The Royal LePage House Price Survey was released earlier this week, and reports that residential home prices have remained steady over the last year in Ottawa. Slight increases are noted for detached homes when compared to 2012 prices, with the average price of a two-storey home increasing by 1.8 percent, and bungalows 1.9 percent. The survey is the highlight of a recent Ottawa Citizen article.
As Royal LePage Performance Realty’s John Rogan mentions in the article, the number of available properties have also increased. When compared to 2012, “there were 28 percent more condos for sale at the end of June this year”, and there are “13 percent more options in 2013” for those looking to buy a family home. The result has been that buyers can now be more cautious when they are searching for their next home. The prices have not seen dramatic increases, and yet there are more homes for a buyer to choose from.
As Rogan notes in the article, the homes will still be sold, but buyers may go through “a process of maybe not buying the first house, but buying maybe the second or the third”. Although the prices of homes in Ottawa continue to increase in slight increments, the survey does suggest that this “abundance of options will prevent a jump in Ottawa housing prices for the rest of the year” and that it is unlikely that the prices will fall.
Click here to read the full article from the Ottawa Citizen.