Ottawa Ontario’s real estate market performance is quite different from the rest of Canada. Ottawa’s market has shown growth for years. “With our average home prices lower than the national average and our high employment levels, there is no doubt that Ottawa is one of our country’s most ideal locations to live, work, play, and raise your family.” says Ralph Shaw, President of the Ottawa Real Estate Board.
Ottawa has been a seller’s market throughout 2018 and it’s expected that this trend continues through 2019. Lower inventory is a driving factor in the capital’s real estate market.
Will House Prices Drop in Ottawa in 2019?
It’s expected that home prices in Ottawa will continue to rise. According to Remax, the average sale price of a residential home in Ottawa was $408,906 from January 2018 to October 2018.
This average was an increase of 4 percent from the previous year. Remax expects the average sale price of a residential home to increase another 4 percent through to October 2019, bringing it to $425,000.
CMHC states that Ottawa’s residential real estate market is ready for further healthy growth over the coming years. Coupled with the high median household income and its low unemployment, the nation’s capital benefits from growth, stability and a healthy economy.
The Rise of the First-Time Homebuyer in 2019
Remax predicts that the 2019 Ottawa housing market will be dominated by first-time home buyers. Ottawa shows a significant gap between new and re-sold home prices making the resale market appealing, particularly to first-time homebuyers.
Young couples and families looking to buy their first home will predominantly flock to townhomes and condominiums in the price range of $350,000 to $500,000.
2019 is a Great Year to Buy or Sell!
As the Ottawa real estate market continues to thrive in 2019, resale prices continue to rise and the economy flourishes, the nation’s capital remains one of Canada’s most attractive places to buy a home. If you are looking for the perfect home for you and your family or as an investment property, we at Sylvain Bourgon Real Estate Group are here to help you make the most informed decision.
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If you are seeking advice on buying a home in the Ottawa area, or have more questions for us, we are happy to provide you with helpful guidance and support. Email us at info@buyandsellottawa.ca or call us at 613-590-3036.