If you've been watching Ottawa's real estate market this winter, you may have noticed something unusual: it's quiet out there. Very quiet.
According to data from the Ottawa Real Estate Board (OREB), 780 residential properties sold in Ottawa in February 2026, a drop of 6.8 per cent compared to February 2025. When you stretch the comparison window further, the numbers are even more striking: sales this winter have been sitting well below both five-year and ten-year averages, making this one of the slowest cold-weather selling seasons the city has seen in a decade.
Why Is the Market So Slow?
A few factors are converging to cool buyer activity in Ottawa. Interest rate uncertainty continues to weigh on purchasing decisions, with many potential buyers waiting to see if further rate cuts materialize before committing. The broader economic climate, marked by tariff anxiety, a softening labour market, and general uncertainty, has also made people cautious about making the largest purchase of their lives.
At the same time, inventory levels have remained elevated compared to recent years. More listings on the market means more choice for buyers, but it also signals that sellers are having a harder time moving properties at the prices they want.
What This Means for Buyers and Sellers
For buyers, this is actually a reasonably good environment. There are more homes to choose from, and the frenzied bidding wars that defined Ottawa's pandemic-era real estate boom are largely absent. Buyers have more time to do their due diligence, and there is genuine room to negotiate.
For sellers, the calculus is harder. Homes are taking longer to sell, and list prices may need to be adjusted downward to attract serious offers. If you're thinking of listing this spring, working closely with an experienced Ottawa realtor to price competitively will be key.
Spring Outlook
Historically, Ottawa's real estate market picks up significantly in the spring as warmer weather brings more buyers and sellers out. Whether that seasonal lift materializes in 2026 will depend heavily on what happens with interest rates and the broader economic picture.
OREB representatives have noted that the fundamentals of Ottawa's market, a stable government employment base, a growing tech sector, and ongoing population growth, remain intact. The slowdown may be a temporary pause rather than a structural decline.
The Bottom Line
Ottawa's housing market is in a holding pattern right now. If you're in the market, patience and preparation are your best tools heading into spring.
Source: Ottawa Business Journal, Ottawa Real Estate Board
