January Sales Set Pace For Quieter, But Still-Brisk 2008

February 7, 2008 : Members of the Ottawa Real Estate Board sold 654 residential units in January through the Board’s Multiple Listing Service® system compared with 764 in January 2007, a decrease of 14.4 per cent. There were 583 sales in December 2007.

“As predicted by the Canadian Real Estate Association, home sales are expected to level off to roughly 2006 levels this year,” said Board President Heather Skuce. “January’s numbers are right in line with what we saw in 2006, which is still the second-strongest year on record. When you put it into context, there were 647 sales in January 2006, so this number is right on track with expectations,” Skuce added.

The average price of residential properties, including condominiums, sold in January in the Ottawa area was $284,340, an increase of 9 per cent over January 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. (Reprinted with permission from the Ottawa Real Estate Board.)