One of the country’s largest residential real estate firms says the supply of homes on the market will remain tight into next year, putting upward pressure on prices.
Royal LePage’s latest market survey forecast, released Wednesday, projects aggregate prices in the nation’s capital will rise 3.2 per cent next year to $458,208.
According to separate figures from the Ottawa Real Estate Board, average resale prices reached an all-time high of $436,625 in May before retreating to $418,354 in November.
“Ottawa is known for its steady growth and we expect consumer confidence to remain high throughout 2018,” said Hanna Browne, a broker at Royal LePage Team Realty, in a statement.
“Most buyers who migrate to Ottawa have found employment locally prior to arriving; however, we are still seeing a surge of demand from buyers employed in Toronto who have the ability to work remotely full- or part-time.”
Royal LePage Team Realty said the high demand for housing in Ottawa means a new “stress test” that will be required for all uninsured mortgages across the country will have a limited impact on local home sales and prices.
Earlier this month, OREB predicted that some buyers would try to purchase homes before the end of this year ahead of the new regulations coming into effect.