Sunday, December 17, 2006

Home Prices in Ottawa Keep Rising

Selling prices for homes in Ottawa are continuing to rise.

The latest numbers for the Rideau-St. Lawrence show the average price of homes sold was $193,757 in November.

That's up 18.6 % from November 2005, when the average sale price was $163,312.

Sales volume, however, has remained stable. Real estate transactions of all kinds were 103 last month, compared to 100 a year earlier and 101 two years before.

Year-to-date home sales to November are 1,222, just 11 fewer than the same time last year.

The rapid rise in prices is due in part to low interest rates and the fact that values in Ottawa are catching up to the rest of Canada.

By comparison, the most recent data indicates a national average sale price of $282,156 for Ottawa homes in October, up 10.2 % from a year earlier.

In Ottawa an average sale price was $258,027 for November, up 5.5 % from the year before.

Those in the local real estate industry aren't afraid of losing price advantages over more populated centers, and they trust the market to dictate what prices are appropriate.

We expecting some stabilization of property values in this area. I don't see any major increases coming up.

The higher price average is being skewed upward by the top end of the housing scale. People with middle-range homes shouldn't assume their properties are 20 % more valuable than a year ago.


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