Ottawa homeowners saw a modest increase in the price of their properties over the last year, according to a new survey from Royal LePage.
The results for the second quarter show two-storey houses with a year-over-year increase of 1.8 per cent, to $398,983, while detached bungalows increased 1.9 per cent to $396,483. Condominiums declined 0.1 per cent to $259,417.
The modest price increases in houses, and decline in condominiums, is partly due to caution about the economy and changes in national mortgage rules, stated John Rogan, broker and manager of Royal LePage Performance Realty.
"Higher inventory levels have provided buyers with strong options and increased buying power," he stated.
Nationally, both two-storey homes and detached bungalows saw 2.7 per cent year-over-year average price increases to $419,614 and $386,547, respectively. Condominiums increased by 1.2 per cent to $248,750.
The realtor anticipates an overall 1.2 per cent “price appreciation” in Ottawa by the end of the year, compared to three per cent nationally.
Royal LePage stated the survey provides information on seven types of neighbourhoods in 250 neighbourhoods nationally.
The released numbers on Tuesday are based on an abbreviated version of the survey that looks at 90 communities The complete survey will be released Aug. 6 after all the data is tabulated.
Housing values are based on the company’s opinion of “fair market value” in each location.