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Ottawa Market Update for October 2012

Posted on: November 5th, 2012 by Chris Scott

As the leaves and the snowflakes fall in Ottawa, the real estate market is headed in the other direction – up! Compared to the five year average, Ottawa is right on track, indicating we are not experiencing a real estate downturn here. Instead we continue to see a slow, steady increase in both units sold and average sale price.

Members of the Ottawa Real Estate Board sold 1,073 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,059 in October 2011, an increase of 1.3 per cent. The five-year average for October sales is 1,067. October’s sales included 237 in the condominium property class, and 836 in the residential property class.

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $346,492, an increase of 2.5 per cent over October 2011. The average sale price for a condominium-class property was $267,037, an increase of 3.0 per cent over October 2011. The average sale price of a residential-class property was $369,016, an increase of 1.8 per cent over October 2011.

Although the Ottawa market is characterized as stable and steady, there can be significant differences from one neighbourhood to another. Please feel free to contact me if you are curious to know the value of your own home, or just want to know what’s going on in your neighbourhood.


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