Why the gap between asking prices and buyer expectations matters more than ever

Three offers. Not one counteroffer.

I’m working with a serious condo buyer who is ready to purchase. He has done his homework, knows what he wants and is prepared to act when the numbers make sense. He has submitted three offers. All three were rejected without a counteroffer.

Of course, sellers have every right to decline an offer. And without knowing each seller’s circumstances, I wouldn’t presume to tell them what they should accept. But when buyers and sellers can’t even get a conversation started, it tells me something about the challenge facing Ottawa’s condo market.

Some buyers are looking at today’s selection and expecting a discount. Some sellers are looking at yesterday’s prices and expecting a miracle. Neither approach is particularly helpful.

What the numbers actually say

The Ottawa condo market is not behaving like the detached-home market. Royal LePage reported a median Ottawa condominium price of $402,900 in the second quarter of 2026, down 1.1% from the same quarter in 2025. The median detached-home price, by contrast, rose 1.2% to $904,300. Those are Royal LePage survey figures, not the same measure as an MLS® benchmark price. [1]

More recent resale activity also points to a slower apartment segment. The Ottawa-area market assessment, citing Ottawa Real Estate Board August 2026 data, reports 136 apartment sales, 6.3 months of inventory, a 43.0% sales-to-new-listings ratio and a median 42 days on market. By comparison, single-family homes had 4.0 months of inventory. These figures describe apartment-type properties, not every form of condominium ownership. [2]

Six months of inventory does not mean every unit will take six months to sell. It is a snapshot of available supply relative to the current sales pace. Still, it helps explain why buyers may feel less urgency and why sellers need to pay attention to competing listings.

And one more caution: a change in median price is not a precise measure of what an individual condo has gained or lost in value. The mix of properties sold can change from one period to another.

For sellers: Your asking price is not the market value

I understand why owners want to protect their equity. Many remember a time when a listing could attract immediate interest, sometimes multiple offers. But today’s buyer is comparing your condo with other units, other buildings and, in some cases, renting instead of buying.

If a condo has been on the market for weeks with few showings or no serious offers, the answer is not always better photography or another social media post. Sometimes the market is telling us the price needs attention. Marketing matters, but it cannot manufacture demand at any price.

Before listing, I would want to know what comparable units actually sold for, how many alternatives buyers have, how long similar listings have been sitting and whether the building’s fees, condition or upcoming expenses create objections. An asking price should be a strategy supported by evidence, not a tribute to what a neighbour once received.

A seller does not have to accept a low offer. But a reasonable counteroffer can be the beginning of a productive discussion. Silence rarely closes the gap.

For buyers: A slower market is an opportunity, not a guarantee

Buyers may have more time to compare properties and negotiate, particularly in apartment buildings with substantial competing inventory. That does not make every listing overpriced or every low offer reasonable. A well-managed building, an excellent layout or a scarce feature can still command a premium.

My advice is to examine the total cost of ownership, not just the purchase price. Condo fees, property taxes, insurance, parking and anticipated repairs all affect affordability. Have your lawyer review the status certificate and supporting documents, including reserve-fund information, budgets, litigation disclosures and any planned special assessments.

I also encourage buyers to think beyond the next year or two. If you expect to move again in 12 months, transaction costs and market uncertainty can make condo ownership a poor short-term bet. If the property suits your life for five to ten years and the numbers work, today’s slower conditions may give you the time to make a thoughtful decision.

For REALTORS®: We have to bridge the gap

Our job is not to tell sellers what they want to hear or encourage buyers to throw out numbers just to see what sticks. It is to explain the evidence, test assumptions and keep negotiations constructive.

That means looking beyond citywide averages. A downtown high-rise apartment, a Westboro boutique condo and a suburban condo townhouse can attract very different buyers. Even within one building, layout, view, floor, parking, fees and condition can change the result.

It also means having uncomfortable conversations early. An overpriced listing can spend months collecting days on market. That is not the kind of collection most sellers had in mind.

What I expect over the next 12 months

My working outlook through October 2027 is cautious rather than dramatic. Apartment-condo sellers may continue to face selective buyers and meaningful competition, although conditions will vary by building and price range. That is a scenario, not a prediction. Employment confidence, financing costs, new supply and investor decisions could change the picture.

Royal LePage’s July forecast called for Ottawa’s overall aggregate home price to rise 3.0% year over year in the fourth quarter of 2026. That forecast covers all housing types and should not be mistaken for a forecast of condo appreciation. [1]

For sellers, my advice is to price for the market we have. For buyers, negotiate with evidence and keep your long-term needs in view. For REALTORS®, be prepared to explain both sides with patience and candour.

A final thought

A home is worth what a willing buyer and willing seller can agree upon under the circumstances, not necessarily what either side hoped it would be worth. The difficult part is often getting those expectations close enough to start talking.

If you’re considering buying or selling an Ottawa condo, I’d be happy to help you examine the comparable sales, the building and the options available to you. No pressure, and no crystal ball required.

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