Ottawa home sales down 42 per cent in November, biggest drop this year
Ottawa home sales dropped for a ninth straight month in November as the real estate market continued to cool down.
Home sales dropped 42 per cent year-over-year last month, according to the Ottawa Real Estate Board. It's the largest decline so far this year, slightly edging out the 41 per cent drop in October.
The board's president, Penny Torontow, called the November sales "expectedly low" given the typical slowdown this time of year, but said they also reflected the economic conditions.
"This is not isolated to our local market. Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more," she said.
"As a result, those who can, are waiting and watching.”
Residential property sales were down 39 per cent, but condominium sales were down 50 per cent from a year ago.
Prices also dropped slightly. The average sale price of a residential property was just over $680,000 in November, down five per cent from a year ago. The average condo price was about $415,500, down four per cent year-over-year.
The Bank of Canada has raised its overnight interest rate six times this year, with the latest increase to 3.75 per cent in late October. That, along with rising inflation and other economic factors, is increasingly keeping homebuyers on the sidelines.
“What’s concerning about the current market is the impact on first-time homebuyers,” Torontow said.
“The marked decrease in condo sales, for example, signals that even entry-level properties are being affected."
Housing inventory in the market, which had dropped to less than a month at the height of the buying frenzy during the pandemic, is now at nearly four months.
"Ottawa now has a balanced resale market, slightly tipping toward the buyers,” Torontow said.
CTVNews.ca Top Stories
BREAKING Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
BREAKING Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Poilievre-led government 'would never' use notwithstanding clause on abortion, his office says
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
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.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
BREAKING 1 dead in rollover crash in Sharbot Lake, Ont.; 5 others injured
Ontario Provincial Police confirm one person has died after a single-vehicle rollover crash in Sharbot Lake, Ont. that seriously injured five others.
Cyclist strikes child crossing the street to catch school bus in Montreal
A video circulating on social media of a young girl being hit by a bike has some calling for better safety and more caution when designing bike lanes in the city. The video shows a four-year-old girl crossing Jeanne-Mance Street in Montreal's Plateau neighbourhood to get on a school bus stopped on the opposite side of the street