A limited supply of homes for sale, particularly at the lower end of the market, coupled with a healthy local economy caused another jump in the average selling price of homes last month, the Ottawa Real Estate Board says.
The organization says the average home resale price rose 7.4 per cent year-over-year in April to $488,729 – an all-time high for Ottawa. Less than three years ago, in 2016, average prices were barely flirting with the $400,000 mark.
The average condo resale price, meanwhile, reached $307,659, a year-over-year increase of 14.3 per cent.
(Sponsored)
Borden Ladner Gervais LLP and partners lead with generosity
Borden Ladner Gervais LLP (BLG) are no strangers to supporting charities in the nation’s capital. From the Boys & Girls Club of Ottawa to Crohn’s and Colitis Canada to the
OCOBIA eyes Ottawa BIA expansion as it gears up for election year
Michelle Groulx says it’s not difficult to spot the Ottawa neighbourhoods with their own business improvement area (BIA). That’s because, she says, BIAs are a visual and experiential representation of
“Our market is clearly suffering from low inventory, and we predict these conditions will persist until supply is restored,” OREB president Dwight Delahunt said in a statement. “The increase in price points are indicative that availability in the lower priced housing stock is just not there and is pushing people up to the higher end of the market.”
He added that Ottawa’s housing price points are still below the Canadian average and argued that local residents “tend to be in comfortable financial situations” thanks to the health of the local economy.
The number of homes that changed hands last month was largely flat at 2,032 properties, a year-over-year increase of 0.4 per cent.
