Latest numbers from the Canadian Real Estate Association showed that home price growth in Ottawa stood at a robust 15% average from 2016 to 2018.
This translated to a $56,300 increase in the average home price during the time frame, reaching $433,500 as of December 2018.
The trend also represented a considerably accelerated pace from 2016, as the gain from December 2013 to December 2018 was around $82,000, the Ottawa Citizen reported.
Much of this can be attributed to the market’s relatively high average income, which pushed the city towards becoming one of Canada’s most active sellers’ markets last year.
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“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.”
As of Q4 2018, Ottawa’s aggregate housing price in the city went up by 9.3% year-over-year to reach reached $475,831.
CREA’s figures indicated that Ottawa’s pace was noticeably greater than the averages exhibited by Toronto (just around 3%) and Vancouver (almost flat) during the 2016-2018 period.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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