Strong Condo Sales Help Hold Market Steady – from the Ottawa Real Estate Board at http://orebweb4.oreb.ca/news_release.shtml
Ottawa, September 8th, 2006: Members of the Ottawa Real Estate Board sold 1,249 homes in August 2006 compared with 1,240 in August 2005. There were 1241 sales in July 2006.
"The condo segment of the market continues to grow in Ottawa, with nearly 200 more units sold in the first 8 months of the year than in 2005," said Board President Ron Levine. "Thanks in part to that, I would say the Ottawa resale housing market is steady. We are on track to meet or even surpass 13,000 sales this year.
"With over $2 billion in residential real estate sales in the first seven months of 2006 alone, it is clear that consumer confidence remains strong" said Board President Ron Levine. "Mortgage rates continue to be affordable and buyers responded strongly in July, generating the second-highest number of sales ever for that month, surpassed only by July 2003.
The average price of the homes sold in August through the MLS® system in the Ottawa area was $260,784, an increase of almost nine per cent over August 2005. Year to date the average price is $256,380. 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.
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