Average residential price, Ottawa (OREB area)
$678,512 (down 4.5% in a year)As of October 2026.Source
Median residential price, Ottawa (OREB area)
$622,000As of October 2026.Source
Months of inventory, apartments, Ottawa (OREB area)
7.4As of October 2026.Source
Population of the City of Ottawa, and growth since 2016
1,017,449 (up 8.9%)As of 2021 Census.Source
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Ottawa’s market is split in two. Houses and townhouses have behaved one way in 2026, apartments another, and a lender asked for a second mortgage will ask which one you own before it asks anything else.

What OREB’s October 2026 numbers say

The Ottawa Real Estate Board reported 1,048 residential sales in October 2026, down 10.7% from a year earlier. The average price was $678,512, down 4.5%, and the median was $622,000, down 3.9%. OREB’s own wording was that the market continued to lean in buyers’ favour. Homes sold at an average of 97.5% of list price after a median of 25.5 days.

By type, single-family homes averaged $823,204, townhouses $528,732 and apartments $430,733. The MLS Home Price Index composite was $616,900, down 1.3%. Single-family benchmark prices fell 0.8%, townhouses 4.3% and apartments 5.3%.

The apartment problem

OREB called apartments “the clearest pressure point” of 2026. Inventory stood at 7.4 months for apartments, against 4.0 for single-family homes and 3.6 for townhouses, and apartment sales were down 23.3% from a year earlier. A year ago apartment inventory was 5.8 months.

A lender wants to know that it can sell if the loan fails. More months of supply means a longer wait and a bigger discount risk, so lenders may offer a lower amount, charge more or decline altogether on a condo. Ask any lender how it treats your building before you pay for an appraisal.

A $450,000 balance against a median and an apartment

Apply the 80% limit the Financial Consumer Agency of Canada describes to both examples. The first uses Ottawa’s median with $450,000 owing: room is $47,600 and a $40,000 loan leaves $7,600. The second uses the apartment average: $44,586 of room and $9,586 left.

Both leave very little margin, which is the point of the examples: with a mid-sized first mortgage, a small price drop can end the plan. Use the calculator with your own balance, and read HELOC or second mortgage to see whether a bank line of credit can do the job more cheaply.

Local factors and costs in Ottawa

OREB’s release cites an analysis suggesting about 15,000 fewer locally employed people since March 2025, as context for a softer market. If your income depends on a sector that is shrinking, borrow cautiously and plan a clear exit.

Ontario’s land transfer tax is charged on purchases. The province’s website mentions a separate city tax only for Toronto, and we found none listed for Ottawa. Registering a second mortgage on a home you own is not a purchase, so expect the lender’s fee, a broker fee, legal costs, an appraisal and the registration fee, itemised on the Ontario page.

If your income is irregular, see self-employed second mortgages, and for paying off debts, the consolidation page. A bank’s home equity loan is worth pricing first.

What changed from September

OREB’s release compares October with the month before. Sales rose 3.8% from September and the sales-to-new-listings ratio climbed to 44.0% from 34.5%, because new listings fell 18.6% to 2,382. Active listings were 4,582, up 6.4% on a year earlier. Year to date, 11,335 homes had sold, down 7.3%.

By type, 558 single-family homes sold, down 12.5%, against 350 townhouses, down 3.0%, and 115 apartments, down 23.3%. OREB’s president said buyers continue to have considerable choice. Fewer new listings eased pressure on sellers a little, but nothing in the release suggests values are about to jump.

How few apartments are selling

Apartments were 115 of the 1,048 sales in October 2026, about 11%, and their sales fell 23.3% from a year earlier. A smaller buyer pool is one more reason lenders are cautious. If you own an apartment, expect more questions about the building, its reserve fund and its fees than a house owner would face, and allow time to line up the paperwork.

Ottawa, FSRA and the licence you should see

Ottawa is in Ontario, so the FSRA register applies: a private lender is reached through a Level 2 agent or a broker, and you can check the licence number there.

CMHC’s October 2026 arrears outlook places the Ontario rise mainly in the Greater Toronto and Hamilton Area and southwestern Ontario, neither of which covers Ottawa, and it publishes no Ottawa figure. When your Ottawa numbers are ready, use the options form for a licensed review.

An Ottawa house-and-townhouse mix at the October 2026 median, $40,000 loan

The $622,000 value is OREB's October 2026 median residential price for the Ottawa area, used as a stand-in for an appraisal. The $450,000 first mortgage and $40,000 loan are made up. The 80% ceiling is the one the Financial Consumer Agency of Canada describes.

Home value used
$622,000
80% of the home value
$497,600

$622,000 times 0.8

Room under the ceiling
$47,600

$497,600 minus $450,000

Combined loan-to-value with the loan
78.8%

$490,000 owed on $622,000

Room left after the $40,000 loan
$7,600

Equity is $172,000 but the loan uses nearly all the room. Any fall in value would put the plan out of reach.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

An Ottawa apartment at the October 2026 average price, $35,000 loan

The $430,733 value is OREB's October 2026 average apartment price. The $300,000 first mortgage and $35,000 loan are made up.

Home value used
$430,733
80% of the home value
$344,586

$430,733 times 0.8, rounded

Room under the ceiling
$44,586

$344,586 minus $300,000

Combined loan-to-value with the loan
77.8%

$335,000 owed on $430,733

Room left after the $35,000 loan
$9,586

On paper the fit is similar to the house example. In practice the apartment owner faces a market with 7.4 months of supply and may meet stricter lenders.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

Questions people ask

Why are Ottawa apartments harder to borrow against than houses?

OREB reported 7.4 months of apartment inventory in October 2026, against 4.0 for single-family homes, and called apartments the clearest pressure point of 2026. Lenders worry about resale, so ask each one how it treats condos before you apply.

Does Ottawa have its own land transfer tax?

Ontario's website mentions a separate municipal land transfer tax only for Toronto and does not list one for Ottawa. Either way it applies to purchases, and we found no land transfer tax line for registering a second mortgage on a home you own.

How quickly do Ottawa homes sell?

OREB reported a median of 25.5 days on market in October 2026 and an average sale at 97.5% of list price. Lenders use speed of sale as a rough gauge. Your own home may take longer, especially if it is an apartment.

Is the Ottawa job market a risk to my borrowing plan?

OREB's release cites an analysis suggesting about 15,000 fewer locally employed people since March 2025. A lender will look at your own income and, for private loans, mainly your equity and exit plan. If your job is uncertain, borrow less and plan a clear exit.

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Sources