Robust employment in the National Capital Region has helped push Ottawa’s hot housing market firmly into “seller’s territory,” Royal LePage said in its latest quarterly report released Wednesday.
The city’s aggregate home price in the three-month period from April to June jumped 6.2 per cent year-over-year to $474,049, the real estate firm said. Meanwhile, the median price of a two-storey home in the second quarter was $501,471, an increase of 6.9 per cent from 2018, while bungalows rose 7.4 per cent year-over-year to $479,900.
While the median price of a condo declined by 0.9 per cent to $321,359 compared with a year earlier, Royal LePage realtor Kent Browne said the report suggests Ottawa’s market shows no signs of losing momentum in the second half of 2019.
The real estate firm is predicting Ottawa’s aggregate home price at the end of this year will rise 1.6 per cent from year-end 2018, thanks in part to continued population growth and a “booming” high-tech sector, he added.
“It’s been an exciting market all around, with multiple offers,” Browne, the owner of Royal LePage TEAM Realty, said in a statement. “Last year, condos were a buyer’s market, but now we’re well into seller’s territory. A townhouse that sold at $295,000 three years ago would be $340,000 now.”
Across the river in Gatineau, aggregate prices also made gains in the second quarter compared with 2018, with two-storey homes up 4.9 per cent and bungalows rising 2.9 per cent.
Despite being a seller’s market, the National Capital Region remains more affordable than the national average. Royal LePage found the aggregate home price in Canada was $621,696 in the second quarter, up 1.1 per cent year-over-year. The median price for a two-storey home in Canada during that time was $727,165, while bungalows came in at $516,048 and the median price of a condo was $452,451.