Home prices and sales in the Canadian capital have surged in recent months, according to industry data. The growth in the city’s residential real estate market contrasts the situation in Toronto, where the market has suffered a decline in housing sales and prices.
This means property management in Ottawa will eventually be more in demand.
During the second quarter of 2017, Ottawa’s housing prices rose 8.2% to $432,864, according to the Royal LePage House Price Survey. However, the increase might be because of a smaller supply of homes across the city.
The survey noted that the city’s housing inventory fell more than 20% compared to the same period in 2016. This figure represented three-year lows across Ottawa, which isn’t particularly good for buyers amid a shortage of listings. On the other hand, sellers may see this as a good opportunity to liquidate their investment. For instance, the value for a two-floor house in the city amounted to $460,277, up 10.4% year over year, while the median price for a condominium unit increased by 3.9%.
Data from the Ottawa Real Estate Board revealed that more homes were resold in June. More than 2,100 properties changed possession in the month, representing a 10% increase compared to almost 2,000 homes in the same month of 2016.
Sales of properties worth more than $1 million also rose, according to the data. Still, the Ottawa Real Estate Board said that properties in the city remain affordable in general. An estimated 35% of listings still amount between $300,000 and $400,000, significantly lower than the average sale price of $793,915 in Toronto.
Whether you intend to buy or sell a property, it will often be better to consult a professional so you can make an informed decision for every real estate deal. Expert opinion is also helpful when it comes to property valuations.