Home Sales Surpass 2005 Total by November

Ottawa, December 8, 2006: Members of the Ottawa Real Estate Board sold 877 homes in
November through the Board's Multiple Listing Service® system compared with 906 in
November 2005. There were 1,011 sales in October 2006.

“Despite slightly lower sales than last November, our members have now sold over 13,100 homes in Ottawa this year, a significant increase over 2005,” said Board President Ron Levine. “This is traditionally a quieter time of year for real estate sales, but I can say with satisfaction that sales have remained consistently strong all year, with condo sales still a growing part of the housing market.”

The average price of the homes sold in November through the MLS® system in the Ottawa area was $258,027, an increase of 5.5 per cent over November 2005. Year to date the average price is $256,289. 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.