2020 Market Analysis
In 2019, house prices increased by 8.4%, while unit sales rose by 6.6%. In 2020, Royal Lepage has predicted the average home price in Ottawa to increase by 4.5% to $516,000.Royal Lepage also predicted “the median price of a condominium is expected to increase 3.5 per cent year-over-year to $341,300, while the median price for a two-storey detached home is forecast to rise 5.0 per cent year-over-year to $547,600”.Royal Lepage is crediting this rise to Government stability and sustained growth in the high-tech sector. With Ottawa in the midst of growth, and inventory being tight, multiple offers on homes between 300K and 500K are extremely common, from condos to detached homes.
We are clearly in a sellers market! If you feel the need to sell, this is a perfect environment to optimize the value of your home.
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