If you've been watching Ottawa real estate this year, you've probably noticed one trend: condos are taking longer to sell than they were just a few years ago.
While detached homes and well-priced townhouses continue to attract strong demand, many condominium listings are sitting on the market longer, giving buyers more negotiating power than they've had in years.
Does that mean Ottawa is officially a condo buyer's market?
Not everywhere—but in many segments, buyers are certainly gaining the upper hand.
Here's what's happening and which Ottawa condo buildings are worth keeping an eye on.
What Is a Buyer's Market?
A buyer's market occurs when there are more homes for sale than there are active buyers.
For condo purchasers, that often means:
More listings to choose from
Longer time to make decisions
Fewer bidding wars
More room to negotiate on price
Greater chance of including financing and inspection conditions
Compared to the pandemic market of 2021 and early 2022, today's condo market is much less competitive.
Why Condos Have Slowed Down
Several factors are contributing to softer condo demand.
Higher Condo Fees
As buildings age, operating costs often increase. Buyers are paying closer attention to monthly condo fees and what they include.
A condo with a lower purchase price but very high monthly fees may not be as affordable as it first appears.
Interest Rates Changed Buyer Budgets
Although borrowing costs have stabilized compared to recent years, higher mortgage rates than those seen during the pandemic continue to affect affordability.
Many buyers who once qualified for a downtown condo are now comparing those monthly costs with townhomes in suburban communities.
More Inventory
There are simply more condos available today than there were a few years ago.
This gives buyers the luxury of comparing multiple buildings, layouts, and locations before making an offer.
Where Buyers Are Finding Opportunities
Not every condo building is experiencing the same level of demand.
Here are a few buildings that continue to stand out for different types of buyers.
105 Champagne Avenue South – Little Italy
One of the best options for students and young professionals.
Why it's popular:
Steps to Carling O-Train Station
Walking distance to Carleton University
Close to Dow's Lake
Easy commute to downtown
Modern amenities
Strong rental demand
If you've worked with buyers or investors in this building, you'll know it has remained one of Little Italy's most desirable condo addresses.
SOBA – 203 Catherine Street
Located on the edge of Centretown and the Glebe, SOBA attracts buyers looking for an urban lifestyle.
Highlights include:
Modern architecture
Rooftop amenities
Walkable location
Close to Elgin Street and Bank Street
Popular with professionals
As more inventory becomes available downtown, buyers often have greater flexibility when negotiating in buildings like SOBA.
Gotham – 224 Lyon Street North
One of Ottawa's most recognizable condo buildings.
Why buyers like Gotham:
Loft-inspired layouts
Floor-to-ceiling windows
Downtown location
Steps to Lyon LRT Station
Popular with professionals working in the core
For buyers who value design and transit access, Gotham remains a standout.
429 Kent Street
This boutique downtown building continues to attract first-time buyers and professionals.
Benefits include:
Walkability
Larger layouts than many newer condos
Easy access to restaurants and cafés
Close to Parliament Hill
Compared to newer luxury towers, buyers may find better value per square foot here.
The Bowery – 255 Bay Street
The Bowery has become one of Centretown's landmark condo towers.
Features include:
Fitness centre
Party room
Rooftop amenities
Modern finishes
Walking distance to the downtown business district
Buyers considering newer construction should compare prices here with other downtown options before making a decision.
Cathedral Hill – 428 Sparks Street
If you're looking for luxury, Cathedral Hill deserves consideration.
Known for:
Premium finishes
Views of the Ottawa River
High-end amenities
Excellent location near Parliament Hill
Luxury condos have generally seen slower activity than entry-level units, creating opportunities for well-qualified buyers.
Claridge Plaza – 200 Rideau Street
For buyers wanting to live in the ByWard Market area, Claridge Plaza remains a popular choice.
Pros include:
Indoor pool
Gym
Walkability
LRT access
Close to the University of Ottawa
Because several buildings compete in this area, buyers often have more options than they did a few years ago.
What Buyers Should Look for Beyond Price
Choosing the right condo isn't just about the purchase price.
Pay attention to:
Condo Fees
Understand exactly what they cover. Some include heat, water, building insurance, and amenities, while others cover less.
Reserve Fund
A healthy reserve fund helps prepare for future repairs and can reduce the risk of large special assessments.
Status Certificate
Review the building's financial health, bylaws, insurance, and any ongoing legal matters before purchasing.
Amenities
Think about which amenities you'll actually use. A rooftop terrace or gym can be a great feature, but it also contributes to monthly operating costs.
Future Resale Value
Buildings close to LRT stations, universities, hospitals, and employment hubs often maintain stronger long-term demand.
Is Now a Good Time to Buy a Condo?
For many buyers, the answer is yes.
Compared to recent years, today's market offers:
More inventory
Less competition
Greater negotiating power
More conditional offers being accepted
If you've been waiting for a less stressful buying experience, this could be one of the better opportunities we've seen in several years.
That doesn't mean every condo is a bargain, but buyers generally have more leverage than they did during Ottawa's hottest market.
Frequently Asked Questions
Is Ottawa currently a buyer's market for condos?
In many price ranges, yes. Increased inventory and longer days on market have created better conditions for buyers than during the pandemic market.
Are condo prices falling?
Some buildings and neighbourhoods have seen softer pricing, while others have remained relatively stable. Location, condo fees, amenities, and building reputation all play a role.
What should I look for before buying a condo?
Review the status certificate, reserve fund, condo fees, building rules, and recent sales before making an offer.
Which Ottawa condo buildings are good for young professionals?
Buildings such as 105 Champagne Avenue South, SOBA (203 Catherine Street), Gotham (224 Lyon Street North), 429 Kent Street, and The Bowery (255 Bay Street) remain popular because of their walkability, transit access, and proximity to major employment centres.
Are condos a good investment in Ottawa?
They can be, particularly in buildings with strong management, reasonable condo fees, desirable locations, and consistent rental demand.
Should I buy a condo or a townhouse?
It depends on your budget and lifestyle. Condos typically require less maintenance and offer urban convenience, while townhouses provide more living space and fewer shared elements.
Final Thoughts
Ottawa's condo market has shifted, giving buyers more choices and greater negotiating power than they've had in years. While detached homes in many neighbourhoods continue to move quickly, many condo buyers can now take their time, compare buildings, and negotiate more favourable terms.
If you're considering condo living, focus on buildings with proven management, healthy reserve funds, reasonable fees, and locations that will remain desirable over the long term. Buildings like 105 Champagne Avenue South, 203 Catherine Street (SOBA), 224 Lyon Street North (Gotham), 429 Kent Street, 255 Bay Street (The Bowery), and 428 Sparks Street (Cathedral Hill) continue to be among Ottawa's stronger options for both homeowners and investors.
As always, every building is different. Looking beyond the listing price—and understanding the building itself—is what often separates a good purchase from a great one.
