Ottawa resale home market slows, but still steady
For the year, home sales remain slightly up from 2011 and Ottawa still seems largely immune to the volatility in other markets that some observers are calling the start of a price correction.
According to recent statistics from the Canadian Real Estate Association (CREA,) Ottawa experienced a decrease in resale housing in the month of September. In September of 2012, 993 homes were sold through the Multiple Listing Service (MLS) compared to 1,201 in September of 2011. However, comparing the first 9 months of the year, 2012 comes out ahead with a 0.7% increase in sales.
The slight decline is said to be influenced by a combination of newly introduced mortgage legislation and government job cuts, according to the Ottawa Real Estate Board. Despite the slowdown and rising prices, real estate officials remain optimistic. Ansel Clarke, president of the Ottawa board, released a recent statement stating the city historically seems to avoid large real estate swings. "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," Clarke said.
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