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Ottawa home prices increase 7.1% year over year: CREA, CBC report

Ottawa home prices increase 7.1% year over year: CREA, CBC report

Date Posted: September 18, 2018

Statistics released on September 17, 2018, by the Canadian Real Estate Association (CREA) show a small increase in national home sales between July and August 2018.

Highlights from the CREA report:

  • Home prices rose by 7.1% y-o-y in Ottawa (led by an 8.2% increase in two-storey single family home prices.
  • National home sales via Canadian MLS® Systems edged up by 0.9% in August 2018, marking a fourth consecutive monthly gain. However, sales activity is still running below levels in most other months going back to early 2014.
  • The actual (not seasonally adjusted) national average price for homes sold in August 2018 was just over $475,500, up 1% from the same month last year.
  • The national average price is heavily skewed by sales in the GVA and GTA, two of Canada’s most active and expensive markets. Excluding these two markets from calculations cuts almost $94,000 from the national average price, trimming it to just under $382,000.

The CBC also covered the news in an article that cited Ben Rabidoux, president of North Cove Advisors, a real-estate market research firm.

Highlights from the CBC article:

  • "In previous years, Ottawa's real-estate market didn't see the same price growth that a lot of southern Ontario went through, said Ben Rabidoux, president of North Cove Advisors, a real-estate market research firm."
  • "'You could almost argue this is a bit of a catch up ... because Ottawa had underperformed for so long,' he said."
  • "Ottawa's growth was higher than several other places in the province the association tracks. Home prices rose 1.4 per cent in the Greater Toronto Area, 6.6 per cent in the Niagara region and 5.5 per cent in Guelph."