Ottawa home prices inch up in January: report

Home sales in the Ottawa area fell by 11.7 per cent last month compared to a year earlier, according to figures released Tuesday by the Ottawa Real Estate Board.

Members of the OREB sold 602 homes in January. That’s down from 682 during the same month in 2012 and is the lowest figure for January since 2009, when OREB members sold 529 units.

“January 2013 isn’t too far off from the numbers we’ve seen in recent years, and although the units sold are a tad lower, Ottawa remains a healthy market,” said OREB president Tim Lee in a statement.

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The number of condominiums sold decreased slightly, but the bigger drop in sales took place with detached residential units, according to the report. Sales of two-storey homes, for example, dropped by 11 per cent.

The sagging demand for residential units was also reflected in prices. The average residential property price was down 1.8 per cent to $342,458.

Average condominium prices, however, increased by 6.1 per cent to $268,604.

The OREB said it believes this growing demand for condominiums will continue to increase as the population ages.

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