Estate and mortgageCondo Trends: Ottawa Condos Surge Up 11 Percent
The Ottawa Business Journal reported this week that condominium prices continued their upward climb in the fourth quarter in Ottawa, to an average price of 197-thousand dollars. Prices were up more than 7 percent over the same reporting period last year.
A report from Royal LePage Real Estate Services, one of the country"s largest brokerages, noted the appreciation was attributed to the region"s affordability and strong job market.
Royal LePage president and CEO Phil Soper said, "The fourth quarter of 2007 was surprisingly strong, with unseasonably high price increases and unwavering demand," on CTV"s web site, CTV.ca.
The real estate market is benefiting from a strong job market across the nation. Unemployment is at a 33-year low, according to Dawn Desjardins of the Royal Bank. The Canadian Press reported that "for all of 2007, the number of jobs grew by 370,000 or 2-point-2 percent, similar" to the same gains from 2006. The 2007 job growth "marked the 15th straight year of national employment growth."
Will the hot condo market continue? Mr. Soper thinks so, being quoted in The Canadian News Wire. Though he believes the frantic pace of growth will slow, "average prices are expected to continue to rise, albeit at a much more moderate pace. Canadian buyers and sellers can expect healthy, balanced conditions in 2008 - the best environment for a strong and sustainable real estate market."