The price of a home in Ottawa was on the rise in the final quarter of 2018, with the latest report from Royal LePage showing low inventory and strong demand turning the capital into a “seller’s market.”
According to the real estate services firm’s quarterly housing survey, Ottawa’s aggregate home price in the final three months of last year was $475,831, an increase of 9.3 per cent over the same period in 2017. Aggregate prices were up 1.7 per cent quarter-to-quarter.
The median price of a two-storey home topped $510,000 in the quarter, an increase of 11 per cent. Bungalows hit a median price of $453,698 while condos sold for $328,436, increases of 6.3 per cent and 3.1 per cent, respectively.
OBJ360 (Sponsored)
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
The value of an Algonquin College degree: Experiential learning, taught by industry experts
Zaahra Mehsen was three years into a biology degree at a local university when she realized she wanted to take a different path. “I realized that it’s not my thing,”
John Rogan, broker of record at Royal LePage Performance Realty, said in a statement that homes are spending less time on the market in Ottawa and often see multiple offers. The tight supply, combined with a healthy local economy, is driving up prices in the capital, he said.
The aggregate price of a home across the river in Gatineau was also up in the fourth quarter, increasing 3.9 per cent year-over-year and 0.6 per cent quarter-to-quarter.
While prices may be rising at a faster rate in Ottawa, the National Capital Region remains more affordable than the national average. Royal LePage found the aggregate home price in Canada was $631,223 in the fourth quarter, up four per cent year-over-year. Over those three months, the median price for a two-storey home in Canada was $745,000, while bungalows and condos clocked in at $516,950 and $447,915, respectively.
