Ottawa housing prices have gone up, likely thanks to first-time homebuyers taking advantage of record-low lending rates, according to a quarterly Royal LePage House Price Survey released Wednesday.
Although prices across the board increased, condo markets are showing the highest growth, with the average price of condominiums rising 4.9 per cent to $207,833 compared to the same period in 2008, where the average condominium sold for $198,083.
Prices also increased for standard two-storey homes and detached bungalows, rising an average of 2.8 per cent year-over-year to $318,500 and 1.9 per cent to $317,500 respectively.
“We saw aggressive movement in properties priced at and below $300,000,” said Pierre de Varennes, broker owner with Royal LePage Performance Realty in Ottawa. “Affordable product is selling and drawing multiple offers.”