Market was characterized by mounting demand, strong purchasing power, and an upward trend in prices
Over the past year, Ottawa has established itself as one of the strongest sellers’ markets nationwide, the latest edition of Royal LePage’s House Price Survey noted.
The city’s 2018 performance owes a lot to the strong purchasing power inherent in an economically healthy region.
“Homes that come on the market are quickly sold, with multiple offer situations often present,” according to John Rogan, broker of record and branch manager of Royal LePage Performance Realty.
“Overall, healthy employment and wages are propelling higher housing demand in the region. This increasing demand, coupled with Baby Boomers remaining in their homes longer than previously expected, is putting pressure on all housing types and fueling price appreciation.”
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Rogan stated that Ottawa boasts of a good selection of its older condo units, which are still available for lower than $350,000 – and this, combined with the relatively high average income, has spurred last year’s market dynamism.
During the fourth quarter of 2018, the aggregate housing price in the city increased by 9.3% year-over-year to reach $475,831.
Demand for Ottawa’s two-storey homes prompted an 11.0% annual increase to $510,840, as well as 6.3% growth for bungalows (up to $453,698). Condos had a more muted, but still respectable, 3.1% rise to $328,436.
