How is Ottawa's resale housing market performing compared to the rest of the country?
Ottawa's resale housing market continues to perform well despite sales and prices dropping in other Canadian markets.
While the national price average for detached bungalows dropped 4.8 per cent over 2008, in Ottawa the price actually increased by 4.1 per cent to $321,333. Across Canada, condo prices dropped by 5.2 per cent, but in Ottawa, the price rose by 5.2 per cent to $207,167. Two storey houses saw an average decrease of 6.3 per cent in the country, but in Ottawa increased by 3.5 per cent to $317,083.
In Kanata, over the last year detached bungalows increased in price by 1.3 per cent, condos increased by 2.8 per cent and two storey houses saw a price increase of 2.3 per cent.
The real estate market continues to do well in the Ottawa area. The market is expected to be balanced for 2009 meaning an equal advantage to both buyers and sellers.