Home resales drop 17% in September

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Housing sales in Ottawa dropped to their lowest level in eight months, according to the Ottawa Real Estate Board.

The number of units sold was down 17 per cent year-over-year, with 993 units compared to last September’s sales of 1,201.

Ottawa home resale prices continue to climb, with an average price of $351,585 in September. That’s up almost five per cent year-over-year and up one percent compared to August. It’s also a 15.4 per cent increase since OBJ began compiling information in 2009.

OREB president Ansel Clarke said in a statement that new mortgage rules that came into effect in July could be continuing to impact the number of sales, as well as uncertainty surrounding job losses in the public service.

September sales included 210 condominiums and 783 residential properties, compared to 281 and 920 last year.

So far, OREB members have sold 11,696 homes in 2012, up from 11,613 in the first nine months of 2011.