The average home price in Ottawa fell in the second quarter compared with a year earlier, Royal LePage says.
The firm’s latest house price survey says the aggregate price of a home in the nation’s capital was down 4.8 per cent year-over-year at $761,600 in the second quarter of this year.
The report says the median price of a single-family detached home in Ottawa decreased 5.8 per cent year-over-year to $876,400 in the second quarter, while the median price of a condominium dropped four per cent to $400,100 during the same period.
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On a quarter-over-quarter basis, Royal LePage says the aggregate price, which averages out median values of all housing types, was up 4.9 per cent. After months of steady declines, home sales have recently been rising in Ottawa year-over-year as demand for housing continues to grow.
Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase seven per cent in the fourth quarter of 2023 compared with the same period last year.
“With a race to buy in full swing, this summer could be stronger than normal, especially if buyers expect interest rates to continue rising,” Jason Ralph, broker of record and president of Royal LePage Team Realty, said in a news release.
“After lagging sales in the early part of the quarter picked up in June, it’s clear that buyers don’t want to miss out on current rates. Some sellers are also eager to transact if they need to move for employment purposes, although those who are not desperate to list are holding off.”
Aggregrate prices down across country
Nationally, the company says the average home price in Canada in the second quarter also edged lower compared with a year ago.
The firm’s house price survey says the aggregate price of a home in Canada was down 0.7 per cent year-over-year at $809,200 in the second quarter of this year.
On a quarter-over-quarter basis, the report says the aggregate price was up four per cent.
Royal LePage says the real estate market is close to the point where it will have recovered fully from the drop in home prices last year when interest rates began to rise.
The aggregate price in the second quarter was down 5.6 per cent from the peak reached in the first quarter of 2022.
The firm says prices in the fourth quarter this year are now expected to be up 8.5 per cent compared with the fourth quarter of 2022.
– With additional reporting from the Canadian Press