The average price of a residential property in the capital was $550,933.75 at the end of August, down 1.1 per cent from a year earlier, real estate network says in its fall market outlook.
In its latest housing market outlook released Thursday, the association said it expects 532,545 properties to trade hands via Canadian MLS systems this year.
“Eventually, interest rates will go back down, and then people are going to (scramble) trying to buy everything up,” Paul Rushforth predicts, adding city could see “a mini version" of 2021's frenzy.
Rising home prices 'unsustainable,' realtor says as Ottawa resale transactions fall for sixth straight month
Ottawa realtors sold 1,137 residential properties in August, down 27 per cent from the 1,565 transactions a year earlier and well below the five-year average of 1,603.
Desjardins is forecasting the average home price in Canada will decline by nearly 25 per cent by the end of 2023 from the peak reached in February of this year.
Sales worth $1 million or more now account for nearly one in five Ottawa residential transactions – up from less than five per cent just two years ago, Engel & Volkers says.
The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.
Firm says it now expects the aggregate price of a home in Ottawa will be up 10 per cent in the fourth quarter of 2022 compared with a year earlier, down from its previous forecast of 13 per cent.
Members of the Ottawa Real Estate Board sold 1,508 residential properties last month, a drop of nearly 30 per cent from June 2021.
Economists attribute much of the cooling to rising interest and mortgage rates.