Ottawa home prices increase $2,000 year-over-year as resale market stalls, OREB says

The average selling price for a new home in Ottawa increased $2,000 in August compared to a year ago, as the resale market stalled amid higher interest rates and economic uncertainty this summer, according to the Ottawa Real Estate Board.

The average sale price for a "freehold-class property" in Ottawa last month was $709,739, up 0.5 per cent from the average sale price of $707,712 during the same month last year. Condominiums sold for an average of $425,968 in August, up 1 per cent from August 2022. "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 says there was a seven per cent increase in new listings last month compared to August 2022. There were 2,228 new homes on the market in Ottawa in August, while 2,234 homes were added to the market in July.

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