Local housing prices were higher across all three residential real estate categories in the first quarter of the year, amid declining prices elsewhere in the country due to an expected market correction, according to a quarterly report by Royal LePage Real Estate Services Ltd.
The report showed that the average price for detached bungalows in Ottawa rose 1.9 per cent from the same quarter a year earlier, to $317,500, while standard two-storeys sold for an average of $318,500 in the first quarter, up 2.8 per cent year-over-year.
The largest price gain was in the standard condominium category, which sold for an average of $207,833, up 4.9 per cent.
The report noted that in Ottawa and elsewhere, the housing market had been surprisingly "resilient" in the quarter, especially considering the expectation that the lower consumer confidence during the downturn would drive prices downward.
"Increased buyer activity at the end of March suggests that spring will bring its typical increase in unit sales activity as buyers target summer moves," the report said.
Atlantic Canada had the strongest performance in the country across all three housing types surveyed, with Royal LePage Real Estate Services CEO Phil Soper pointing to Newfoundland as "Canada's sole remaining seller's market" due to recent investments in the province's bustling commodities sector.
Still, overall prices were somewhat lower due to pressure from markets in the Greater Toronto Area, British Columbia and Alberta. The average price of a two-storey home in Canada declined 6.5 per cent to $379,636, while a standard condominium sold for $232,877, 3.4 per cent lower than in the first quarter of 2008.
"Canadians in most regions should not expect the prices of their homes to begin appreciating again until the overall economy begins to stabilize, likely in the first half of 2010," said Mr. Soper in a statement.
However, the report indicated that stabilization could soon be on its way in the hard-hit western markets, since B.C. and Alberta saw housing market corrections "well ahead of the full impact of the current economic crisis."
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