Housing prices in Ottawa were up slightly during the second quarter of 2016, according to the latest Royal LePage house price survey.
The aggregate price of a home in Ottawa, based on a weighted average of median housing prices, rose 2.3 per cent from the same period last year to $401,288.
The biggest gains were seen in standard two-storey houses, with values increasing 3.1 per cent to $419,709 year-over-year.
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Condominiums and bungalows saw much smaller gains. Condominium prices rose 0.6 per cent to $311,964 compared with a year earlier, while the price of bungalows increased 0.5 per cent to $388,897 from the same period in 2015.
“We have seen healthy ongoing sales activity levels throughout the first half of this year, largely due to better weather than we saw in 2015,” John Rogan, broker of record at Royal LePage Performance Realty, said in a statement. “Despite having fewer listings this year overall, inventory levels are still relatively strong. This, in conjunction with a steady flow of both first-time and move-up buyers seeking homes, has led to a balanced spring and summer market in the Ottawa region.”
For the rest of 2016, Royal LePage is predicting that aggregate prices will rise 2.5 per cent year-over-year.
Across Canada, aggregate prices were up 9.2 per cent year-over-year to $520,223.
That increase was driven by a rise in two-storey house prices, which were up 10.7 per cent to $619,671. Bungalow prices rose 7.9 per cent to $437,121, while condo prices increased 4.2 per cent to $348,189.
And the real estate company expects that trend to continue. With no increase in interest rates on the horizon, Royal LePage is predicting that at the end of 2016, the aggregate housing price in Canada will be up 12.4 per cent from the end of 2015.
