Home sales in Ottawa decreased sharply again in August as higher interest rates continued to cool the real estate market.
The number of homes sold in August was down 27 per cent year-over-year, the Ottawa Real Estate Board reported Tuesday.
“Buyers are uncertain about their purchasing power given impending additional interest rate hikes,” Torontow said. The year-over-year average price of a home in Ottawa went up five per cent, to just under $708,000. However, it’s down from the previous month, which saw an average price of more than $716,000.
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