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Condo market red hot; units gain 37%
First-time buyers, people downsizing drive values up
Kristin Goff
The Ottawa Citizen
Tuesday, April 02, 2002
The price of a "standard" high-rise condo in downtown Ottawa shot up $50,000 to $185,000 in the past 12 months, a super-heated gain of 37 per cent.
The increase was by far the largest for any neighbourhood or type of housing reported in a quarterly survey of resale trends in the Ottawa area, released by Royal LePage yesterday.
While housing prices, with only a few exceptions, have continued to rise strongly across the board, demand for condominiums hit overdrive because of potential buyers coming from several areas, said Pierre de Varennes, Ottawa area manager for Royal LePage.
"There are first-time buyers entering the market and also the clients who would normally prefer to rent (but find buying affordable). Then there are those who want to downsize."
Broadening the scope to the region as a whole, the price of a standard high-rise condo shot up nearly $18,000, or 17 per cent in the last 12 months.
Demand for condos was particularly hot closer to downtown where young professionals and people wanting to downsize are seeking convenience, service and location, said Mr. de Varennes.
For them "it ends up being a lifestyle choice and not so much a money issue," he said.
That message hasn't been lost on area builders. At least three new luxury condo projects are planned for the region, with prices ranging from under $300,000 to $2.2 million -- plus condo fees and parking.
The Royal LePage survey of resale housing compared the prices of specific types of housing sold in the first quarter of this year and compared them to previous periods. The standard condominium used in the survey was a two-bedroom, 900-square foot unit in a building with parking and a pool.
The average price of the standard condo was as little as $90,000 in eastern and southern areas of the Ottawa region,.
The price of a standard two-storey home in the Ottawa region jumped more than $18,000, or 9.5 per cent, to $212,240 in the first quarter of the year. That average figure was pulled up by the cost of housing in the downtown neighbourhoods of Ottawa, where a two-storey home cost $315,000, up 14.5 per cent from last year. The cost of a standard bungalow, at $194,161, rose 8.6 per cent from a year earlier.
While most suburban areas reported strong gains for both types of housing, Kanata was an exception. There was no change in the price of a two-storey home in Kanata, which remained at $205,000. The price of a bungalow rose just 2.3 per cent to $225,000 in Kanata.
The weak price trends in Kanata likely reflect "a leveling off" in the area which saw prices jump to higher levels than other neighbourhoods over the previous few quarters, said Mr. de Varennes.
The survey tracked prices for a standard two-storey home, which it defined as having 1,500 square feet, three bedrooms and a detached garage. The standard bungalow was 1,200 square feet with three bedrooms and a one-car garage.
:flaming: :flaming: :flaming:
First-time buyers, people downsizing drive values up
Kristin Goff
The Ottawa Citizen
Tuesday, April 02, 2002
The price of a "standard" high-rise condo in downtown Ottawa shot up $50,000 to $185,000 in the past 12 months, a super-heated gain of 37 per cent.
The increase was by far the largest for any neighbourhood or type of housing reported in a quarterly survey of resale trends in the Ottawa area, released by Royal LePage yesterday.
While housing prices, with only a few exceptions, have continued to rise strongly across the board, demand for condominiums hit overdrive because of potential buyers coming from several areas, said Pierre de Varennes, Ottawa area manager for Royal LePage.
"There are first-time buyers entering the market and also the clients who would normally prefer to rent (but find buying affordable). Then there are those who want to downsize."
Broadening the scope to the region as a whole, the price of a standard high-rise condo shot up nearly $18,000, or 17 per cent in the last 12 months.
Demand for condos was particularly hot closer to downtown where young professionals and people wanting to downsize are seeking convenience, service and location, said Mr. de Varennes.
For them "it ends up being a lifestyle choice and not so much a money issue," he said.
That message hasn't been lost on area builders. At least three new luxury condo projects are planned for the region, with prices ranging from under $300,000 to $2.2 million -- plus condo fees and parking.
The Royal LePage survey of resale housing compared the prices of specific types of housing sold in the first quarter of this year and compared them to previous periods. The standard condominium used in the survey was a two-bedroom, 900-square foot unit in a building with parking and a pool.
The average price of the standard condo was as little as $90,000 in eastern and southern areas of the Ottawa region,.
The price of a standard two-storey home in the Ottawa region jumped more than $18,000, or 9.5 per cent, to $212,240 in the first quarter of the year. That average figure was pulled up by the cost of housing in the downtown neighbourhoods of Ottawa, where a two-storey home cost $315,000, up 14.5 per cent from last year. The cost of a standard bungalow, at $194,161, rose 8.6 per cent from a year earlier.
While most suburban areas reported strong gains for both types of housing, Kanata was an exception. There was no change in the price of a two-storey home in Kanata, which remained at $205,000. The price of a bungalow rose just 2.3 per cent to $225,000 in Kanata.
The weak price trends in Kanata likely reflect "a leveling off" in the area which saw prices jump to higher levels than other neighbourhoods over the previous few quarters, said Mr. de Varennes.
The survey tracked prices for a standard two-storey home, which it defined as having 1,500 square feet, three bedrooms and a detached garage. The standard bungalow was 1,200 square feet with three bedrooms and a one-car garage.
:flaming: :flaming: :flaming:
