Royal LePage, CREA say Ottawa residential real estate market flat

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The Ottawa residential real estate market was flat in the first quarter of 2015, according to the Royal LePage House Price Survey released Wednesday.

The survey found only slight increases in the prices for standard two-storey homes, detached bungalows and standard condominiums.

The average two-storey home sold for $407,000, up two per cent year over year, while the average detached bungalow sold for $404,167, up 1.9 per cent. The average condo price was up 1.4 per cent to $262,167.

"Similar to last year, we have seen a slow start to the spring market, but quality listings in the right areas are still finding buyers," John Rogan, broker of record, Royal LePage Performance Realty said in a statement. "At quarter end, inventory levels were comparatively low, which suggests a continuation of a balanced market in the months ahead."

Mr. Rogan said the long winter, a looming federal election and the expectation of stable interest rates could all be factors in the slow start to the spring season.

The Canadian Real Estate Association released similar numbers Wednesday, showing Ottawa prices relatively unchanged.

While the Royal LePage numbers were for the entire first quarter, CREA’s numbers covered only March, and saw national home sales activity rise compared with February.

CREA said national home sales were up 4.1 per cent with the number of listed homes up 1.8 per cent.

Both groups said the price increases were highest in Toronto and Vancouver, with Royal LePage adding those increases could partially obscure “the broader national trend.”