1,080 residential properties were sold in the month of September, compared to 1,601 sold in September 2021.That’s a decrease of 33%.
“September’s lower sales performance reflects continued hesitancy among Buyers as they watch interest rates rise and consider the speculation surrounding price trends. With rising interest rates, the mortgage stress test has sidelined some potential Buyers, while others are likely scrutinizing their budgets for affordability amidst inflation and cost of living increases,” says Ottawa Real Estate Board President Penny Torontow.
Now is the best time to work with a realtor as we know the day-to-day variabilities Ottawa’s resale market is currently experiencing. Contact Brooke & Jenna if you have any questions or for a free comprehensive comparative market analysis. We are always happy to help!
Source: Ottawa Real Estate Board, www.oreb.ca
Here is a breakdown of September 2022 Ottawa Real Estate Market Numbers: