Resale home prices up 3.7%

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Higher condo prices helped fuel a modest increase in the average resale price of homes in Ottawa last month, according to data released by the Ottawa Real Estate Board.

The average resale condo price was $272,851 in April, up 6.7 per cent from a year earlier.

Residential property prices rose by 2.6 per cent year-over-year, making for a combined average price increase of 3.7 per cent compared to last April. The average sale price is based on the total dollar volume of all properties sold.

Ottawa Real Estate Board members sold 2.5 per cent more houses and condominiums year-over-year.

A total of 1,568 residential properties sold in Ottawa – 300 condominiums and 1,268 residential properties – compared to 1,530 in April 2011, including 314 condominiums and 1,216 residential properties.

“Resale housing inventory is up by 6.9 per cent since last year, and interest rates continue to be low, indicating that Ottawa remains in a healthy, stable market,” stated Ansel Clarke, president of the Ottawa Real Estate Board.