Ottawa housing market posts record sales in November

:Members of the Ottawa Real Estate Board sold 1,020 residential properties in
November through the Board’s Multiple Listing Service® system compared with 940
in November 2010, an increase of 8.5 per cent. The five-year average for
November sales is 881.Of those 1,020 sales, 244 were in the condominium property
class, while 776 were in the residential property class. The condominium
property class includes any property, regardless of style (i.e. detached,
semi-detached, apartment, stacked etc.), which is registered as a condominium,
as well as properties, which are co-operatives, life leases and timeshares. The
residential property class includes all other residential properties.

“Last month was the best November on record for resale home sales in
Ottawa. The last time we saw sales numbers anywhere close to that number was in
2001. It speaks well for the stability of our market that even in the quieter
months of the year, our market is still thriving,” said Board Past President
Joanne Tibbles. “The number of properties available for sale is higher than at
this time last year, indicating that homeowners are confident that it’s a good
time to put their home on the market, and based on these great sales numbers,
buyers are also confident, especially as interest rates remain stable,” she
added.

The average sale price of residential properties, including condominiums,
sold in November in the Ottawa area was $347,795, an increase of 7.3 per cent
over November 2010. The average sale price for a condominium-class property was
$265,800, nearly unchanged from November 2010. The average sale price of a
residential-class property was $373,577, an increase of 9.2 per cent over
November 2010. The Board cautions that average sale price information can be
useful in establishing trends over time but should not be used as an indicator
that specific properties have increased or decreased in value. The average sale
price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of 2,765 sales
representatives and brokers in the Ottawa area, and in 2011 is celebrating 90
years of service to its members. Members of the Board are also members of the
Canadian Real Estate Association.

The MLS® system is a member based service, paid for by the REALTOR® members
of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among
REALTORS® to affect the purchase and sale of real estate through real estate
services provided by REALTORS®. MLS® commercial and residential listings are
available for viewing on the Board’s internet site at www.OttawaRealEstate.org
and on the national websites of The Canadian Real Estate Association at
www.REALTOR.ca and www.ICX.ca.

Source: Ottawa Real Estate Board

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