Is Ottawa's real estate market falling like the leaves?  

Well, 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 for a 17% decrease year over year.

However it is of value to note that 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 11,700.  The average price of properties sold for the month was $351,585, up 1.3% from $347,236 last month and $335,623 in September 2011 for a 4.8% increase year over year.

"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."  

The average price in the Ottawa area has decreased only five times year over year since 1956 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 price.

"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. Clarke

Should you have any questions about the September statistics or Ottawa’s real market please contact me.

(Information courtesy of the OREB)