The Ottawa housing market picked up in August, with home sales up 10 per cent, although prices remained stable over the summer. According to the Ottawa Real Estate Board, 1,100 homes were sold in August, up from 1,241 in July.

The benchmark price of a new home or condo was $646,000 in August, down 0.3 per cent from August 2023. The benchmark price of a single-family home was $732,500 last month, also down 0.3 per cent from a year ago. In July, the benchmark price of a single-family home in Ottawa was $734,700.

The Real Estate Board expects the Bank of Canada’s interest rate cut this month to help support market activity into the fall. There were 1,907 new home starts in August, up 0.2 per cent from August 2023. As of the end of August, there were 3,324 homes for sale in Ottawa.

According to Paul Tsang, president of the Real Estate Council, affordability remains a major concern for buyers.

Yuri B