Ottawa real estate: Home sales gaining momentum this summer [Video]

The number of homes sold in Ottawa was up 13.6 per cent in July compared to last year, according to the Ottawa Real Estate Board (OREB).

A total of 1,241 homes were sold in the capital last month, says the OREB, noting that this increase could be an indication that buyers are slowly gaining confidence, especially after the latest Bank of Canada’s (BofC) interest rate cut. Currently, the central bank’s interest rate is 4.5 per cent.

“Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings. Of course, the extent to which that translates into transactions depends on the type of properties and price points available in our communities as supply and affordability issues persist,” said OREB president Curtis Fillier.

“Two consecutive interest rate cuts by the Bank of Canada, coupled with the federal government’s introduction of 30-year amortization periods on …