Real estate market remained bouyant in 2005.
January 9, 2006 - Ottawa's residential real estate market continues to sizzle, with 2005 sales coming within a whisker of the record-setting pace of the previous year.
The Ottawa Real Estate Board says 2005 sales totaled 13,099 compared to 13,152 in 2004. At the same time, the average price of a resale home rose 3.8 per cent last year to $244,531.
In December, 619 properties changed hands, a decline of 1.4 per cent from the same month a year ago.
"The resale housing market results for 2005 are proof of another solid year," says newly elected board president Ron Levine. "Year end inventory figures indicate there are more properties available for sale right now than a year ago, giving buyers more choices. The average price continued to climb at a steady pace throughout the year as well, resulting in a higher dollar volume of activity."
While many have proclaimed 2005 to be the "Year of the Condo," condominium sales were actually down 2.1 per cent to 2,604 units in 2005. Average condo prices on the resale market rose 3.7 per cent last year to $180,031.
© Ottawa Business Journal - 2006