Ottawa home sales down 35 per cent to start 2023
The real estate slowdown continued in Ottawa in January, with home sales dropping for the 11th straight month.
Home sales were down 35 per cent year-over-year last month, according to the Ottawa Real Estate Board.
Condo sales in particular took a steep dive, down 47 per cent from January 2022."
“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” OREB President Ken Dekker said in a news release. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor.
"They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”
Prices are also down year-over-year. The average price of a freehold property in Ottawa last month was just over $676,000, down 12 per cent from a year ago.
The average condo price was just over $412,000, down eight per cent.
“Despite the decrease in average prices, the market should not be considered on a downward slide,” Dekker said. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”
He notes that the average price of freehold properties actually went up three per cent from December to January.
Condo prices fell five per cent, but he said those numbers tend to fluctuate more because it's a smaller data set.
The Bank of Canada raised its key interest rate by 25 basis points last month after raising it seven times in 2022.
Last year at this time, the city had less than a month of real estate inventory, with buyers snapping up homes days after they were listed on the market. That's up to nearly four months this year.
“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” Dekker said.
For many homeowners, increased interest rates are a prime factor in deciding whether to buy or sell.
"It's harder than before, because the prices are going down, but the interest rates are going up," said Nilo Sharif. "If we sold our house last year, it was so competitive, so it was overpriced. But now we have so many upgrades and we need to sell under-market, so it's underpriced."
- with files from Dave Charbonneau, CTV News Ottawa
CTVNews.ca Top Stories
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.