Ottawa home prices rose an average of 1.6 per cent over the summer despite weak buyer demand, according to a new report. Sellers are sticking to their selling strategies.

The Royal LePage House Price Survey predicts that the average new home price will rise 4.5 per cent in the last three months of the year as interest rates fall.

In the third quarter of 2024, the average home price in Ottawa was $775,100, up 1.6 per cent from the same period in 2023. However, prices were down 0.3 per cent from the second quarter. The average price of a detached home rose 1.8 per cent, while condos increased 1 per cent.

Realtor Jason Ralph said the Ottawa housing market remains balanced, with three months of leeway. Sellers are confident in their prices, even if they have to wait for a buyer. Buyer demand remains weak, especially among first-time buyers and bargain hunters.

Royal LePage predicts Ottawa home prices will continue to rise 4.5% through the end of the year, reaching $788,662.

Yuri B