Economists attribute much of the cooling to rising interest and mortgage rates.
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.
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.
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.
Ottawa-Gatineau’s apartment-building bonanza continued to drive the local housing construction market in December, with the number of multi-unit starts nearly doubling year-over-year