Ottawa home prices continued to climb in the final quarter of 2019, according to new data released Thursday from Royal LePage.
Ottawa’s aggregate home price rose 5.3 per cent year-over-year in the fourth quarter of 2019, hitting $493,947 over the three-month span.
The median price of a bungalow in the capital shot up 10.1 per cent year-over-year to $501,195 in the quarter. Two-storey homes sold at a median price of $521,524, an increase of 4.4 per cent year-over-year, while condo prices were up 2.1 per cent to $329,828.
The prevailing trend in Ottawa’s housing market continues to be a lack of inventory needed to meet demand from the city’s homebuyers, according to local real estate observers. Kent Browne, broker and owner with Royal LePage TEAM Realty, said Ottawa’s strong economy and robust employment are attracting Canadians from other regions looking to move.
“If demand continues to outstrip supply, we expect to see further price growth this spring,” Browne said in a statement.
Royal LePage forecasted late last year that Ottawa’s aggregate home price is expected to cross the $500,000 mark in 2020.