September sales historically on track in Ottawa

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September sales historically on track in

Ottawa, October 4, 2012
“There has been a lot of attention recently on the need to
“cool” the real estate market across the country,” said Ottawa Real Estate Board
President, Ansel Clarke.  “While there may be a need in some areas, we emphasize
that real estate is local, and conditions and prospects will vary among major
market areas and indeed within market areas.  Historically the Ottawa housing
market has not experienced volatility in prices or number of units sold.”

“While average price information does not indicate the value
of a specific property, it is useful to identify trends,” continued Mr. Clarke.
“Since 1956 the average price in the Ottawa area has decreased only five times
year over year and has increased by 15 per cent or more only five times as
well.  The Ottawa market can be characterized as stable and steady although
there are pockets of our market area where we see larger increases in
“As for the number of sales, we are on track this year to
match historical levels of activity.  Since 1999 the number of sales through the
MLS® System in Ottawa has ranged from a low of 11,329 to a high of 14,783.
Sales for the first nine months of the year are just under
New mortgage rules and continuing uncertainty about job
losses in the public service may have contributed to recent decreases in the
number of sales through the MLS® System of the Ottawa Real Estate Board.
Members sold 993 units in September 2012, down from a near record high of 1,201
in September 2011.  The average price of properties sold for the month was
$351,585, up from $347,236 last month and $335,623 in September
“Some buyers are deferring their decision to purchase until
their employment status is clearer.  Meanwhile, sellers will want to ensure that
their properties are priced appropriately.  We encourage buyers and sellers to
talk to their Ottawa and area REALTOR® for more information about the housing
market outlook where they live, or want to live,” concluded Mr.

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