Sales included 658 homes, down 39 per cent from a year earlier, and 188 condos, down 50 per cent from November 2021. The five-year average for November is 1,270.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
“This is not isolated to our local market,” she said. “Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more.The average sale price for a condo-class property in November was $415,533, down of four per cent from November 2021. The average sale price for a residential-class property was $680,031, down five per cent from a year earlier.
But year-to-date average sale prices of $774,422 for houses and $454,436 for condos are up eight per cent over 2021. “What’s concerning about the current market is the impact on first-time homebuyers,” Torontow said, pointing to the drop in condo sales as a sign that even entry-level properties are being affected.
“Fluctuating markets, paired with the stress test, are keeping first-time buyers on the sidelines in a tight rental market — with MLS rentals increasing 27 per cent this year over last.”in hopes of lowering the country’s 6.86 per cent inflation.
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