OTTAWA REAL ESTATE
Ottawa Condo Market (2026): Prices, Inventory and What Comes Next
Last updated: November 2026. Figures are from the Ottawa Real Estate Board’s September 2026 report, released October 5, 2026.
The Ottawa condo market is the softest part of the city’s housing market right now. The MLS® benchmark price for an Ottawa condo apartment was $380,800 in September 2026, down 6.1% from a year earlier and down 11.0% over three years, according to the Ottawa Real Estate Board (OREB). With 7.3 months of inventory, buyers have more choice and more leverage in condos than in any other segment.
Detached homes and townhouses tell a different story. Their prices have held roughly flat, and they sell faster. That gap is the single most important thing to understand about Ottawa real estate in 2026, whether you own a condo, want to buy one, or are planning to move up from one.
Ottawa Condo Market at a Glance (September 2026)
| Measure | Condo apartment | Townhouse | Detached |
|---|---|---|---|
| Benchmark price (MLS® HPI) | $380,800 | $546,500 | $705,100 |
| 12-month change | -6.1% | -2.2% | -0.1% |
| 3-year change | -11.0% | -3.1% | +1.9% |
| Average sale price | $431,645 | $543,337 | $823,449 |
| Months of inventory | 7.3 | 4.0 | 4.4 |
| Median days on market | 32 | 29 | 23 |
| Sale-to-list ratio | 97.1% | 98.1% | 97.3% |
| Sales-to-new-listings ratio | 27.0% | 39.2% | 34.6% |
Source: OREB MLS® Residential Market Activity, September 2026.
For prices across every home type, see Ottawa home prices. For the monthly numbers as they’re released, see the Ottawa housing market update.
Is the Ottawa Condo Market a Buyer’s Market?
Yes. By the measures the industry uses, Ottawa condos are in buyer’s market territory, while the rest of the city is closer to balanced.
The Canadian Real Estate Association says sales-to-new-listings ratios “roughly between 45% and 65% are generally consistent with balanced housing market conditions.” Below that range, buyers hold the advantage. Ottawa’s condo ratio was 27.0% in September 2026, down from 43.0% in August. In plain terms, roughly one condo sold for every four that came on the market.
Months of inventory points the same way. At the September sales pace, it would take 7.3 months to sell every condo listed in Ottawa, up from 6.3 months in August. Detached homes sat at 4.4 months and townhouses at 4.0.
Sales confirm it. Ottawa recorded 121 condo apartment sales in September 2026, down 24.8% from a year earlier. Over the same period, detached sales fell just 4.6% and townhouse sales 3.5%.
One nuance matters. The average condo sale price actually rose 0.9% year over year while the benchmark fell 6.1%. That’s not a contradiction. The units that did sell skewed larger or better located, which lifted the average. The benchmark, which tracks a typical condo with consistent features, is the truer measure of what’s happening to value. The MLS® Home Price Index was built for exactly this reason.
How Ottawa Condo Prices Have Changed Since the Peak
Ottawa condo prices peaked in 2022 and have drifted lower since. OREB reported a full-year 2022 average of $453,770 for condominium-class sales, up 8% from 2021. By December 2023, the condo apartment benchmark stood at $417,200. It is now $380,800.
The five-year view makes the split between home types clear. According to OREB’s September 2026 data:
- Condo apartments: down 7.5% over five years and 11.0% over three years.
- Townhouses: essentially flat over five years (down 0.1%).
- Detached homes: up 5.0% over five years.
CREA’s quarterly figures for the Ottawa board put the median apartment sale price at 0,000 in the third quarter of 2026, up just 0.3% from a year earlier. Median prices shift with the mix of units that sell, so the benchmark is the better trend measure, but neither shows a rebound. The decline is steady rather than sudden. That pattern points to an oversupplied segment adjusting, not a market in distress.
What the gap means if you own a condo and want to move up
The widening price gap has a real cost for condo owners who plan to buy a freehold. Using OREB’s benchmark changes, the gap between a typical detached home and a typical condo apartment has grown from roughly $260,000 five years ago to about $324,000 today. That’s an increase of around $64,000.
In practice, a condo owner who waited to move up now needs more equity or a larger mortgage to bridge the same step. For condo owners in Kanata, Stittsville and Barrhaven who plan to move up, it’s the number to plan around first. My move-up buyer guide walks through the numbers, and selling and buying a home at the same time covers the timing.
For the longer record across all home types, see Ottawa house prices history, and for the outlook, the Ottawa housing market forecast.
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Why Ottawa Condo Prices Are Falling
No single factor explains the condo slowdown. Four forces are working together.
1. More supply than buyers
Ottawa had 883 active condo apartment listings at the end of September 2026, and 448 new condo listings came to market that month alone. Buyers can afford to be selective, and sellers who price above recent comparables tend to sit.
2. A crowded rental market is weakening investor demand
Investors have historically bought a meaningful share of Ottawa condos to rent out. That math is harder now. Ottawa’s purpose-built rental supply hit a multi-decade high in 2025, with 4,646 rental units completed and another 4,187 expected in 2026, according to Urbanation. Vacancy in stabilized purpose-built buildings reached 3.5% at the end of 2025, and 64% of new rental projects were offering incentives to attract tenants.
Condo rents are still rising, but slowly. Urbanation reports that average condo lease rates rose just 1.1% in 2025. When rents barely move and borrowing costs climb, fewer investors buy, and some existing investor-owners decide to sell.
3. Interest rates are rising again
On October 28, 2026, the Bank of Canada raised its policy rate to 2.50%, its first increase after a long run of holds. Condo buyers are disproportionately first-time buyers and investors, the two groups most sensitive to rates. Higher rates shrink their budgets faster than they shrink a move-up buyer’s.
4. Federal job uncertainty hits entry-level buyers first
Budget 2025 set a target of about 28,000 fewer federal public service positions by 2029. Job uncertainty tends to hit first-time buyers hardest, and in Ottawa many first-time buyers start with a condo. Downtown, where many condos are concentrated, is also where OREB sees the most volatility. In its September release, the board noted that “the downtown and rural areas continue to see more volatility with a widening gap.”
Condo fees and special assessments add another layer. Rising fees reduce what a buyer can afford to pay for the unit itself. For a detailed look at how fees and reserve funds work, see buying a condo in Ottawa.
Get Cash Back When You Buy a Home in Ottawa
Can you get cash back when buying a home in Ottawa? Yes. Jason Polonski, a Chairman's Club REALTOR® serving Ottawa and Kanata, shares part of his commission with buyers — up to $3,000 cash back at closing.* You still get full-service, award-winning representation: expert pricing, sharp negotiation, and hands-on guidance from first showing to keys in hand. No cut corners and no rebate-only shortcuts — just real money back in your pocket when you buy your Ottawa or Kanata home.
Where Ottawa Condos Are and How They Differ
“The Ottawa condo market” is really several markets. A high-rise unit downtown, a low-rise condo in Kanata and a stacked townhouse in Barrhaven attract different buyers and behave differently. OREB doesn’t publish official condo prices by neighbourhood, so the most reliable read on any building comes from its own recent sales.
Downtown, Centretown and the core. Mostly high-rise and mid-rise apartments, many of them investor-owned. This is where supply growth and rental competition are most intense, and where OREB sees the most price volatility.
Westboro, Hintonburg and Little Italy. Newer mid-rise buildings close to transit, restaurants and the river. Demand here tends to hold up better because these neighbourhoods attract owner-occupiers as well as investors. See Westboro condos.
Kanata and Stittsville. Low-rise condo apartments and condo townhouses, often bought by first-time buyers, downsizers and tech workers close to the Kanata North business park. See condos in Kanata and condos for sale in Stittsville.
Nepean and Barrhaven. A mix of older apartment buildings, condo townhouses and newer stacked units. Older buildings can offer more space for the money, but they need closer scrutiny of the reserve fund. See Nepean condos and townhomes.
For a side-by-side look at the best areas for condo buyers, start with areas to buy a condo in Ottawa. The Condominium Authority of Ontario is the provincial resource for owners’ rights and responsibilities.
What the Ottawa Condo Market Means for Buyers
This is the most negotiable part of the Ottawa market in years. Condos sold for an average of 97.1% of their list price in September 2026, and the median condo took 32 days to sell. Buyers who do their homework can negotiate on price, ask for conditions and take time to compare buildings.
A softer market also makes due diligence more important, not less. A low price on a unit in a poorly run building isn’t a bargain. Before you commit, check:
- The status certificate. It discloses the reserve fund balance, any planned special assessments, lawsuits and fee increases. Have a lawyer review it. See what a status certificate is in Ontario.
- The reserve fund study. It shows whether the building has set aside enough for roofs, windows, elevators, parking garages and mechanical systems.
- The building’s age and systems. Older buildings can need costly work on their envelope, plumbing risers, electrical distribution and HVAC.
- Rental and pet rules. These affect both how you live there and who you can sell to later.
This is where my background helps buyers most. Before real estate, I worked in construction and the electrical trades, and I hold a technical diploma in construction electricity. When I walk a condo building with a client, I’m looking at the parts of the building that drive future fees and special assessments, not just the finishes in the unit.
If you’re a first-time buyer, compare the full monthly cost of a condo, including fees, against a freehold townhouse. Townhouses are the tightest segment in the city right now, but they don’t carry condo fees. See condo vs freehold and use the Ottawa home affordability calculator. First-time buyers should also check the federal First Home Savings Account rules.
What the Ottawa Condo Market Means for Sellers
Selling a condo in this market takes a different approach than selling a detached home. With 7.3 months of inventory, buyers compare your unit against many similar listings, often in the same building. Three things decide the result.
Price to the most recent comparables. In a falling segment, last spring’s sale in your building is already out of date. Price against what has sold in the last 60 to 90 days, and against what’s currently competing with you. Overpriced condos are the listings that sit, and a condo that sits invites lower offers. See why overpricing your home costs you.
Have your building paperwork ready. Order the status certificate early and know your reserve fund position. Buyers in a soft market look for reasons to walk away. A healthy reserve fund and no pending special assessment are selling points, so put them up front.
Make the unit the best one in the building. Fresh paint, decluttering and professional photos matter more when a buyer can tour three similar units on the same floor. See selling a condo in Ottawa for a step-by-step plan.
If you’re selling a condo to buy a freehold, timing is the bigger question. Buying first in a market where your condo may take more than a month to sell carries real risk. In this market, selling first or buying with a sale condition is usually the safer order. When the numbers support buying first, bridge financing can cover the gap.
Should you rent your condo out instead of selling?
Some owners consider renting rather than selling into a soft market. It can work, but the rental market has its own headwinds right now: record new purpose-built supply, rising vacancy and widespread landlord incentives. Run the numbers carefully. Include fees, taxes, mortgage costs at today’s rates, vacancy and maintenance, and remember that rental income is taxable. Talk to an accountant before deciding.
Get a Straight Answer on Your Condo From Jason Polonski
I’m Jason Polonski, a full-time REALTOR® with Right at Home Realty and more than 15 years in Ottawa real estate. I’ve helped hundreds of buyers and sellers across Ottawa.
Two things set my approach apart on condos. My Bachelor of Commerce in Marketing and Finance from Concordia University means I read the numbers behind a building: reserve fund studies, fee histories and recent sales. My construction and electrical background means I can tell you what a building’s age and systems are likely to cost owners in the years ahead.
My work has been recognized with Right at Home Realty’s Chairman’s Club (2025 and 2021) and Best in Ottawa Top REALTOR® for seven years running. You can read what clients say on my Google Business Profile.
Condo sellers can list with me at a 1% Listing Commission, charged on the final sold price (details). Buyers can receive up to $3,000 cash back at closing.
Find Out What Your Ottawa Condo Is Worth
Get a pricing opinion based on this month’s condo sales in your building and area. Request your home value, or call or text Jason at (613) 601-9333.
Ottawa Condo Market: Frequently Asked Questions
Yes. The Ottawa condo apartment benchmark price fell 6.1% in the 12 months to September 2026, to $380,800, according to the Ottawa Real Estate Board. It is down 11.0% over three years.
For buyers, conditions are more favourable than at any point in recent years. Condos had 7.3 months of inventory in September 2026, sold for 97.1% of list price on average and took a median of 32 days to sell. That gives buyers room to negotiate and time for due diligence.
The average Ottawa condo apartment sold for $431,645 in September 2026, and the benchmark price for a typical condo was $380,800. The benchmark is the better measure of value because it isn’t skewed by the mix of units that sold.
Yes. Ottawa’s condo sales-to-new-listings ratio was 27.0% in September 2026. CREA considers roughly 45% to 65% balanced, so anything well below that range favours buyers.
Supply is outpacing demand. Record purpose-built rental completions have weakened investor demand, rising interest rates have squeezed first-time buyers, and federal job uncertainty is making entry-level buyers cautious.
The median Ottawa condo apartment took 32 days to sell in September 2026, longer than townhouses (29 days) or detached homes (23 days). Well-priced units in well-run buildings still sell faster than that.
Most national forecasts expect modest price changes in 2027, but none forecast a quick condo rebound. A recovery likely depends on interest rates easing and rental supply being absorbed. See the Ottawa housing market forecast for the details.
