Ottawa Average vs Benchmark Price: September 2026 Report

Quick answer: The Ottawa Real Estate Board (OREB) reported an average sale price of $685,640 for September 2026, down 1.0% from a year earlier and nearly unchanged from August. Over the same period its MLS® Home Price Index (HPI) composite benchmark fell to $623,500, down 0.3% year over year and down 2.2% from August. The two measures can move differently because the average reflects which homes happened to sell, while the benchmark tracks a typical home. Months of inventory reached 4.8. OREB noted that, among September results over the past decade, this was the highest level of months of inventory.

In This Article

• What OREB reported for September 2026
• Average price versus benchmark price
• Benchmarks by property type
• Inventory and months of supply
• Sales and new listings
• The construction pipeline
• What this may mean for buyers
• What this may mean for sellers
• Ottawa and the surrounding region
• Checklist for reading a monthly market report
• Frequently asked questions

What OREB Reported for September 2026

OREB published its September 2026 market update on October 5, 2026. The board reported 1,010 residential sales for the month, down 6.6% from September 2025 and up 0.8% from the 1,002 sales recorded in August. On a year-to-date basis, sales totaled 10,288 units, which is 6.9% lower than the same period in 2025, and the dollar value of year-to-date sales was about $7.2 billion, down 7.3%.

The average sale price was $685,640, down 1.0% from September 2025 and nearly unchanged from August. The median sale price was $625,000, down 0.8% from a year earlier. The MLS® HPI composite benchmark price was $623,500, down 0.3% year over year and down 2.2% from August. OREB also noted that the seasonally adjusted decline in the composite benchmark was 1.5%, which helps separate a normal seasonal pattern from underlying movement.

On the supply side, there were 2,927 new residential listings in September, up 3.0% from a year earlier and up 38.1% from August. Active listings stood at 4,813 at the end of the month, up 7.9% from September 2025 and up 7.1% from August. Months of inventory was 4.8, up from 4.5 in August. According to OREB, this was the highest September level of months of inventory in the past decade, and the sales-to-new-listings ratio of 34.5% was the lowest September ratio over the same period. OREB also reported that homes sold for an average of 97.5% of their listing price, compared with 98.1% a year earlier, and that the median time on market rose from 22 to 27 days.

All figures in this article come from OREB's published news release, which the board issues for public use. They describe the Ottawa Real Estate Board's territory as a whole, and they are monthly snapshots that can be revised and that are affected by seasonal patterns.

Average Price Versus Benchmark Price

Readers often see two price figures in a monthly report and assume they describe the same thing. They do not. The average sale price is calculated from the total dollar volume of homes sold divided by the number of sales. Because it depends on which homes happen to sell in a given month, it changes when the mix of homes changes, even if no individual home has changed in value.

The MLS® Home Price Index works differently. It tracks the price of a typical home with fixed characteristics, such as a standard type, size and set of features, so it is less sensitive to changes in the mix of homes sold. For this reason, the HPI is often used to describe underlying price movement, while the average is better suited to describing what was sold during a particular month.

September 2026 shows why the distinction matters. The average sale price was nearly unchanged from August at $685,640, yet the composite benchmark fell 2.2% from August. OREB's own release cautions that average and median prices can be influenced by the types of homes sold in a given month, and that a shift toward higher-priced or detached homes can hold up the average even as home values soften. In other words, a stable average does not by itself show that prices are stable.

Neither measure values a specific property. A home's market value depends on its location, condition, lot, features and recent comparable sales nearby. A board-wide figure is a starting point for understanding conditions, not a substitute for a review of comparable sales.

Benchmarks by Property Type

OREB reports benchmark prices by property type, which shows that different parts of the market are moving at different speeds. The table below summarizes the September 2026 figures.

The single-family benchmark was nearly unchanged from a year earlier, but it was down 3.0% from August. The townhouse benchmark was down 2.2% from a year earlier and essentially unchanged from August. The apartment benchmark was down 6.1% from a year earlier and down 3.1% from August. The gap between the single-family and apartment benchmarks was $324,300, which illustrates how different these segments are.

These differences matter for interpretation. A household shopping for a detached home and a household shopping for an apartment are reading two different markets, even though both are described in the same monthly release. A composite figure blends them, so it may not describe the segment a particular buyer or seller is actually in.

Inventory and Months of Supply

Months of inventory is the number of months it would take to sell the current stock of active listings at the current pace of sales, assuming no new listings were added. It is a ratio, so it can rise because listings increased, because sales slowed, or both. In September 2026, active listings rose 7.9% year over year while sales fell 6.6%, so both effects contributed to the figure of 4.8 months.

A higher figure generally indicates that buyers have more homes to choose from relative to the pace of sales, and that sellers face more competition from other listings. A lower figure generally indicates a faster-moving market. Neither is good or bad on its own, since the effect depends on whether someone is buying or selling and on the type of property.

A single month is also a limited basis for a conclusion. Inventory follows seasonal patterns, and monthly figures can move when a small number of sales or listings change. OREB's comparison with the past decade is useful context, but it describes one month and not a trend that is certain to continue.

Sales and New Listings

The pattern between sales and new listings is the main story in the September data. New listings jumped 38.1% from August to 2,927, an increase that often accompanies the fall listing season, while sales rose only 0.8% from August to 1,010. When new listings grow much faster than sales, active inventory tends to build, and that is what the board's figures show.

OREB's release also noted that suburban areas remained the main source of activity in the market. This is consistent with the benchmark data, where single-family homes held steadier than apartments. It also suggests that conditions can differ between the urban core and suburban or rural edges of the board's territory, which a single board-wide figure cannot show.

Interest rates are one factor behind buyer activity. The Bank of Canada held its overnight rate at 2.25% on September 2, and its next announcement is scheduled for October 28, 2026. A separate article explains how the policy rate relates to mortgage rates and monthly payments: rates held at 2.25% and the Eastern Ontario housing market.

The Construction Pipeline

Resale inventory is only one part of supply. Canada Mortgage and Housing Corporation (CMHC) reported that actual (not seasonally adjusted) housing starts in the Ottawa-Gatineau census metropolitan area were 1,322 units in August 2026, compared with 531 in August 2025. Within that total, Ottawa recorded 1,235 starts, up from 380 a year earlier, while Gatineau recorded 87, down from 151. Starts are the number of new construction projects that began in the month, and they are volatile from month to month, so one month does not set a trend. CMHC's six-month trend measure, which is a moving average of the seasonally adjusted annual rate (SAAR), was 14,583 units for Ottawa-Gatineau in August, down 2% from July. Year to date, actual starts in Ottawa-Gatineau reached 9,217 units from January to August, up 10% from the same period in 2025.

Housing starts take time to turn into completed homes, and they include rental and condominium projects as well as homes for sale, so they do not translate directly into resale inventory. They are still a useful signal of how much new supply is entering the pipeline. CMHC has scheduled its September 2026 housing starts release for October 16, 2026, which will show whether the August increase continued.

What This May Mean for Buyers

Higher inventory generally gives buyers more choice and often more time to compare properties, arrange inspections and complete financing conditions. A softer apartment and townhouse benchmark suggests that buyers in those segments may see more room to compare than buyers of single-family homes, where the benchmark held steadier. These are general patterns in the published data and not predictions about any specific home.

Buyers comparing Ottawa with nearby communities can also look at the differences in space and lot size. Some households weigh these tradeoffs when considering a move beyond the city, as discussed in this look at why some Ottawa buyers consider Kemptville for more space. Buyers considering rural properties can also review the cost questions in what a buyer is actually paying for in a higher-priced home.

A mortgage pre-approval with a stated rate hold period remains a practical planning tool, because it sets out the payment a lender would offer. Conditions in an agreement of purchase and sale, including financing and inspection, should be reviewed with a lawyer.

What This May Mean for Sellers

With more active listings, a seller's home is competing with a larger number of alternatives. Condition, presentation, location and pricing relative to recent comparable sales all carry weight, and a stable average sale price in the monthly report should not be read as a guarantee that any individual home will sell at a particular price.

Because the benchmark softened more than the average, sellers should be cautious about using the average sale price as a reference. The average can be supported by a higher share of expensive homes in a given month. A review of comparable recent sales for the specific property type and location gives a more relevant range than any board-wide figure.

Sellers who plan to buy again also face the same market on the purchase side. Timing a sale and a purchase together depends on personal circumstances, and options such as a condition on the sale of an existing home should be discussed with a lawyer and a licensed salesperson.

Ottawa and the Surrounding Region

OREB's report covers its own territory. Communities south of Ottawa, such as North Grenville, fall under a different board, the Rideau-St. Lawrence Real Estate Board, which publishes its own monthly statistics on its own schedule. The Canadian Real Estate Association (CREA) page for that board had not yet posted its September 2026 figures when this article was prepared, so this article does not compare the two boards for September.

Readers who want a recent side-by-side comparison of the two boards can read this earlier article on rural Eastern Ontario prices across two board reports. Those interested in land and acreage near Kemptville can also read about acreage for sale near Kemptville in North Grenville, and those who want wider context on the region can read the overview of living in Eastern Ontario.

Checklist for Reading a Monthly Market Report

• Identify which board and which month the figures describe.
• Compare the year-over-year change and the change from the previous month, since seasonal patterns affect month-to-month movement.
• Read the average price and the benchmark price separately, and note when they point in different directions.
• Look at the benchmark for the specific property type, not only the composite figure.
• Check months of inventory alongside sales and new listings, since a ratio can rise for several reasons.
• Treat one month as context and not as a trend.
• Remember that a board-wide figure does not value an individual property.
• Ask a licensed salesperson for recent comparable sales for the specific property type and area.

Frequently Asked Questions

What was the average home price in Ottawa in September 2026?

The Ottawa Real Estate Board reported an average sale price of $685,640 for September 2026, down 1.0% from September 2025 and nearly unchanged from August. The median sale price was $625,000.

Why do the average price and the benchmark price differ?

The average reflects which homes sold in the month, so it changes with the mix of homes. The MLS® HPI benchmark tracks a typical home with fixed characteristics, so it is less affected by the mix and is often used to describe underlying price movement.

What does 4.8 months of inventory mean?

It means that, at September's pace of sales, it would take about 4.8 months to sell all active listings if no new listings were added. OREB reported that this was the highest September level of months of inventory in the past decade.

Does this report cover North Grenville and Kemptville?

No. The Ottawa Real Estate Board's report covers its own territory. Communities such as North Grenville and Kemptville are covered by the Rideau-St. Lawrence Real Estate Board, which publishes separate monthly statistics.

Those planning a purchase or sale in Ottawa or Eastern Ontario can speak with Deb Driscoll, Jaime Peca and Luke Geleynse of The Driscoll-Peca Real Estate Team at REAL Brokerage, who can review recent comparable sales for a specific property and answer questions about the process.