The Ottawa Real Estate Board (OREB) reports that consumer confidence is cautiously rising in Ottawa's resale market. In October 2024, home sales increased to 1,179 units, up from 1,047 units in September. However, this is still 3.9% below the five-year average and 0.9% below the 10-year average for October.
On a year-to-date basis, home sales totaled 11,662 units, a 9.4% increase from the same period in 2023. The rise in consumer confidence is attributed to a recent 50-basis-point interest rate cut by the Bank of Canada. Despite this positive trend, challenges such as high interest rates and a tight housing supply persist.
OREB leaders are advocating for innovative policies to address the housing supply crisis, including investing in offsite construction technologies and extending HST/GST relief for affordable housing.
source: https://www.oreb.ca/newsroom/consumer-confidence-cautiously-on-the-rise-in-ottawa-resale-market/
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