Ottawa Real Estate: Home sales up nearly 50 per cent in October [Video]

Ottawa home sales increased nearly 50 per cent in October, as “consumer confidence is getting stronger” following a fourth cut in interest rates this year.

New statistics from the Ottawa Real Estate Board show 1,179 homes and condominiums were sold in Ottawa last month, up from 816 units in October 2023.

The composite benchmark price for a home in Ottawa was $639,500 in October, up 0.4 per cent from $638,600 the year before. The average price for a condominium dropped 3.4 per cent to $407,000 in October.

“We’re seeing positive movement in Ottawa’s market with sales activity up,” Curtis Fillier, president of the Ottawa Real Estate Board, said in a statement.

“This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many …