CityNews: Ottawa housing market sees slight rise in average home prices year-over-year

CityNews: Ottawa housing market sees slight rise in average home prices year-over-year – According to the Royal LePage House Price Survey released October 13, the aggregate price of a home in Ottawa increased 2.7 per cent year-over-year to $744,500 in the third quarter of 2022.

Although the housing market has slowed over the past few months, the average price of a home in the capital increased compared to this time last year.

According to the Royal LePage House Price Survey released on Oct. 13, the aggregate price of a home in Ottawa increased 2.7 per cent year-over-year to $744,500 in the third quarter of 2022. However, on a quarterly basis, the aggregate price of a home in the city decreased 7.0 per cent.

“Despite softening home prices over the summer, Ottawa’s fall real estate market is trending towards more stable conditions as new inventory becomes available,” said Jason Ralph, broker of record, Royal LePage Team Realty. “We continue to see strong buyer demand in the region – even if lower than last year’s historical highs – and not enough supply to fully shift to a balanced market.”

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