Sunday, April 09, 2006

Ottawa Condominiums Still Provide Best Housing Value

Condominiums continue to offer Ottawa homeowners the most bang for their home-buying dollar, and the best chance for a big jump in price.

In the seven Ottawa markets the average price of a standard condominium showed the greatest appreciation, rising by 3.5 per cent in the past year to $173,750. The average price of a standard two-storey home increased 2.6 per cent to $271,286 while a detached bungalow rose 1.9 per cent to $275,887.

In the South End, the average price of a standard condominium increased by 8.5 per cent, year-over-year, to $153,000. In the city's East End, the average price of standard condominium jumped by 8.1 per cent to $146,000, year-over-year. In Kanata however, a standard condominium appreciated by only 0.6 per cent to $161,000, year-over-year.

Ottawa's housing market will continue to experience balanced conditions; a healthy local economy and a strong job market have continued to attract new buyers into the market, maintaining healthy price appreciation.

Across the country, the greatest price appreciation in detached bungalows, which jumped 11 per cent in price in the past year to an average of $282,059.

Standard two-storey properties increased 9.2 per cent to $340,956 and standard condominiums rose 8.8 per cent to $195,909.


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