Ottawa MLS® October Home Sales Show Typical Lull
The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 816 units in October 2023. This was a small reduction of 2.7% from October 2022.
Ottawa MLS® Home Sales Hold Steady in Lackluster September
The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 946 units in September 2023. This was unchanged from September 2022.
Ottawa Resale Market Stalls in August, Supply Challenges Persist
Members of the Ottawa Real Estate Board (OREB) sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.
Stabilized July Resale Market Showing Positive Price Gains
Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.
Ottawa resale market heats up in May
Sales increase for the first time since February 2022
Members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties in May through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,830 in May 2022, an increase of 6%. May’s sales included 1,477 in the freehold-property class, up 8% from a year ago, and 462 in the condominium-property category, a 1% increase from May 2022. The five-year average for total unit sales in May is 1,961.
First-time home buyers:
- First-Time Home Buyer Incentive (FTHBI): Provides a shared equity mortgage with the Government of Canada to help first-time home buyers lower their monthly mortgage payments without increasing their down payment.
- First-Time Home Buyers’ Tax Credit (HBTC): Budget 2022 proposed increasing the amount used to calculate the First-Time Home Buyers’ Tax Credit to $10,000 (from $5,000), which would provide a tax credit of up to $1,500 to eligible home buyers. This amendment applies to the 2022 and subsequent taxation years.
- Home Buyers’ Plan (HBP): Allows eligible home buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to put towards the down payment of their first home.
- Tax-Free First Home Savings Account (FHSA): Designed to give first-time home buyers the ability to save $40,000 on a tax-free basis with an annual contribution limit of $8,000. The government is working with financial institutions to have the infrastructure in place for individuals to be able to open an FHSA and start contributing at some point in 2023.