Market Warmer in February Despite Frigid Weather

March 10, 2008 : Members of the Ottawa Real Estate Board sold 983 residential units in February through the Board’s Multiple Listing Service® system compared with 1,029 in February 2007, a decrease of 4.5 per cent. There were 655 sales in January 2007.

“The resale housing market picked up significantly in February, despite the weather: homes that were sold last month spent an average of just 36 days on the market,” said Past President Diane Hatfield. “All in all, we see these numbers as part of a trend towards sales figures similar to 2006’s, as predicted by the Canadian Real Estate Association, and that was a record-breaking year beaten only by 2007,” Hatfield added.

The average price of residential properties, including condominiums, sold in February in the Ottawa area was $282,571, an increase of 6.7 per cent over February 2007. 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 2,360 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, available free at 700 locations across the Ottawa area.