Values of resale homes Manotick have increased more than in any other area in the City of Ottawa over the past 12 months.
According to Ottawa Real Estate Board data released last week, there were 15 homes sold in Manotick last month for an average of $1.2 million. The 36 per cent increase over September 2020 is the highest percentage increase of any community or area in Ottawa with more than five homes sold in the month.
While the Ottawa housing market appears to be stabilizing, there were several factors that led to the rapid increase in home values over the last two years. A combination of the lack of inventory available, as well as the huge increases in Toronto and Montreal were factors in Ottawa housing gains. During the pandemic, larger homes and rural properties triggered demand outside the city.
In September, there were more than 1,200 residential housing units sold for an average of $702,000, 13 per cent higher than in September 2020. Condominiums sold for an average of $425,400, up 14 per cent from the previous year.
The September sales figure is above the August average of $674,400, but well below the peak average price of $760,000 in March, 2021.