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
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels will take the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
BREAKING Toronto Maple Leafs fire head coach Sheldon Keefe
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
Bank of Canada says financial system is stable, but risks remain
The Bank of Canada says the Canadian financial system is stable, but risks remain due to debt servicing costs among households and businesses and stretched valuations of financial assets.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Torchbearers in Marseille kick off the Olympic flame's journey across France
Torchbearers carried the Olympic flame through the streets of France's southern port city of Marseille on Thursday, a day after it arrived on a majestic three-mast ship for a welcoming ceremony.
Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Court to hear about search for remains as Winnipeg murder trial enters second day
A courtroom in Winnipeg is expected to hear testimony today about the search for the remains of the four victims of Jeremy Skibicki.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.