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.”
(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
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.
