When buyers are ready to buy but sellers aren’t ready to negotiate, something has to give.
A Different Ottawa Condo Market Calls for a Different Approach
If you’ve been following Ottawa real estate lately, you’ve probably noticed that condos are having a tougher time than many other types of homes. Sales are slow, buyers have more choices, and some properties are sitting on the market much longer than their owners expected.
But here’s the interesting part: serious buyers are still out there. Some are financially prepared and ready to make a deal. So why aren’t more condos selling? I believe one of the biggest challenges is the gap between what sellers think their properties are worth and what buyers are willing to pay. A recent experience with one of my buyers illustrates the problem.
Eleven Condos for Sale. How Many Will Sell?
I’m working with a buyer who wants to purchase in a particular Ottawa condo development. He likes the location, knows what he’s looking for and would buy the right unit tomorrow if he could find a seller willing to negotiate.
There are currently 11 condos listed for sale in this development. Looking back over the past four years, typically about five units have sold between October 26 and March 1. If this year follows a similar pace, the equivalent of fewer than half of today’s 11 listings would sell during that period. That’s not a prediction about which units will sell: new listings, withdrawals and changing conditions could alter the outcome. But it certainly tells us something about the competition.
Now here’s the part I find particularly revealing. My buyer has made offers on three different condos. All three offers were rejected. Not one seller made a counteroffer.
Think about that for a moment. We have a serious buyer, ready and willing to purchase, in a development where the number of condos currently available is more than double the typical number of sales over the coming four months. Yet three sellers weren’t prepared to continue the conversation.
I’m not suggesting those sellers had to accept his offers. I don’t know their personal circumstances, financial obligations or reasons for selling. But surely there’s a difference between holding firm on your price and refusing to explore whether a deal is possible. From my perspective, there was room to negotiate in all three cases. A counteroffer would at least have kept the conversation alive.
In today’s market, that decision could make the difference between selling and waiting several more months.
What the Ottawa Condo Market Numbers Tell Us
The broader market helps explain why this is happening. According to figures cited from the Ottawa Real Estate Board’s September 2026 report, condo apartment sales were down 24.8% from September 2025, with 121 sales. The apartment benchmark price was $380,800, down 6.1% year over year. Inventory stood at 7.3 months, compared with 6.3 months in August. By comparison, single-family homes had 4.4 months of inventory.
These are condo apartment statistics, not figures for every type of condominium. Downtown apartments, suburban condo townhomes and individual developments can behave very differently. Still, the message is clear: buyers have choices, and sellers can’t assume the pricing strategies that worked during the pandemic will work today. Those days are behind us, at least for now.
For REALTORS®: Be the Trusted Advisor
After more than 22 years in real estate, I’ve learned that our job isn’t simply to help people buy and sell. It’s to help them make good decisions, even when that means having conversations they may not want to hear.
Sellers naturally want top dollar. Buyers want to feel they’ve negotiated a good deal. Both perspectives are understandable. Our job is to find common ground, supported by recent comparable sales, competing listings and an honest assessment of the property.
One of the biggest mistakes an agent can make is creating unrealistic expectations just to win a listing or keep a client happy. I would much rather have a difficult conversation at the beginning than a disappointing one three months later. And we need patience. Some deals will take longer to put together; pushing either side rarely helps. Sometimes the most valuable thing we can do is keep communication open.
For Ottawa Condo Market Buyers: Opportunity Favours the Patient
If you’re considering a condo in Ottawa, I believe there are worthwhile opportunities. You may have more properties to compare, more time to make decisions and more room to negotiate than you’ve had in several years. But that doesn’t make every condo a bargain.
Look beyond the asking price. Review the building’s financial health, reserve fund, monthly fees, maintenance history and potential special assessments. Have your lawyer review the status certificate before you make a firm commitment. A low purchase price can quickly lose its appeal if the building faces significant expenses.
I also encourage buyers to think long term. If you’re buying today expecting a substantial profit in a year or two, you may be disappointed. I don’t anticipate a significant increase in condo values over the next 12 months, although that’s my opinion, not a guarantee. If you plan to stay for five to ten years, the right condo at a reasonable price could be a very good decision. Buy something that suits your life, not just your hopes for the market.
For Condo Sellers: A Reality Check
This may be the most important point in the article: what you want for your condo and what the market is prepared to pay may be two very different numbers.
Maybe a neighbour sold for considerably more a few years ago. Maybe you’ve invested thousands in improvements. Or maybe you need a certain price to make your next move. I understand why those things matter to you. But they don’t necessarily matter to a buyer who sees better value somewhere else.
If there are 11 similar units for sale, why should someone choose yours? Is it the view, condition, floor plan, location, fees or price? You need an answer grounded in what buyers actually value. Presentation and marketing matter, but neither can rescue an asking price that ignores the competition.
And when a serious buyer makes an offer, even below your expectations, consider a counteroffer. You don’t have to give your property away. You can say no to a final price that doesn’t work. But refusing to negotiate may mean missing the only ready buyer you see for some time. Sometimes the smartest decision is to adjust expectations before the market does it for you.
Ottawa Condo Market Outlook: The Next 12 Months
My expectation is that Ottawa’s condo market will remain relatively slow over the coming year, with pressure on prices in developments where similar units are competing for a limited pool of buyers. Interest rates, employment, new supply, economic uncertainty and consumer confidence could change that outlook. No one can predict exactly when conditions will improve.
That doesn’t mean every condo will lose value. Well-maintained properties in desirable locations, with manageable fees and realistic pricing, should still attract interest. Buyers may find opportunities to negotiate. Sellers may need to rethink their strategies. And REALTORS® have an opportunity to demonstrate what good advice, careful research and patience are worth.
A Final Thought
Real estate is about more than numbers. It’s about people’s homes, finances, future plans and peace of mind. Whether you’re buying or selling, understand the market we have today, not the one you remember from a few years ago.
And don’t underestimate the value of a conversation. Sometimes the difference between a property that sells and one that doesn’t is simply two people willing to listen to each other.
If you’re thinking about buying or selling a condo in Ottawa, I’d be happy to sit down with you, review the market and talk through your options. No pressure. Just an honest conversation about what makes sense for you.
When it comes to buying and selling homes, helping you is what I do!
Wayne Throop | Real Estate Broker | Royal LePage Team Realty
(613) 715-0453 | waynethroop@royallepage.ca | waynethroop.com
Editorial/source note: Statistics reproduced from the supplied draft, attributed there to the Ottawa Real Estate Board September 2026 market report (October 5, 2026). Figures have not been independently reverified for this edit. Market outlook is professional opinion, not a guarantee.