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
Breast cancer screening should start at age 40, Canadian Cancer Society says
The Canadian Cancer Society says all provinces and territories should lower the starting age for breast cancer screening to 40.
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels is on the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
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.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Bank of Canada says financial system is stable, but risks remain
The Bank of Canada says the Canadian financial system is stable, but risks remain due to debt servicing costs among households and businesses and stretched valuations of financial assets.
BREAKING Sheldon Keefe out as head coach of Toronto Maple Leafs
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
RateMDs violates privacy of health professionals, class-action lawsuit claims
A lawsuit against RateMDs has been given the go-ahead by a B.C. Supreme Court judge who found the claim that the website violates the privacy rights of medical professionals is not 'bound to fail.'