“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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