Ottawa home prices to rise 4.5 per cent by end of 2024: report

The cost of a home in Ottawa is expected to increase by 4.5 per cent by the end of this year, according to a new forecast by Royal LePage.

The real estate company says the aggregate price of a single-family detached home in the first quarter of 2024 rose to $757,700 — a 4.4 per cent boost from 2023.

The real estate company says inventory levels have improved compared to 2023, but the market still needs more supply to keep up with demand.

“Demand for all housing types continues to outpace available supply in Ottawa,” Jason Ralph, Broker of Record, said in the report.

“I expect more sellers will be willing to list their homes if we see interest rates decrease in the coming months.”

Ralph is expecting the spring market to be more “robust.”

“Followed by even stronger summer and fall seasons, where we will really begin to see the benefits of lowered lending rates,” He said.

“Buyers and sellers are regaining confidence and are beginning to come off the sidelines.”

Earlier this week, the Bank of Canada held its key interest rate at five per cent, but said it has begun to see the economic conditions necessary to lower interest rates.