As Gatineau has become a desirable destination for many Ontarians due to its affordable homes, the region recorded a fourth consecutive quarterly aggregate price increase of more than 20 per cent during the first three months of 2022.
All things considered, the median price of a single-family detached home in Ottawa currently sits at close to $1 million ($947,600 to be exact), while a similar property across the Ottawa River is $508,300, according to the most recent Royal LePage House Price Survey.
“For the fourth consecutive quarter, Gatineau’s residential real estate market recorded an aggregate home price increase of more than 20 per cent,” said Martin Simard, real estate broker for the Sirois Simard team at Royal LePage Vallée de l’Outaouais. “In one year, the price of a property in the region has increased by more than $90,000. The average rate of price appreciation was less than 4 per cent over the past five years, meaning it would normally have taken more than six years to reach a median price of $420,800,” said Simard.
In the region, the aggregate price of a property increased 27.5 per cent year-over-year to $420,800 in the first quarter of 2022. Meanwhile, the median price of a detached single-family home rose 29.5 per cent year-over-year to $508,300, while the median price of a condominium topped $300,000 this quarter, jumping 37.4 per cent year-over-year.
“Condominiums have become the most in-demand housing type,” commented Simard. “The lack of inventory of single-family homes is forcing buyers to look at condominiums, but the problem is that new construction in recent years has mostly been focused on rental units. The chronic inventory shortage is causing tight competition for both renters and buyer hopefuls in this segment of the market, and putting further upward pressure on prices.”
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*Regional press release available in French only
