Ottawa home prices continue to march upwards; sales numbers drop due to low inventory
“These dynamics of low inventory, reduced days on market, and multiple offers are signs of a seller’s market in these areas. While a benefit to those sellers, it’s stressful and time-consuming for buyers.”
“In Ottawa, we have a population base that’s increasing year over year with a growth rate of 8.8 percent, which is higher than Ontario (5.7%) and Canada as a whole (5.9%). Immigration and high employment levels are bringing residents to our desirable and affordable city,” said Delahunt.
“With high demand and limited supply, prices will continue to be pushed upwards. It’s a simple and fundamental economic principle. Although we appreciate the recent measures the federal government has taken towards affordable home ownership, all three levels of government need to work together at implementing mechanisms that will also restore the supply side of the market.”
This year’s federal budget introduced an incentive program that could lower mortgage payments for households making less than $120,000 per year.