The average price of a home in Ottawa dipped slightly in the third quarter of 2015, Royal Lepage said this week.
At $386,295, the average home price was down 0.3 per cent from the third quarter of 2014. The drop was driven by condominiums, which saw a year-over-year price drop of 6.8 per cent to $289,386. The median price of a two-storey home remained unchanged at $404,153, while the median bungalow price edged up 1.7 per cent to $386,244.
Broker of record John Rogan said it is not uncommon to see a soft market as a federal election approaches.
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“The Ottawa market has been relatively active compared to past election years, keeping prices across housing categories in the region relatively stable,” Mr. Rogan said in a statement. “Inventory levels remain in favour of buyers who are benefiting from both good selection of quality listings and continued low interest rates.”
Mr. Rogan said the bungalow numbers were boosted by downsizing baby boomers.
Across the country, Royal Lepage said home prices saw moderate to strong year-over-year price increases in most markets.
The average home sold for $502,643, an increase of eight per cent over the same three-month period a year ago. The average two-storey home price was up 9.9 per cent to $615,304, the average bungalow price jumped 6.8 per cent to $421,757 and the average condo price rose 2.8 per cent to $338,684.
“Economic slowdowns in energy-dependent markets, most notably in western Canada, have in part been offset by both renewed industrial activity in other parts of the country and the Bank of Canada’s recent interest rate cuts,” Royal Lepage CEO Phil Soper said in a statement.
The national numbers were buoyed by double-digit increases in Toronto and Vancouver, he added.