Despite being a traditionally slower month for residential resale, this August experienced a slight increase in both average sale price and number of properties sold compared to this time last year.

“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.”

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Janice Myers, OREB CEO, highlights 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. Collaboration among all levels of government and stakeholders is vital to improving affordability for homeowners and tenants alike. And we need to expand provincial regulations, allowing four or more residential dwelling units on serviced lots, to promote higher-density housing.”

It will be interesting to see what happens as the summer season winds down. With ebb and flow of vacationers returning home, an upwards shift in market activity is typically anticipated at this time of year. Stay tuned as we keep you updated on the trends and developments that the fall market has in store.

Do you have questions about buying or selling a home in Ottawa? We are here to help with everything you need. Reach out today at 613.829.7484 or mail@chellteam.com to begin the conversation.