Ottawa Resale Home Sales Speeding Towards New Record

November 7, 2007 : Members of the Ottawa Real Estate Board sold 1,054 residential units in October through the Board’s Multiple Listing Service® system compared with 1,008 in October 2006, an increase of 4.6 per cent. There were 1,111 sales in September 2007.

“With 13,069 sales so far this year, and with two months still left in 2007, Ottawa Real Estate Board members are on track to blow away last year’s record sales number of 13,783” said Board President Diane Hatfield. “Homes also spent fewer days on the market this past month than they have since the summer months – perhaps the mild fall weather gave the market a little boost,” Hatfield added.

The average price of residential properties, including condominiums, sold in October in the Ottawa area was $273,441, an increase of 6.3 per cent over October 2006. 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 2,300 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.