As Ottawa housing prices continue to accelerate, the head of the local real estate board says many first-time buyers are now effectively faced with two choices: Living in one of Ottawa’s outlying communities – “driving until they qualify” – or purchasing a condo.
The Ottawa Real Estate Board says the average house price jumped 7.9 per cent year-over-year to $449,613 in September. Condo prices climbed at a similar pace, increasing 7.6 per cent to an average of $282,781.
“We continue to experience supply-side issues going into our fall market,” said OREB president Ralph Shaw in a statement. “A lack of supply is putting an upward pressure on prices in some areas.”
(Sponsored)
Invest with confidence: Hydro Ottawa funds technical studies for business retrofits
For Ottawa businesses, the opportunity to improve building performance has never been greater. Energy retrofits can cut emissions, strengthen operations, extend the life of assets, reduce operating costs, and position
In a tough economy, investing in community is more important than ever
When finances are tight, it might seem counterintuitive to give back, but supporting our most vulnerable neighbours this holiday season can actually help businesses weather their own challenges. At United
Ottawa’s low rental vacancy rate, coupled with a strong labour market, is pushing more residents into the housing market and increasing demand.
OREB members sold 1,393 homes last month, an increase of 0.7 per cent from September 2017. Shaw said the increase would have been higher if there were more homes on the market.
House sales actually declined by 2.5 per cent, while condo sales jumped 11.9 per cent, year-over-year.
Shaw suggested that the strengthening condo market could spur some developers to kickstart some previously shelved projects.
