The typical worth of a house in Ottawa rose above $850,000 final month, one other document as low stock continues to drive costs greater.
The typical dwelling sale worth of $853,615 is a rise of 13 per cent from a yr in the past and $16,000 greater than final month, based on the Ottawa Actual Property Board.
“The housing provide scarcity will proceed to place robust upward stress on costs till that’s remedied,” OREB president Penny Torontow stated in a information launch.
A balanced housing market has about 4 months of stock. Ottawa’s has simply over half a month’s provide, based on the OREB. Consequently, properties that hit the market are “rapidly absorbed as a result of unrelenting excessive demand,” Torontow stated.
The typical sale worth of a condominium in Ottawa final month was greater than $479,000, up 10 per cent from the earlier yr.
The variety of houses bought in March is definitely down 12 per cent from the earlier yr. Torontow stated that might be as a result of March 2021 was unseasonably heat, or as a result of extra individuals took March Break holidays this yr with COVID-19 restrictions eased.
Nevertheless, the variety of transactions in March was nonetheless 12 per cent greater than the five-year common.
“March tends to be the early indicator of the spring resale market tempo, so we anticipate April’s numbers might be a greater indication of simply how the spring market will carry out, which tends to be the height time of yr for resales,” Torontow stated.
The Ontario authorities launched laws final week to extend the province’s housing provide, together with growing a overseas patrons’ tax to twenty per cent and increasing it to the complete province.
“We’re hopeful that with the appliance of those and additional measures, Ottawa’s many potential dwelling patrons ready on the sidelines will lastly be capable to get a foothold in our native market,” Torontow stated.