Ottawa Housing Market Still Going Strong

6 02 2010

Fourth month of double-digit gains for Ottawa resale market in January

 Ottawa’s resale housing market got off to a strong start in January 2010, with total sales rising 34.8 per cent to 713 units, according to numbers released Wednesday by the Ottawa Real Estate Board.

“These numbers are more in line with what we might expect for a typical January, whereas 2009 started off abnormally slow due to uncertain financial and market conditions worldwide,” said board president Pierre de Varennes in a statement.

Sales of freehold units fuelled much of the overall increase, with  unit numbers jumping 38.9 per cent to 557 units.
Still, condominium sales played a significant role as well, with the category recording a 21.9-per-cent gain to 156 units.

While the sales increase was a little less dramatic than in the previous couple of months, it continues a recent streak of double-digit gains, as the local housing market recovers from the effects of the market downturn in the fall of 2008.

Mr. de Varennes added: “Although listing inventory remains low, we expect that will change as we head into the spring market and interest rates remain low.”

The average price of a resale home across all categories rose 11.4 per cent to $320,966 in January, mostly because of a big spike in the selling prices of condominiums.

That category posted a 22.5-per-cent increase year-over-year, with condominium units selling for an average of $259,273.

The typically more expensive freehold market saw an 8.2-per-cent increase in average selling prices, to $338,244, the report noted.

Ottawa Business JournalReal EstateResidential
Published on Febuary 3rd, 2010
Published on Febuary 3rd, 2010
Krystle Chow
Ottawa Business Journal



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