Ottawa’s housing market is expected to remain strong this year.
The Royal LePage House Price Survey shows Ottawa housing prices increased 8.2 per cent in the second quarter to $432,864.
The new report says inventory levels across Ottawa have reached three-year lows. Inventory is down by more than 20 per cent when compared to the same time last year.
Royal LePage Team Reality broker Hanna Browne says “in recent months, we have seen a Toronto-like effect with many buyers and not enough listings to go around.”
The average price of a two-storey home in Ottawa increased 10.4 per cent year-over-year to $460,277 in the second quarter. The median price of a condo and bungalow rose by 3.9 per cent and 2.6 per cent respectively.
Looking ahead to the rest of 2017, Royal LePage forecasts that the median price of an Ottawa home will climb 6 per cent to $439,332.
