Housing Crunch expected to ease in Second Half of 2020 in Ottawa

Date Posted: August 24, 2020

It appears any long-term effects of Covid-19 on the real estate market in Ottawa are little to none.  Ottawa’s blistering real estate market has seen a steady increase in the number of bidding wars as supply outstrips demand.

Housing prices in Ottawa surged in the late Spring as a crush of buyers entered the market with historically low interest rates.  As a result, home prices were driven up as demand increased.

The average sale price of a two-story home in Ottawa increased to $552,429 year-over-year, while the price of a bungalow price jumped 14.4 per cent to $538,409. During the same period, the average price of a condominium rose 14.5 per cent to $370,425.

Now we are seeing sellers return to the market and creating more of a balance of supply versus demand.  It is for this reason many believe the latter half of 2020 will see the housing crunch ease up.

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