Ottawa home prices expected to drop 2 per cent this fall, Re/Max predicts
The average price to buy a new home in Ottawa in expected to fall two per cent in the final months of the year.
The Re/Max Canada Fall Housing Market Outlook Report released on Wednesday says rising interest rates, record inflation and global and economic uncertainties will impact market activity in Ottawa and across Canada through the fall.
Prices are estimated to fall two per cent in Ottawa in the September to December period, while the number of homes sold is expected to drop three per cent.
According to the report, the average residential sale price in Ottawa dropped 1.1 per cent through the first eight months of 2022 compared to 2021. The average residential sale price in Ottawa in Jan. 1 to Aug. 31 was $550,993.75, compared to $557,314.63 over the same period in 2021.
The report says Ottawa's housing market is expected to "regain balance in 2023", but low inventory will continue to place upward pressure on prices.
Re/Max Canada's report says home prices are expected to fall five per cent in Kingston over the final few months of the year, while the number of homes sold will drop 10 per cent.
Across Canada, the national average home sale price will fall 2.2 per cent over the final few months of the year, according to the report.
CTVNews.ca Top Stories
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
Susan Buckner, who played spirited cheerleader Patty Simcox in 'Grease,' dead at 72
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Jeremy Skibicki has 'uphill battle' to prove he's not criminally responsible in Winnipeg killings: legal analysts
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
Alcohol believed to be a factor in boating incident after 2 men die: N.S. RCMP
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
CFL suspends Argos QB Chad Kelly at least nine games following investigation
The CFL suspended Toronto Argonauts quarterback Chad Kelly for at least nine regular-season games Tuesday following its investigation into a lawsuit filed by a former strength-and-conditioning coach against both the player and club.