What’s up with Ottawa house prices in early 2021?
In this video I talk about the three main reasons prices are spiking even above the already meteoric increases from 2020. The number 1 reason turns out to be pretty simply to understand, but maybe not so easy to figure out why it’s happening.
Theories and conspiracies and downright guesses about why that simple primary reason is happening will be topic #1 in the next video – so stay tuned.
Here are the graphics that appear in the video.
Five Years of Fewer New Listings
Five Years of Linear Sales Increases
Ottawa Home Prices vs. Other Canadian Cities
Escalating Home Prices
A Note About Home Price Index
The above two charts compare home prices in Ottawa with prices in the four largest cities in Canada: Toronto, Vancouver, Montreal, and Calgary. For this comparison I’ve used the MLS Home Price Index for each City. The home price index provides a normalized comparison – statistical adjustments are included in the model to derive a more pure average price for each City, in an effort to account for different types of properties in the mix.
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That’s what’s up with Ottawa house prices in early 2021!