Home sales in Ottawa down 13 per cent year over year: OREB
A new home is displayed for sale, in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick
The Ottawa Real Estate Board (OREB) says the number of homes sold in the capital in the first nine months of 2023 is down compared to last year.
The latest figures from OREB show 9,885 units were sold between January and September, down 13 per cent from the same time in 2022. There were 946 units sold through OREB's MLS system last month, the same number as September 2022.
Home sales were 29.6 per cent below the five-year average and 23.6 per cent below the 10-year average for the month of September, OREB said on Friday.
"Sales activity came in right on par with where it stood at the same time last year but was still running well below typical levels for a September," said OREB President Ken Dekker in a news release. "New listings have surged in the past several months, which has caused overall inventories to begin gradually rising again. However, available supply is still low by historical standards, and we have ample room to absorb more listings coming on the market."
OREB says the average price of homes sold in September was $675,412, up 2.7 per cent over September 2022. The more comprehensive year-to-date average price was $672,837, a decline of 6.5 per cent from the first nine months of 2022. The benchmark price for single-family homes was $727,500, up 0.6 per cent on a year-over-year basis in September. This month's release from OREB cites the the MLS Home Price Index for its price data, saying it "tracks price trends far more accurately than is possible using average or median price measures."
There were 2,259 new residential listings in September, up 9.8 per cent year-over-year. There were 2,997 active listings on the market at the end of September, a five-year high for the month.
The Bank of Canada held its key interest rate steady at five per cent in September, but did not rule out future rate hikes. The next interest rate announcement is scheduled for Oct. 25.
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