House prices were relatively flat in the capital last month, reflecting a mixed market and lower sales, according to the latest Royal LePage report released Wednesday.
The price of detached bungalows rose 1.3 per cent year-over-year, to $401,667, and standard two-storey homes also saw a modest price increase of 0.8 percent to $402,250. Standard condominium prices fell slightly, down 0.7 per cent to $257,500.
“Hesitant buyers and increased inventory led to a relatively soft housing market by our usual standards, in part due to the lingering effects of a long winter,” John Rogan, broker manager at Royal LePage Performance Realty, said in a release. “Condo prices have softened as there is a significant number of new units making their way onto the market at the same time.”
OBJ360 (Sponsored)
Why your next investment should be Canadian art
Ahead of its highly anticipated Give to Get Art Auction on May 29th, the Ottawa Art Gallery (OAG) offers some expert advice on investing in art. Art can inspire, spark
Minto’s Metro Towns at Anthem in Barrhaven & Parkside in Kanata offer attainable home ownership
Guided by the needs of homeowners, Minto has been building new homes and master-planned communities across Canada and the USA for 70 years. To ensure the best quality of life
Mr. Rogan estimates Ottawa buyers are six weeks behind schedule thanks to the long winter, while sellers are listing at the same time as usual, leading to increased inventory.
Royal LePage forecasts average prices will rise 2.5 per cent in Ottawa for the rest of 2014.
Nationally, the survey found prices across the country were up between 3.9 per cent and 5.2 per cent, but these numbers were driven by increased demand in Toronto, Montreal, Calgary and Vancouver.
The survey found the Ottawa numbers to be relatively consistent with those in the next tier of city-size.
