Housing Market Still On The Rise This Fall
Ottawa, November 7, 2006: Members of the Ottawa Real Estate Board sold 1,015 homes in October through the Board's Multiple Listing Service® system compared with 931 in October 2005. There were 1,087 sales in September 2006.

“Condominium properties are selling faster than at this time last year, with an average of 42 days on the market, down from 48 in October 2005, and their average selling price is up nine per cent over last October, indicating that condo sales are a driving force in Ottawa’s resale housing market,” said Board President Ron Levine. “In addition, residential properties are selling at the same brisk pace as last year, and sales numbers are up more than nine per cent, demonstrating continued solid growth.”

“Ottawa Real Estate Board members have sold 12,232 properties so far in 2006, putting our predicted total of 13,000 sales for the year well within reach,” Mr. Levine added. The average price of the homes sold in October through the MLS® system in the Ottawa area was $255,763, an increase of 4.7 per cent over October 2005. Year to date the average price is $256,129.

The Board cautions that average 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 price is calculated based on the total dollar volume of all properties sold. The Ottawa Real Estate Board is an industry association of 2,200 sales representatives and brokers in the Ottawa area.

Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®. 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 effect 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.mls.ca and www.ICX.ca. Information about listings and open houses is also available in the Board's weekly newspaper, Ottawa Real Estate Guide.

Source: Ottawa Real Estate Board