'The craziness is over': Ottawa's real estate market inches toward stability, but home prices still increasing

“The craziness is over,” Rhéaume said on Sunday, but that doesn’t mean it’s less expensive to buy a home in the nation’s capital.

“July’s numbers reveal that buyers are indeed putting on the brakes more heavily than what is typically expected during the mid-summer sales dip,” board president Penny Torontow said in releasing the latest statistics.Article content When it comes to year-to-date average sale prices as of July, the board has the first seven months of 2022 at $805,238 for residential properties, which is an 11-per-cent increase over the same period in 2021, while condos were at $461,557, a nine-per-cent increase.Article content

Wendy Bell, the broker of record in an office of 250 agents, said news about higher interest rates and inflation had an impact on the market starting in the spring. Sellers have watched properties go for sums well beyond asking prices during the pandemic, while buyers recently have been reading about the market quickly returning to normal conditions. Both scenarios aren’t necessarily playing out in Ottawa.

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'CRAZINESS IS OVER': Ottawa real estate market moving toward stability, but prices still going upThursday, the Ottawa Real Estate Board released its analysis of July listings and sales and declared a \u0022profound slowdown\u0022 in the local home resale market. We have &always had a stable market here in ottawa as majority of people residing in Ottawa have stable jobs with the Government. Also amazing investment opportunity as our monthly rent are on par w/ Toronto! This is the best time to Buy as next rate hike is scheduled in Sept
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