Ottawa home sales down 2.7% in October amid rising borrowing costs

Home for sale autumn

Ottawa home sales fell 2.7 per cent last month compared with October 2022 as rising mortgage rates put a damper on activity.

The Ottawa Real Estate Board says 816 homes changed hands last month. A total of 10,686 homes have been sold in the first 10 months of 2023, down 12.3 per cent from the same period last year.

OREB president Ken Dekker said apartments are seeing the biggest jump in sales activity as the market adjusts to rising interest rates that have driven up borrowing costs.

OBJ360 (Sponsored)

“Life is expensive these days, which likely has both buyers and sellers staying put,” Dekker said in a statement. “We’re seeing a slow decline in sales activity, but it’s minimal and not unexpected for this time of year.”

The average home price reached $660,836, a 2.9 per cent increase from last October. Year-to-date, the average price is down 5.9 per cent to $671,983.

New listings rose 6.6 per cent to 1,895 in October compared with the previous year, while active listings were up 16.7 per cent to 3,062. That’s the highest number of October listings in Ottawa in more than five years.

Get our email newsletters

Get up-to-date news about the companies, people and issues that impact businesses in Ottawa and beyond.

By signing up you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time.