The aggregate price of a home in Ottawa is set to rise at a faster rate than the rest of Canada, according to the latest projections from real estate firm Royal LePage.
Comparing estimates for the fourth quarter of the year, the aggregate price of a home in the capital is expected to rise 4.5 per cent year-over-year, Royal LePage reports. That pushes the typical sale price of an Ottawa home to $516,200, past the half-million-dollar mark.
Royal LePage projects the median price of a two-storey detached home will hit $547,600 next year, a five per cent increase. Condo units, on the other hand, are expected to rise 3.5 per cent year-over-year to $341,300.
In a familiar story to the Ottawa real estate market, Royal LePage cites strong government employment and the city’s relatively robust tech sector as benefits to the local housing scene.
“Ottawa continues to be an affordable city with great jobs,” said Kent Browne, a broker with Royal LePage, in a statement.
“Inventory is tight and there are few rental units available, which puts pressure on the overall real estate market. We are seeing multiple offers on homes between $300,000 and $500,000 and we expect this trend to continue into the new year.”
Royal LePage’s national forecast sees aggregate Canadian home prices rising 3.2 per cent in 2020 to $669,800. Toronto and Vancouver are helping to drive up the absolute value of Canadian real estate, though Vancouver housing costs are expected to grow more slowly than prices in the nation’s capital.
Royal LePage’s projections fall below those of fellow real estate company Re/Max, which last month projected Ottawa’s average home sale price will rise six per cent by the same time next year.