Ottawa's hot housing market beginning to cool off: Ottawa Real Estate Board
After months in a red-hot real estate market, which has seen bidding wars and homes purchased for hundreds of thousands of dollars over asking, there are signs the market in Ottawa is normalizing.
“June’s resale market performed similar to a typical (pre-pandemic) June, with unit sales on par with the five-year average and a lower volume of activity compared to May, particularly in the last two weeks of the month,” said Debra Wright, president of the Ottawa Real Estate Board (OREB).
Wright said a tapering off this time of year is common, as families shift their focus over the summer, spending more time away and outdoors — even amid a pandemic.
“It will be interesting to watch the market over the summer to see if this normalization of the real estate sales' ebb and flow is indeed the case moving forward. Last year, summer resales skyrocketed due to pent-up demand when the first lockdown ended,” said Wright.
The average price of a condo in June was $435,198, an increase of 21 per cent from last year, while the average sale price for a residential property was $725,970, an increase of 26 per cent from a year ago. The OREB said those prices have not seen nearly the same increase from one month to the next as earlier in the year — a sign prices are levelling off.
“Properties are not moving as quickly as they were. Inventory has picked up; there is less scarcity and more choices – consequently, less upward pressure on prices. Additionally, we are noticing fewer of the multiple offer frenzy situations,” said Wright, adding that while many properties still have multiple offers, there are fewer of them on offer days.
The OREB said the normalization of the market is a good sign for buyers, but it also means sellers will have to adjust their expectations.
The board said its members sold 2,131 residential properties in June.
CTVNews.ca Top Stories
'Still so much love between us,' Sophie Gregoire Trudeau says of Prime Minister Justin Trudeau
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
Pro-plastic lobbyist presence at UN talks is 'troubling,' say advocates
Environmentalist groups are sounding the alarm about a steep increase in the number of pro-plastic lobbyists at the UN pollution talks taking place this week.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
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.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Courteney Cox says her partner Johnny McDaid once broke up with her in therapy
Courteney Cox's longtime partner Johnny McDaid once broke up with her in a therapy session.