As building energy consumption gains ever-increasing attention worldwide, the focus on addressing it through the examination and optimization of efficient heat recovery solutions continues to intensify. With well-insulated and airtight buildings, the proportion of heating needs attributed to ventilation is growing, leading to the widespread integration and optimization of heat recovery solutions in mechanical ventilation systems. Heat recovery in ventilation is a highly efficient strategy for reducing heat losses and conserving energy. This study involves the investigation of a ventilation unit installed in an apartment situated in Riga, Latvia, as a practical examination of heat recovery system efficiency within the Latvian climate conditions, representing a cold climate region. The objective of this study was to examine the heat recovery efficiency of the ventilation system in the Latvian climate with variable outdoor and exhaust air parameters, given that the dry heat recovery efficiency is different from the actual heat recovery efficiency. The ventilation unit was equipped with a plate heat exchanger at an airflow rate of 105 m3/h. To evaluate heat recovery efficiency, extensive measurements of air temperature and relative humidity were conducted. The collected data was analyzed, employing statistical regression analysis to ensure measurement reliability and assess correlations. The findings indicated a strong correlation between variables such as heat content, moisture content, and sensible air parameters. It was observed that the actual heat recovery efficiency was 6% higher than the calculated dry efficiency, emphasizing the importance of considering real-world conditions in heat recovery assessments. Additionally, regression analysis demonstrated a positive linear correlation with a coefficient of 0.77, highlighting the dependency between actual measurements and the theoretical model. These quantitative outcomes provide essential insights for optimizing heat recovery systems and enhancing energy-efficient ventilation practices, especially in cold climate environments. Moreover, this study highlights the strong correlation between variables such as heat content, moisture content, and sensible air parameters. Findings offer essential insights for optimizing heat recovery systems and enhancing energy-efficient ventilation practices, especially in cold climate environments.