Real Estate Market Showing Large increases!

Ottawa, November 4, 2009 - Members of the Ottawa Real Estate Board sold 1,202 residential properties in October compared with 964 in October 2008, an increase of 24.7%. Of those sales, 270 were in the condominium property class, while 932 were in the residential property class.
“Once again we saw record-setting sales numbers for the month of October. This brings our sales year-to-date to four percentage points higher than the same period last year. Ottawa’s resale market has been buoyed by buyers taking advantage of low interest rates,” said Board President Rick Snell. “Listing inventory remains at a low level, and combined with brisk sales, indicates that we are still in a strong sellers’ market here in the capital,” he added.
The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $318,655, an increase of 13.6% over October 2008. The average sale price for a condominium-class property was $232,046, an increase of 14.6% over October 2008. The average sale price of a residential-class property was $343,745, an increase of 13.3% over October 2008.