Houses for sale in Ottawa

The trend was propelled by increases in eight of the 11 CMAs that the index monitors. The largest proportional growth in July was registered in Halifax (4.9%), followed by Hamilton (4.4%), Vancouver (3.9%), and Toronto (3.5%).

Modest upticks were also reported in Victoria (1.6%), Winnipeg (1.3%), Ottawa-Gatineau (0.6%), and Edmonton (0.3%). On the other hand, the index fell in Quebec City (-1.2%), Montreal (-0.9%), and Calgary (-0.3%) last month.

“The deep declines that we saw through 2022 are largely being unwound,” BMO chief economist Douglas Porter told BNN Bloomberg. “I think what we’re going to see is that this may be the last hurrah for a while for home prices.”

Prices to grow steadily for the rest of the year

The third quarter of 2023 could see the continuation – and even intensification – of these trends, mainly due to the impact of robust population growth and persistent housing inventory shortages, according to National Bank of Canada economist Daren King.

“The deterioration in affordability with recent interest rate hikes in a less buoyant economic context should represent a headwind for house prices thereafter,” King said. “The recent upturn in prices has been greatest in the cities that have seen the biggest corrections.”

Source link
Ottawa New Listings

Leave a Reply

Your email address will not be published. Required fields are marked *