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.
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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.