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TechnologyOttawa house prices jump 11.8 per cent in August as inventories continue to tighten

19:00  06 september  2019
19:00  06 september  2019 Source:   ottawacitizen.com

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Ottawa house prices jump 11 . 8 % in August as inventories continue to tighten . "It’s the third straight month in which resale prices have topped 10 percent compared to the same period a year earlier, and the momentum seems to be growing.

Ottawa house prices jump 11 . 8 per cent in August as inventories continue to tighten . The Ottawa Real Estate Board revealed Thursday that average prices for residenti…

Ottawa house prices jump 11.8 per cent in August as inventories continue to tighten Declining inventories in August helped to push up average prices nearly 12 per cent for residential properties in Ottawa.

If you happen to be searching for a home in an established Ottawa neighbourhood, you won’t like these numbers. The Ottawa Real Estate Board revealed Thursday that average prices for residential properties in August jumped nearly 12 per cent year over year to $484,900. It’s the third straight month in which resale prices have topped 10 per cent compared to the same period a year earlier, and the momentum seems to be growing. It’s the largest such increase in 17 years.

Board president Dwight Delahunt said the market’s momentum is strong enough that he doesn’t expect to see any cooling as a result of the federal general election, which is the normal pattern as people wait to see the makeup of the government after Oct. 21.  “With limited inventory, we don’t foresee a stall,” he said. “It would appear that our consumers are confident in the market.”

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Good houses are selling fast with multiple offers and prices over asking. In Winnipeg their real estate market continues to be constrained by low inventory . The downtown condo market is seeing inventory levels build up while the suburbs are seeing prices increase as inventory levels decrease.

House prices rose in October at the fastest annual rate in almost six years but the UK market is Economic growth slowed sharply to 2.1% in August , down from 6.4% in July, despite the boost However, getting on the property ladder continues to be an increasingly difficult prospect for many

Indeed, shrinking inventory has been a major influence this year. There were fewer than 2,800 residential units for sale at the end of August, down 22 per cent from a year earlier. This, in a city with roughly 250,000 owner-occupied dwellings.

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Home prices were up over 12 percent in the nation's top 20 housing markets in July, according to Another report on sales of newly built homes in August showed an increase from July, but the pace The markets for both new and existing homes have been constrained by very low inventory and still

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The drop in the number of condos for resale was even sharper — just 614 were listed at the end of August, down a remarkable 44 per cent from August 2018. This was likely the catalyst for the unusually large 11.5 per cent jump in condo resale prices last month, pushing the average price to $308,800. Price gains in the condo resale market from January to July were more restrained — these tracked between 5.2 per cent and 7.7 per cent compared to the same periods a year earlier.

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The August print exceeded July’s 5.7 percent and topped the Bangko Sentral ng Pilipinas’ worst case scenario estimate for the month. “An unfortunate confluence of cost-push factors continue to drive consumer price inflation in August beyond the acceptable target range,” Espenilla said.

Housing Starts in Japan averaged 2.22 percent from 1961 until 2020, reaching an all time high of This page provides the latest reported value for - Japan Housing Starts - plus previous releases New construction starts decreased further for owned (-7 percent vs -8. 8 percent in August ), rented (-14.8

Condo prices varied quite a bit by region. They were strongest in the downtown core where the average price for a resale unit jumped 11.9 per cent to $405,750. In the south, condo prices increased 10.6 per cent to an average of $246,900 per unit while east end condos sold for $346,000, up an average of 7.1 per cent. The smallest price gains for condos were in the west, where units sold for an average of $333,300, up just 2.9 per cent year over year.

Fewer listings also reduced the amount of marketing necessary to move most properties. Residential properties sold in August had been listed an average of 42 days compared to 58 days a year earlier. For once, there was little difference between the salability of the two main property types. Condos sold in August had been listed an average of 43 days — down from 68 days a year earlier.

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Ottawa house prices jump 11.8 per cent in August as inventories continue to tighten

One reason prices didn’t rise more quickly in the face of fewer listings has to do with the recent sharp rise in new construction.

The Canada Mortgage and Housing Corp. calculated there was a nearly 20 per cent jump in new construction in Ottawa during the first seven months of this year compared to the same period in 2018. This appears to be a response to the unusually low inventories in the resale market.

Drilling a little deeper, most of the increase in new construction is to feed the demand for rented apartments. Year-to-date (ending July) there were an average of 4,760 apartment units under construction, up 31 per cent from the same period last year. New construction of standalone homes, duplexes and row houses topped 3,100 units year-to-date in Ottawa, up a modest 5.4 per cent.

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