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Ottawa's 2008 Resale Market: more balance, less booming

Members of the Ottawa Real Estate Board sold 467 residential units in December, a decrease of 18.8 per cent over December 2007, when there were 575 sales. This brings the total number of residential properties sold through the Board's Multiple Listing Service system in 2008 to 13,733, down from a record-setting 14,565 in 2007. However, the average price for all of 2008 was $289,766, an increase of 6.3 per cent over 2007.

"We are seeing the effect of consumer concerns about the national and international economy reflected in the Ottawa market, but the fact that the average sale price is fairly stable shows the underlying confidence in the local marketplace," said 2009 Board President Rick Snell.

"Ottawa remains a relatively stable resale housing market, buffered by a strong job market and a stable economy, but will of course be affected by the ongoing economic climate in the rest of Canada. Real estate is local, and Ottawa is still in fairly good shape compared to many areas of the country." Snell added.

The average price of residential properties, including condominiums, sold in December in the Ottawa area was $272,192, a marginal decline of 1.2 per cent over December 2007. The Board cautions that average price information can be useful in establishing treds 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.