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
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
Baby boom amongst nurses leads to maternity ward closure in Listowel, Ont.
The emergency room at Listowel’s hospital is open today, but come summer, their obstetrics unit will be temporarily closing its delivery rooms.
Humboldt Broncos bus crash survivor qualifies Canada for Paralympics in rowing event
Former Humboldt Broncos goaltender and bus crash survivor Jacob Wassermann has qualified Canada for a rowing event for the 2024 Paralympic games in Paris.
Krispy Kreme doughnuts coming to McDonald's in U.S., but not Canada
Canadians will be missing out on a sweet new partnership between McDonald's and Krispy Kreme, which will see doughnuts available at McDonald's locations across the U.S. by the end of 2026.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.