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Ottawa Market Update

Posted on: December 5th, 2011 by Chris Scott

Last month was the best November on record for resale homes in Ottawa and shows that even as we head into winter – a normally quiet time in real estate – our market is alive and well and, in fact, is thriving. The inventory of homes for sale is higher than at this time last year, indicating a confidence in the market on the part of sellers. Buyers continue to be pleased with the low interest rates.

Members of the Ottawa Real Estate Board sold 1,020 residential properties in November through the Boards 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 sales, 244 were condominiums while 776 were in the residential property class.

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. Since each area shows slightly different trends, if you would like to see what’s happening in your neighbourhood, contact me and I can send you the recent sales, average prices and any other additional information that you may wish to have.


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