Thursday, October 02, 2008

Strong Showing for Ottawa Housing Prices

Ottawa's hot housing market is bucking the national trend as homes in the region averaged a near six-per-cent increase year-over-year in August.

Its report on Canada's major markets cataloged a 5.1% decrease in prices compared with last year, with an average listing price at $316,052.

The rosy numbers in Ottawa were a stark contrast to the situation in most other regional housing markets. Calgary's average price of $390,091 was eight per cent less than last year. Vancouver fell by 5.2%, and Edmonton also dropped by 4.8%.

However, Regina's area saw a strong 36% gain, with markets in Saskatoon and Winnipeg also posting gains of at least 10% each.

With the fall in prices also came a drop in listings and mortgage rates.


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