http://archive.ottawabusinessjourna...s=1&mode=allwords&archive_pubname=OBJ-Web
Date October 03, 2005
Brief Photo:14195,left,;Home prices in Ottawa are still rising, but at a slower pace than the national average.
The latest survey by Royal LePage Real Estate says the average price of a condominium rose 4.5 per cent year-to-year to $173,208. A stan
Home prices in Ottawa are still rising, but at a slower pace than the national average.
The latest survey by Royal LePage Real Estate says the average price of a condominium rose 4.5 per cent year-to-year to $173,208. A standard two-storey home rose 4.4 per cent to $268,781 while a detached bungalow rose 4.2 per cent to $271,429
The local housing market remains very active, with increased activity in income properties as more and more people view real estate as an investment option.
Sales continue to be strong, with August unit sales up 19 per cent over August 2004.
"Lower in-migration and higher inventory have resulted in a more balanced market than last year," says Pierre de Varennes, broker/owner of Royal LePage Performance Realty. "The record number of sales seen in August can be partly attributed to buyers deciding to act now in anticipation of higher interest rates."
Core neighbourhoods, including Sandy Hill, Westboro, Ottawa South and Alta Vista, remain most popular among buyers.
Housing starts are down substantially compared with last year. High levels of standing inventory and better price points in the resale market have made new housing less attractive in the marketplace, prompting builders to be cautious about new construction.
The market is expected to remain balanced over the next quarter and overall unit sales for the year are expected to be slightly down from 2004. An anticipated federal election in the spring may also slow sales.
"Usually, the market slows down just before an election and speeds up again just after the election. The market may experience a slight dip in sales in the spring but unless major changes are seen in the government, the impact should be negligible," says Mr. de Varennes.
The largest percentage gains were in West Ottawa, where the average price of a standard two-storey home rose by 12.5 per cent to $292,500. The average price of a detached bungalow property increased by 9.2 per cent to $267,500. A standard two-storey home rose by 12.5 per cent to $292,500 while condo prices edged up 1.8 per cent to $198,500.
Condo prices rose substantially in several parts of the city. In the South End, condo prices increased by 7.2 per cent, year-over-year, to $148,000 while in the East End, a standard condominium jumped by 7.7 per cent to $140,000. In Kanata, a standard condominium appreciated by 6.6 per cent to $162,000.
Date October 03, 2005
Brief Photo:14195,left,;Home prices in Ottawa are still rising, but at a slower pace than the national average.
The latest survey by Royal LePage Real Estate says the average price of a condominium rose 4.5 per cent year-to-year to $173,208. A stan
Home prices in Ottawa are still rising, but at a slower pace than the national average.
The latest survey by Royal LePage Real Estate says the average price of a condominium rose 4.5 per cent year-to-year to $173,208. A standard two-storey home rose 4.4 per cent to $268,781 while a detached bungalow rose 4.2 per cent to $271,429
The local housing market remains very active, with increased activity in income properties as more and more people view real estate as an investment option.
Sales continue to be strong, with August unit sales up 19 per cent over August 2004.
"Lower in-migration and higher inventory have resulted in a more balanced market than last year," says Pierre de Varennes, broker/owner of Royal LePage Performance Realty. "The record number of sales seen in August can be partly attributed to buyers deciding to act now in anticipation of higher interest rates."
Core neighbourhoods, including Sandy Hill, Westboro, Ottawa South and Alta Vista, remain most popular among buyers.
Housing starts are down substantially compared with last year. High levels of standing inventory and better price points in the resale market have made new housing less attractive in the marketplace, prompting builders to be cautious about new construction.
The market is expected to remain balanced over the next quarter and overall unit sales for the year are expected to be slightly down from 2004. An anticipated federal election in the spring may also slow sales.
"Usually, the market slows down just before an election and speeds up again just after the election. The market may experience a slight dip in sales in the spring but unless major changes are seen in the government, the impact should be negligible," says Mr. de Varennes.
The largest percentage gains were in West Ottawa, where the average price of a standard two-storey home rose by 12.5 per cent to $292,500. The average price of a detached bungalow property increased by 9.2 per cent to $267,500. A standard two-storey home rose by 12.5 per cent to $292,500 while condo prices edged up 1.8 per cent to $198,500.
Condo prices rose substantially in several parts of the city. In the South End, condo prices increased by 7.2 per cent, year-over-year, to $148,000 while in the East End, a standard condominium jumped by 7.7 per cent to $140,000. In Kanata, a standard condominium appreciated by 6.6 per cent to $162,000.
