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Ottawa homeowners have been waiting many months for a sign that the country’s lopsided housing markets are set to return to equilibrium. They didn’t get one in January.

While the benchmark price for single-family homes in Ottawa increased 4.8 per cent year-over-year in January to $373,000, that was still far behind the 24.4 per cent and 15.9 per cent gains posted in greater Toronto and Vancouver, respectively, over the same period.

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The Ottawa market did hold up well against Regina (up 4.6 per cent) and Montreal (up 3.9 per cent). Benchmark prices for single-family homes actually fell year-over-year in Calgary (down 2.1 per cent) and Moncton, N.B. (down 0.4 per cent).

The figures are from an analysis published Wednesday by the Canadian Real Estate Association.

Nor does CREA’s chief economist Gregory Klump see much evidence that prices in the two big markets will reverse anytime soon. “The shortage of homes available for sales has become more severe, particularly in and around Toronto and in parts of B.C.,” he said. “Unless sales activity drops dramatically, the outlook for home prices remains strong in places that face a continuing supply shortage.”