Ottawa home sales down 33 per cent in September as buyers remain hesitant, OREB says
Ottawa saw a 33 per cent decrease in home sales in September, as rising interest rates continued to cool the real estate market.
The Ottawa Real Estate Board says 1,080 residential properties sold in Ottawa last month, down from 1,601 properties in September 2021.
"September’s lower sales performance reflects continued hesitancy among buyers as they watch interest rates rise and consider the speculation surrounding price trends," Ottawa Real Estate Board president Penny Torontow said.
"With rising interest rates, the mortgage stress test has sidelined some potential buyers, while others are likely scrutinizing their budgets for affordability amidst inflation and cost of living increases."
The Bank of Canada raised its overnight rate by 75 basis points in September, moving its policy rate to 3.25 per cent from 2.5 per cent.
Home sales in Ottawa decreased 27 per cent in August, 35 per cent in July and 29 per cent in June.
The average sale price for a residential class-property dropped 0.5 per cent in September from 2021, to $706,658. The average sale price for a condominium-class property in September was $450,987, an increase of six per cent from 2021.
"Prices are stabilizing with slight month-to-month movement, whereas, year over year we are seeing the slow and steady increases that the Ottawa resale market is known for," Torontow said.
The sale price for a home decreased in Ottawa in September from August.
The Ottawa Real Estate Board says the average sale price for a residential-class property was $706,658 in September, down from $707,712 in August.
Condominium prices increased from $421,996 in August to $450,987 in September.
CTVNews.ca Top Stories
BREAKING Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
2 military horses that broke free and ran loose across London are in serious condition
Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.
He replaced Mickey Mantle. Now baseball's oldest living major leaguer is turning 100
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.