Here's what $837,000 will get you in Ottawa's real estate market
The average price for a new home jumped 17 per cent in Ottawa in February, as a lack of supply continued to hamper homebuyers looking for a new home.
The Ottawa Real Estate Board says the average sale price for a residential-class property was $837,517 in February, up from $717,914 in February 2021. The average sale price for a condominium was $466,682, up 15 per cent from a year ago
A total of 1,421 residential properties were sold in Ottawa in February, up from 1,385 properties February 2021.
"Although February's resales were only three per cent higher than last year at this time, we saw a 52 per cent increase in the number of transactions compared to January's figures," Ottawa Real Estate Board President Penny Torontow said in a statement.
"While a month-to-month increase is typical for this time of year, the gradation of this increase is higher than previous years, which could be an indication that our spring market may ramp up earlier this year."
There were 1,762 new listings in Ottawa in February, four per cent higher than the five year average.
The Ottawa Real Estate Board released its statistics one day after the Bank of Canada increased the key interest rate a quarter point to 0.5 per cent in a bid to help fight inflation. Canada's big five banks all said they would increase their prime rates to 2.70 from 2.45 per cent.
Torontow says the board will be watching to see how the 2022 spring market plays out with higher interest rates and inflation, along with other macro factors in the "global environment" that could affect the local economy.
"Undoubtedly, the interest rate increase along with the higher rate of inflation will weaken potential Buyers’ purchasing power," Torontow said.
"And even though average price growths are not as acute as they were in the past two years, we are still seeing significant increases that are without question a result of the unrelenting high demand and current housing stock scarcity."
AVERAGE HOME PRICES AVAILABLE IN OTTAWA
CTVNewsOttawa.ca looks at houses available for sale in Ottawa between $800,000 and $850,000.
Barrhaven
A three bedroom, 2.5 bath, double car garage townhome at 349 Sweetflag Street in Barrhaven is on the market for $849,000. The lower level features a fully finished rec.room.
This townhome at 349 Sweetflag Street in Barrhaven is on the market for $849,000. (Photo courtesy: Realtor.ca)
Centrepointe
A fully renovated all brick bungalow at 1320 Fellows Road is on the market for $819,900.
This fully renovated all brick bungalow at 1320 Fellows Road is for sale in Ottawa's Centrepointe neighbourhood. (Photo courtesy: Realtor.ca)
Hintonburg-Mechanicsville
A three bedroom, two bath home at 461 Parkdale Avenue, a short walking distance from the Parkdale Market and the Ottawa Hospital Civic Campus, is on the market for $845,000. The lower level features a sizeable space for a family room, gym or rec. room.
Kanata
A four-bedroom, three bath detached home at 611 Silver Spruce Way in the Emerald Meadows neighbourhood of Kanata is on the market for $849,900. The home includes a finished lower level with large rec. room.
Orleans
A four-bedroom, three bath home at 266 Trail Side Circle in Orleans is on the market for $850,000. The basement is finished with a recreation room and optional 5th bedroom or office.
A four-bedroom, three bath home at 266 Trail Side Circle in Orleans is for sale. (Photo courtesy: Realtor.ca)
Overbrook
A semi-detached with two bedrooms, 3.5 bathrooms located at 111 Queen Mary Street is on the market for $819,000.
Stittsville
A four-bedroom, 2.5 bath home at 622 Eagle Crest Heights is on the market for $849,000. The home has an attached two-car garage.
This four-bedroom home on Eagle Crest Heights in Stittsville is for sale at $849,000. (Photo courtesy: Realtor.ca)
CTVNews.ca Top Stories
Initial count finished, but 49,000 ballots still to be reviewed in B.C. election
Nearly 50,000 ballots remain uncounted in the B.C. provincial election, and their contents – as well as the outcomes of any recounts – will determine the final result of the vote.
'He’s a hero': Father runs into burning home and emerges with two infant children
A Springfield, Ont. man is being hailed a “hero” after running into his burning home to save his two infant children.
A Kentucky man was declared brain-dead. Then he woke up, moments before donating his heart, his sister says
Nearly three years ago to the day, Anthony Thomas 'TJ' Hoover II was admitted to a Richmond, Ky. emergency room amid a bout of cardiac arrest. Hoover's family says they were told he showed no signs of brain activity, and the following day, they decided to take him off life support.
Standing desk health benefits may not stand the test of time, study finds
Office workers around the world have embraced standing desks as a passive way to improve their health, though the concrete benefits may not stand up to scrutiny, new research from the University of Sydney has found.
1 missing after Metro Vancouver home destroyed by mudslide
First responders are searching for the owner of a home in Coquitlam, B.C., that was destroyed by a mudslide Saturday.
Musk offers voters US$1 million a day to sign PAC petition backing the Constitution. Is that legal?
Elon Musk has already committed at least US$70 million to help Donald Trump win the 2024 U.S. election. Now he's pledging to give away US$1 million a day to voters for signing his political action committee's petition backing the U.S. Coinstitution.
New York Liberty win first WNBA championship, beating Minnesota Lynx 67-62
The New York Liberty finally have a WNBA championship after beating the Minnesota Lynx 67-62 in overtime of a decisive Game 5 on Sunday night.
Trump works the fry station and holds a drive-thru news conference at a Pennsylvania McDonald's
Republican presidential nominee Donald Trump manned the fry station at a McDonald's in Pennsylvania on Sunday before staging an impromptu news conference, answering questions through the drive-thru window.
Households who go electric could save hundreds a month, report says
A clean energy think tank says Canadian families could save hundreds of dollars a month if they switch their vehicles and home energy away from gas.