Home sales in Ottawa sharply declined again in August. 

The Bank of Canada raised the key interest rate by a full percentage point in July, the largest increase in 24 years.

This came after a series of hikes that started in March. The average home price year-over-year in Ottawa rose by five percent, to just under $708,000.

However, it fell from the previous month, which saw an average price of over $716,000.

Benny Toronto, president of OREB, said in a press release: "What happened to prices in 2020 and 2021 was unusual." "We are heading towards a balanced market, where buyers have options and sellers need to ensure they price their properties accurately."

Home sales in Ottawa declined by 35 percent in July and 29 percent in June.

Residential real estate saw a 28 percent decrease in sales in August.

The average condominium price was about $422,000, a four percent increase from the previous year but a slight decrease from July.