Published: By Paula McCooey, The Ottawa Citizen January 27, 2009

OTTAWA — The city's resale housing market remains resilient even while sales and prices are dropping in other Canadian markets, according to a survey by a major real estate firm.

Citing “solid” year-over-year price gains, the report from Royal LePage Real Estate Services says Ottawa “continues to be a sound and stable city for homeowners and investors alike to invest.”

The national average for detached bungalows dipped by 4.8 per cent to $319,640 at the end of 2008, said the report, which was released Monday.

Condos across Canada decreased by 5.2 per cent to $233,230, year-over-year, and two-storey properties fell by 6.3 per cent to $376,140.

Ottawa prices remained below Canadian averages, but increased in all sectors.

Of three Ottawa house types examined, the average price of a standard condominium had the highest increase, rising 5.2 per cent to $207,167. The average rise of a standard two-storey home rose 3.5 per cent to $317,083, year-over-year. The average detached bungalow appreciated by 4.1 per cent to $321,333.

Of six Ottawa markets surveyed, the highest increase for two-storey homes was in Orléans, where an average two-storey rose six per cent to $281,000. 

The same house rose 5.6 per cent to $283,000 in south Ottawa, 4.5 per cent to $350,000 in west Ottawa, 4.4 per cent to $446,000 in central Ottawa, 3.9 per cent to $266,000 in east Ottawa and 2.3 per cent to $294,500 in Kanata.

The average bungalow rose 6.8 per cent to $267,000 in Orléans, five per cent to $263,000 in east Ottawa, 4.7 per cent to $265,000 in south Ottawa, 4.4 per cent to $500,000 in central Ottawa, 3.2 per cent to $320,000 in west Ottawa and 1.3 per cent to $313,000 in Kanata.

For condominiums, Orléans had the biggest increase, 7.2 per cent, bringing the average to $179,000. The average condo rose 6.4 per cent to $250,000 in west Ottawa, 6.2 per cent to $171,000 in east Ottawa, 5.8 per cent to $181,000 in south Ottawa, 5.3 per cent to $280,000 in central Ottawa and 2.8 per cent to $186,000 in Kanata.

Pierre de Varennes, broker owner at Royal LePage Performance Realty in Ottawa, said Ottawa’s “thriving job market” helped invigorate the housing market in 2008. He noted that balanced supply and demand in the fourth quarter ensured it was neither a buyer’s nor seller’s market.

© Copyright (c) The Ottawa Citizen 2009