Buying Price of Home in Ottawa 2017


April 19, 2017 Facebook Twitter LinkedIn Google+ Real Estate News Ottawa


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The Buying Price of Home in Ottawa 2017

The buying price of a two story home in Ottawa rose 5.6 percent over the same time last year, in accordance with the most recent house pricing study from Royal LePage. The median cost of $437, 247 for a two story home in Ottawa paled when compared to the national numbers, where the median prices for comparable homes shot up 13.9 percent to $681, 728.

Toronto bear some of the blame for that increase, as the Royal LePage study Note the Greater Toronto Area has overtaken Vancouver as the most overheated housing market within the nation. Ottawa agent John Rogan said Ottawa showed healthful growth for the first 3 months of 2017, and more bidding wars than usual, but not because it is experiencing any spillover from the overheated Greater Toronto Area, an industry he describes as insane.

Ottawa agent John Rogan said Ottawa showed healthful growth for the first 3 months of 2017, and more bidding wars than usual, but not because it is experiencing any spillover from the overheated Greater Toronto Area, an industry he describes as insane.

The Toronto market will be a difficult market to work in, said Rogan. It isn’t a good market for anybody whenever you get prices like that. Perhaps an opportunist that sells their house who requires their money and buries it in a bag, or anything.

Ottawa avoids large heights or Lows.

These newest numbers came on the same day that the federal and Ontario Ministers of Finance met with Toronto Mayor on how to assemble rein in the GTA’s hot market. The study also broke out cost modifications for numerous housing types, and found the median cost of the bungalow in Ottawa rose 6.9 percent to $411, 375 and the median cost of the condominium went up 3 percent to $324, 455.

The Canadian Real Estate Association, meanwhile, documented its newest monthly data Tuesday, saying home costs climbed a modest four percent in Ottawa from this time last year, to $345, 000 on average. Ottawa, he says, does not have the large peaks or the large valleys, in part due to the steadying influence of having this type of bigger federal public service.

Rogan said he’s agents and the number of questions, not heard about individuals attempting to cash out from the Toronto market to purchase in Ottawa. Instead, Rogan said Ottawa constant growth and bidding wars may be attributing to there being fewer houses available on the marketplace, which is putting pressure on prices.

Contact Jeraud Humphreys of Keller Williams Integrity Realty

 

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