The Bank of Canada has announced it will maintain its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

Global trade developments—particularly involving the United States—continue to create uncertainty. Although recent U.S. trade policies have begun to take clearer shape, the landscape remains unpredictable. The Bank’s July Monetary Policy Report (MPR) does not include traditional base-case projections for GDP and inflation due to this instability. Instead, it outlines a “current tariff scenario” based on tariffs confirmed as of July 27, along with two alternatives: one assuming further tariff escalation and another assuming de-escalation.

Despite the turbulence in trade flows, the global economy has shown a degree of resilience. In the United States, growth moderated in early 2025, though the labour market remains healthy. Notably, U.S. CPI inflation rose in June, with signs emerging that some tariffs are beginning to feed into consumer prices. The eurozone experienced modest economic expansion, while China’s exports to the U.S. have declined—a trend largely balanced by stronger exports to other regions.

Financial markets have also responded: global oil prices remain close to April levels, equity markets have moved higher, and corporate credit spreads have narrowed. Government bond yields have edged upward. Meanwhile, the Canadian dollar has appreciated, supported by a broadly weaker U.S. dollar.

In this current tariff scenario, global growth is expected to slow slightly to about 2.5% by the end of 2025, before recovering to around 3% in 2026–2027.

OTTAWA, July 7, 2025 – A total of 1,602 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB) in June 2025. This represents an 11.34% decrease from the previous month, a 10.6% increase compared to June 2024, and sits 3.8% above the five-year average.*

“June was the busiest month we've seen in quite some time, with sales up 10.6% and new listings rising nearly 14% year over year, signifying we did, in fact, have a delayed spring market,” says OREB President Paul Czan. “We’re seeing more inventory hit the market, giving buyers more choice. With the changing market conditions, sellers need to be future-focused—pricing thoughtfully and preparing their homes to be one of the top picks in their area.”

“Apartments are one segment that continues to feel the strain, with sales down about 20% and inventory building. That’s partly due to an increase in new construction, but also a slowdown in immigration numbers,” adds Czan. “Still, Ottawa remains a stable market. We’re returning to familiar seasonal trends, where summer activity picks up for families looking to settle before the school year. With students returning to the city, a stronger fall is likely ahead.”

By the Numbers – Prices
The MLS® Home Price Index (HPI) tracks price trends more accurately than average or median price measures.

• The overall MLS® HPI composite benchmark price in June 2025 was $634,300, up 1.6% from June 2024.

  • Single-family homes had a benchmark price of $707,600, up 1.6% year-over-year.

  • Townhouse/row units** saw a benchmark price of $467,900, a 9.0% increase from 2024.

  • Apartments had a benchmark price of $411,500, a 0.6% decline year-over-year.

• The average price of homes sold in June 2025 was $723,152, a 5.2% increase over June 2024.

• Total dollar volume of all home sales in June reached $1.15 billion, a 16.3% increase from the same period last year.

OREB cautions that while average sale prices can indicate trends over time, they should not be used to determine the value of specific properties, as prices vary by neighbourhood. Average price is calculated based on total dollar volume of all properties sold.

By the Numbers – Inventory & New Listings

• New listings rose 13.8% from June 2024, with 2,933 residential properties added to the market—6.6% above the five-year average.

• Active residential listings at the end of June totaled 4,350 units, up 11.6% from the same month last year and 42.6% above the five-year average.

• Months of inventory remained steady at 2.7, unchanged from June 2024. This figure represents the number of months it would take to sell current inventories at the current sales pace.