Real estate report shows increase in Ottawa property sales

Posted Sep 12, 2023 09:57:04 AM.
The number of housing properties sold in Ottawa has increased about six per cent from the same time last year.
A new report from the Ottawa Real Estate Board (OREB) shows that over 1,100 residential properties were sold this year compared to the number of properties sold in August 2022.
The OREB noted that sales in the freehold-property class, were also up seven per cent from a year ago, and condominium properties were up two per cent.
“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,” said Ken Dekker, OREB president, in a release. Dekker added that high borrowing costs and economic uncertainty are also impacting both buyers and sellers, which could further cause a fluctuation in the housing market.
Ottawa’s average sale price for a freehold-class property was just over $709,000 — a 0.5 per cent from 2022. The average sale price for a condominium-class property in Ottawa was just over $425,000.
The report also shows that new listings increased seven per cent over August 2022, which was on par with August of this year. The five-year average for new listings in August sat at 2,177.
The chief executive officer (CEO) of OREB, Janice Myers, highlighted that these latest figures coincide with the city of Ottawa’s allocation of $110-million for affordable housing.
“Even if interest rates were to drop and the economy stabilized, housing will remain out of reach for many Ottawa residents,” said Myers in the release. “Collaboration among all levels of government and stakeholders is vital to improving affordability for homeowners and tenants alike.”