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Condo Prices Up 22.5% in Year

By Robert Hof

Reproduced from The Ottawa Citizen

Home listings remain tight, board president says

Condominium prices are continuing to increase markedly faster than those for other types of housing , as a resurgent real estate market helps sellers forget the doldrums of early 2009.

Real estate agents sold 156 condos and 557 other homes for an overall increase of 35 per cent sales increase from January 2009, when Ottawa, like other markets, was in the trough of a recession.

“These numbers are more in line with what we might expect for a typical January,” said Pierre de Varennes, president of the Ottawa Real Estate Board.

The average condo price rose to $259,273, a jump of 22.5 per cent over January of last year, while the average for other properties increased 8.2 per cent to $338,244.

The average for all residential real estate, condos included, was $320,966, an increase of 11.4 per cent over January 2009.

Condominiums, in high-rise buildings and low-rise developments, have been the hottest part of the resale market in recent months. In December, condo sales jumped by 61 per cent and the average price rose 18 per cent, compared to December 2008.

For all of 2009, sales were up 7.5 percent and the average price 6.2 per cent.

De Varennes said home listings remain in short supply.

“But we expect that to change as we head into the spring market and interest rates remain low.”

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