Realtors and lawyers say they have noticed buyers looking at what options they have to get out of a purchase because conditions have shifted dramatically from the previous highs and frenzied pace.
The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.
Multi-unit starts on the Quebec side of the river dropped from 547 in April 2021 to just 163 last month, a decline of 70 per cent.
Ottawa firm said its funds from operations rose nearly 18 per cent compared with the first quarter of 2021, while its same-property occupancy rate jumped almost five percentage points.
Ottawa-based REIT's overall revenue grew 8.4 per cent year-over-year to $32.5 million as the occupancy rate of its unfurnished suites ticked up to 94.2 per cent from 91.1 per cent in the same period.
A total of 1,889 residential properties changed hands in April, the Ottawa Real Estate Board says, a 21 per cent decline from a year earlier and just above the five-year average of 1,849.
Builders began work on more than 10,000 new housing units in the capital last year – but that flurry of new construction still wasn’t enough to keep up with city's population growth, agency says.
'Tracking in the right direction': new InterRent boss Brad Cutsey sees big things ahead for Ottawa-based REIT
Cutsey, InterRent's president since 2015, is taking over as chief executive from Mike McGahan, who’s stepping aside after 12 years at the helm.
Rising interest rates and job uncertainty will combine to cool down Ottawa’s red-hot home resale market a few degrees in 2022 – but not enough to put the brakes on price hikes, agency says.
Firm is now predicting the aggregate price of a home in Ottawa will jump 13 per cent in the fourth quarter of 2022 compared with a year earlier, up from its earlier forecast of nine per cent.