The numbers are the latest indicators of softness in the local (as well as national) housing market.
The numbers are the latest indicators of softness in the local housing market, with the brokerage revising its projection of an anticipated hike in the median price for Ottawa by Q4 down to 10 per cent. The federal housing agency, the Canada Mortgage and Housing Corporation, also recently revised downward its forecast for average housing prices in 2022 from an expected 13.7 per cent hike to 11 per cent, with rising interest rates credited as a major factor.
The median price of a single-family detached home leapt 10 per cent to $930,500 on a year-over-year basis , while the median price of a condominium decreased one per cent to $416,900 from the same quarter last year .Article content Board members sold 1,508 properties last month, down from 2,122 in June 2021. Home sales declined 31 per cent, while condo sales fell 23 per cent.
But even when excluding 2020 and 2021 due to the unusual sale cycle caused by the pandemic, “ are still extremely high to a 10-year average. We’re not in a critical slowdown stage,” Rogan said.
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