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Ottawa resale market up from January

Members of the Ottawa Real Estate Board sold 914 residential properties, including condominiums, in February through the Board’s Multiple Listing Service® system, compared with 1,008 in February 2012, a decrease of 9.3 per cent.

“It is clear that the Ottawa resale market has slowed down in comparison to this time last year,” said Tim Lee, President of the Ottawa Real Estate Board.  “The government was successful in its quest to “cool down” the market. However, if we look at February’s sales in comparison to the previous month’s sales, the market seems to be picking back up as we approach the busy spring season – 315 more homes were sold in February over January, even with three fewer days.”

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $346,774, a slight decrease of 1.1 per cent over February 2012. The average sale price for a condominium-class property was $264,953, a decrease of 3.1 per cent over February 2012. The average sale price of a residential-class property was $373,337, a very slight decrease of 0.6 per cent over February 2012.

Single level condominium apartments: February’s figures showed 98 sales for the month, compared with 126 in February 2012. Although the volume was down, the average price in February 2013 was $309,998, a minimal decrease of 1.5 per cent over the previous February.

Two story condominium townhomes: February’s figures showed 109 sales for the month, compared with 102 in February 2012. The average price in February 2013 was $225,069, a minimal increase of 0.8 per cent over the previous February.

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