Ottawa’s real estate market heated up in August with home sales jumping 10 per cent, but home prices remained sluggish through the summer.
The Ottawa Real Estate Board says 1,100 homes were sold in Ottawa in August after 1,241 units were sold in July.
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The benchmark price for a new home or condominium sold in August was $646,000, down 0.3 per cent from August 2023. The benchmark price for a single-family home was $732,500 last month, down 0.3 per cent from the year before. Statistics show the benchmark price for a single-family home in Ottawa dropped from $734,700 in July to $732,500 in August.
The real estate board says the Bank of Canada’s cut in interest rates again this week should help extend the hot summer market into the fall.
“Being a seasonal market, it’s …