Here are the August 2023 numbers:
- Total number of units sold: 1,196 – up 6% from 1,130 in August 2022.
- Five-year average unit sales for August: 1,525.
“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.”
Here are the specifics for each property class:
- Number of residential-class properties sold: 903 – up 7% from 840 in August 2022.
- Average sale price of a residential-class property: $709,739 – up 0.5% in August 2022.
- Number of condominium-class properties sold: 293 – up 2% from 287 in August 2021.
- Average sale price of a condominium-class property: $425,968 – up 1% in August 2021.
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.”