Economists attribute much of the cooling to rising interest and mortgage rates.
Canadian homebuyers are increasingly considering credit unions and private lenders to secure mortgages as rates rise, brokers say.
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.
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.
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.
Residential-class properties changed hands for an average of $853,615 in March, up 13 per cent from the same month in 2021, real estate board says, even as sales fell compared with a year earlier.
A total of 1,766 homes sold for at least $1 million in Ottawa in 2021, more than double the previous year’s tally of 750 such “luxury” transactions, the firm says.
Canadian Real Estate Association said Monday that about 667,000 residential properties changed hands in 2021, about 30 per cent more than the 10-year average.
Median price of a single-family detached home in the capital rose 20 per cent year-over-year to $876,600 in the quarter, while condo prices increased 11.5 per cent to $417,700.
Firm predicts the city’s housing inventory will grow slightly in the year ahead but says “low levels are expected to remain a concern.”