m city condos review.Property sales in Ottawa fell 42% in November! The economic situation in Canada is not optimistic after the central bank has raised interest rates one after another, which has also affected the housing market.Please Visit: m city condos review to Get Your VVIP Registration Today!
“November sales are expected to be low, given that November is a low ebb in the housing market, but last month’s data also reflect the economic situation,” the Ottawa Real Estate Board said in an official report. ”
According to the latest data from the Ottawa real estate board, 846 homes were sold in Ottawa in November, down 42 per cent from November and down from 1456 in November.
It was also the biggest drop in sales so far this year.
The number of new homes added in November was 1598, up 12% from last year, compared with an average of 1398 over the past five years.
Inventory in the Ottawa housing market has risen to 3.5 months, closer to the four-month goal of balancing the market, up from 0.9 months in the same period last year.
In November, the average house price in Ottawa was 621000, down 3.7 per cent from the same period last year.
The average house price of Residential in Ottawa was $680000 in November, down 5.2% from a year ago, but up slightly from the previous month.
The average house price of Condo last month was $415000, down C $30,000 from October and 3.8 per cent from the same period last year.
What about the housing market in Kanata and Barrhaven, the favorite communities of Chinese in Ottawa?
A total of 72 homes were sold in the Barrhaven area in November, down 34.5% from a year earlier.
The average house price in the Barrhaven area was 684000 last month, down 5.6 per cent from last year.
Kanata sold 60 homes in November, a plunge of 37.5% compared with last year.
The average house price in Kanata is 693000, a 7.5 per cent drop compared with the same period last year.
Patun and Katun, as two Chinese favorite investment areas in Ottawa, prices have always been very strong, but after successive interest rate increases this year, prices have fluctuated very sharply.
“We are still adapting to the post-pandemic world, with pricing, demand, supply chain, cost of living and so on all affected, and people with the ability to wait and see,” said Penny Torontow, director of Ottawa Real Estate.
The housing market in Ottawa is indeed very deserted at the moment. According to CTV, the average price of residential property in Ottawa has fallen for eight months in a row, plunging C $170000 from its peak in March.
