Home prices in Ottawa are on the rise but an economist with TD says owning a home in the nation's capital is still significantly more affordable than in other major markets in Canada.
Numbers released today from TD Economics show Ottawa leading the country in gains with the quality-adjusted MLS home price index up 9.7% this September over last.
TD Economist Rishi Sondhi calls that "really strong home price growth". He says there are "lots of positives for the Ottawa market including robust population growth".
Add in a strong economy and low mortgage rates .
"All of that is taking place against a backdrop of affordability in Ottawa, compared to other markets, even if these price hikes mean it's deteroriating somewhat".
Montreal and Toronto also saw significant increases of 7.3% and 5.2% respectively. Overall the price index was up 1.3% year over year, weighed down by markets out West. In Vancouver prices are down 7.3%
