New home prices are up in most Canadian cities, despite the devastating economic effects of COVID-19, while resource-based markets continue to struggle.
Ottawa is the country’s hottest housing market for new builds, excluding condos and apartments, according to data in Statistics Canada’s New Housing Price Index. The agency says new house prices rose 5.3 per cent between February and August, due to strong demand and low supply.
The nation’s capital was already riding a wave of momentum before the virus, with a 9.5 per cent annual increase in February. Statistics Canada says the pre-pandemic strength may have been attributable to a foreign buyers tax in Toronto and Vancouver.
Jason Ralph of Royal LePage Team Realty agrees with the assessment.
“New build home sales in Ottawa are being driven by an extremely tight