Condominiums continue to offer Ottawa homeowners the most bang for their home-buying dollar, and the best chance for a big jump in price.

In the seven Ottawa markets examined by Royal LePage Real Estate Services, the average price of a standard condominium showed the greatest appreciation, rising by 3.5 per cent in the past year to $173,750. The average price of a standard two-storey home increased 2.6 per cent to $271,286 while a detached bungalow rose 1.9 per cent to $275,887.

As always with residential real estate, location makes all the difference, with significant variations across the city.

In the South End, the average price of a standard condominium increased by 8.5 per cent, year-over-year, to $153,000. In the city's East End, the average price of standard condominium jumped by 8.1 per cent to $146,000, year-over-year. In Kanata however, a standard condominium appreciated by only 0.6 per cent to $161,000, year-over-year.

"Ottawa's housing market will continue to experience balanced conditions; a healthy local economy and a strong job market have continued to attract new buyers into the market, maintaining healthy price appreciation," says Pierre de Varennes, broker/owner of Royal LePage Performance Realty.

"The unemployment level has improved compared to this period last year, and is one of the lowest in the country. The high-tech sector has experienced a significant resurgence, as many companies are continuing to expand and establish their business in the Ottawa area."

Mr. De Varennes says there was some evidence of a slowdown in the run-up to the federal election, but brokers remain positive.

"The change in government has not had an adverse effect on the local economy, and the outlook for the housing market remains positive. We expect activity levels to continue to pick up moving into the spring."

A healthy supply of inventory has provided a good selection for homebuyers and has helped maintain balanced market conditions. Sellers in Ottawa have had to ensure that their homes are listed at a reasonable and competitive price to avoid having it stay on the market for longer than average, says Mr. De Varennes.

BUNGALOW BOOST

Across the country, Royal LePage found the greatest price appreciation in detached bungalows, which jumped 11 per cent in price in the past year to an average of $282,059.

Standard two-storey properties increased 9.2 per cent to $340,956 and standard condominiums rose 8.8 per cent to $195,909.

Soaring demand and an acute shortage of available listings in the first quarter pushed up the prices of homes in Calgary and Edmonton at over twice the national average. Alberta's sizzling job market attracted record in-migration, supporting high demand and prompting multiple offer situations.