Home prices up 5.6% in January

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Local home prices continued to outstrip the rate of inflation last month as the average residential resale price climbed 5.6 per cent to hit $349,415, according to the local real estate board.

The number of homes sold by members of the Ottawa Real Estate Board was relatively flat at 684. That's up marginally from the 677 sold a year earlier and slightly above the five-year average of 652.

"The results indicate it's been a typical month of January for the Ottawa and area resale housing market," board president Ansel Clarke said in a statement. "It is interesting to note that the inventory of properties for sale is considerably higher than a year ago, offering a lot of choice to buyers."

Of the 684 properties sold in January, 138 were condominiums. That particular category saw prices increase 6.8 per cent to $252,210.