
Per Rentals.ca reporting, the average asking rent for apartments and condos in Ottawa was $2,164/month in September 2026, down 1.2% year over year and 0.2% from August. Three-bedroom units averaged $2,708/month (−1.1% YoY), and shared accommodation averaged $1,035 (−6.5% YoY). Thinking about whether to rent or buy in today’s market? Try our rent vs. buy calculator.
Source: Rentals.ca National Rent Report, October 2026 edition (September 2026 data), published October 7, 2026. View full Canadian rent report →