“Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year,” says Ken Dekker, OREB President.
“There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance.
High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”
🔴 The Ottawa Real Estate Board reported 1196 sales of residential & condo properties in August through the MLS system, compared with 1130 in August 2022, an increase of 6%.
🔴 The average sale price for a residential-class property was $709,739 increasing 0.5% from August 2022.
🔴 The average sale price for a condominium-class property was $425,968 an increase of 1.4% from August 2022.
🔴 With year-to-date average sale prices at $732,220 for residential units and $432,571 for condominiums, these values represent an 8% decrease over 2022 for residential-class properties and a 5.5% decrease for condominium-class properties.
