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
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.