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Ottawa MLS® Home Sales Hold Steady in Lackluster September

October 6, 2023

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.

Home sales were 29.6% below the five-year average and 23.6% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 9,889 units over the first nine months of the year. This was a large decline of 13% from the same period in 2022.

“Sales activity came in right on par with where it stood at the same time last year but was still running well below typical levels for a September,” said Ken Dekker, OREB President. “New listings have surged in the past several months, which has caused overall inventories to begin gradually rising again. However, available supply is still low by historical standards, and we have ample room to absorb more listings coming on the market. Our market is also right in the middle of balanced territory, and while MLS® Benchmark prices are down from last year they are still trending at about the same levels from 2021.”

OREA CEO TIM HUDAK STATEMENT ON FEDERAL GOVERNMENT PLEDGE TO REMOVE GST ON PURPOSE-BUILT RENTALS

SEPTEMBER 15, 2023

We cannot hope to solve the housing affordability crisis without addressing the need to have access to homes across the housing spectrum. 

 The Government of Canada’s pledge to remove GST on the construction of new rental buildings will go a long way towards making that happen, and OREA commends Housing Minister Sean Fraser and the Trudeau Government for putting this solution forward.

For years, Ontario REALTORS® have called on all levels of government to expand the range of options and choices in the housing market, including rentals and other innovative housing solutions. The GST removal on rental buildings will encourage developers to build more homes that people can actually afford and is a big step in the right direction.

This sentiment is shared by the Ontario government, with Minister of Municipal Affairs and Housing Paul Calandra and Premier Ford also pledging to remove Ontario’s portion of the HST on the building of purpose-built rentals as soon as possible.

OREA is pleased to see the collaboration and policy alignment between the federal and provincial governments when it comes to housing and bringing more supply to the market. This is the type of work we need to see in order to bring affordability home for all Canadians and we hope to see more alignment on housing policy across all levels of government.

Now, municipalities need to join us at the table and consider pro-housing solutions, like ending exclusionary zoning and fighting NIMBYism, if we want to solve the housing affordability crisis in our major cities.

OREA commends Prime Minister Trudeau and the Liberal Party of Canada for putting this pledge to build more homes forward, paving the way forward for the future of housing in Canada.”

- Tim Hudak, CEO of the Ontario Real Estate Association

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