Economists attribute much of the cooling to rising interest and mortgage rates.
Canadian Real Estate Association
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.
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.
The average price in the nation’s capital last month was $730,300, according to the Canadian Real Estate Association, up from $630,000 in February 2021.
Developers launched 640 new builds last month, agency says, down three per cent from the 661 starts recorded in January 2021.
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.
It's the fourth month in a row that housing starts in the region were behind their pace from 2020.
After a year that saw home average home prices jump 20 per cent, Ottawa homebuyers can expect little relief in the months ahead, according to a major Canadian real estate brokerage.