Ottawa Real Estate Market Update for August
If so, then it’s important that you enter the market prepared with the most up-to-date information on recent activity.
That’s where we can help! Today we’re going to give you an overview of recent sales on the local housing market in Ottawa.
Report: Home Prices Relatively Stable in Ottawa
According to the latest Royal LePage report, home prices remained relatively flat in Ottawa last month.
- The price of detached bungalows increased 1.3 per cent year-over-year, to $401,667.
- Meanwhile, standard two-storey homes saw a price increase of 0.8 percent to $402,250.
- Standard condominium prices slightly decreased, down 0.7 per cent to $257,500.
- Nationally, home prices across the country were up 3.9 per cent to 5.2 per cent.
- Those numbers were mostly driven by all of the increased demand in Toronto, Montreal, Calgary and Vancouver.
Experts credited this activity to the fact that some buyers may still be hesitant about entering the market and also, inventory is on the rise. When that happens, it tends to stabilize home prices. Conversely, when there’s a shortage of available homes for sale, it tends to drive up prices.
Real estate analysts also suggested that the higher inventory is due to the fact that home sellers are listing their homes about the same time as usual, but that home buyers entered the market later than usual because of the long winter.
Royal LePage predicts that average prices will increase 2.5 per cent in Ottawa for the duration of 2014.
How Can We Help You Enjoy a Successful Real Estate Outcome in Ottawa?
We have years of experience helping people just like you navigate the market and we would be glad to assist you as well by offering practical advice and easy-to-use resources.
Contact us today to see how we can help make your real estate dream a reality!
Until next time,