The median price of a home in the nation’s capital climbed to $437,243 in the first quarter of the year amid declining inventory levels and ongoing migration from other cities, according to one of the country’s largest real estate firms.
Royal LePage said on Friday that home prices rose 4.7 per cent, year-over-year, in the first three months of the year. That’s below the national average of 6.2 per cent, Royal LePage said.
"Inventory levels in the region have continued to drop over the last six months," said John Rogan, broker of record at Royal LePage Performance Realty, in a statement. "There are not a lot of new homes being built in the region and as a result, the properties that do go up for sale are receiving multiple offers.”
Royal LePage calculates its aggregate prices using a weighted average of the median values of all housing types collected.
Its findings come on the heels of the Ottawa Real Estate Board reporting that the average home price reached $447,561 in March.