Ottawa's real estate market cools in July as home sales drop by 21 per cent
Ottawa's real estate market stabilized in July, as the Ottawa Real Estate Board says summer activities lured buyers and sellers away from the market.
Meanwhile, the board is warning sellers that the multiple offer frenzy seen for buying homes during the spring is "no longer the norm."
The July report shows 1,724 residential properties sold in July, compared with 2,183 homes sold in July 2020. That is a decrease of 21 per cent from last summer.
"July’s unit sales followed the traditional cycle of the spring and summer markets, which tend to peak around April or May and then slow down as Buyers and Sellers turn their attention to their vacations and other outdoor recreational activities," said Debra Wright, president of the Ottawa Real Estate Board. The board notes the 1,724 homes sold in July is closer to the 2019 figure of 1,838 sales.
"Certainly, the marked decrease from last year’s July sales is due to the spring 2020 lockdown, which had shifted the 2020 resale market’s peak to the summer and fall months."
The average sale price for a residential class property was $685,426 last month, up 17 per cent from a year ago. The average sale price for a condominium-class property was $419,545 in July, up 17 per cent from July 2020.
"Following the same trend as sales, the month-to-month average prices decreased marginally by 4-6 per cent compared to June; however, this minor dip is consistent to what typically happens during the summer months," said Wright in a statement.
"Overall, average prices have increased considerably from 2020, and year-to-date values are holding steady. Still, sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and settling on a listing price with their realtors."
The Ottawa Real Estate Board says the capital's housing stock increased in July, with residential properties up 19 per cent from 2020. Wright says the number of properties on the market in July was over the five-year average by approximately 114 units.
"Along with the price stabilizations, we hope this may indicate that Ottawa’s resale market is moving towards a more balanced state, which would be good for everyone," said Wright.
CTVNews.ca Top Stories
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
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.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.