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Hot Ottawa Real Estate Market Shows No Signs of Slowing Down
By Simon Mulh

According to the Ottawa Real Estate Board the number of homes sold in Ottawa during the month of November increased over 8 percent from the previous November. While the five year average number of homes sold in November is 881, real estate agents sold 1020 residential properties in November 2011. November 2011 was the best November ever for residential homes sold in Ottawa setting the new record number of 1020.
This high sales activity speaks volumes about the stability and strength of the Ottawa housing market. With the coming of winter and the cooling weather home purchase activity normally slows down but this year all bets seem to be off. The air might be chillier but real estate market activity is very much hot in Ottawa.

The balanced market shows the confident of both home sellers and buyers. The historically low interest rates, people relocating to Ottawa and stable employment all help to make the Ottawa properties an attractive choice for both families and investors causing a healthy and balanced real estate sales conditions.3

Prices in November 2011 increased a very commendable 7.3% over the November 2010 home prices. Yet Ottawa remains one of the most affordable metropolitan areas in Canada with the average residential home price now at just over $347,000 which makes it possible for couples and young families to enter the real estate market fairly easily early in the life cycle.

Condominiums continue to be the popular choice for many in Ottawa and it is impossible to miss the number of new condominium building constructions in the city’s central areas such as on Bank street and the Westboro areas. Young professionals and baby boomers downsizing are driving the condo market which does not show signs of a slowdown. The city also proves attractive to young families with its various suburbs, parks, community centres and modern shopping malls. The construction of the bridge connecting the modern neighborhoods of Riverside South to Barrhaven will have a major impact on both of these outlying areas making them more accessible and even more attractive to home buyers in the near future.

Ottawa is clearly a city with a great future. The real estate market reflects this realistically and the trend seems to be that this robust development will continue into the next year and more. The cold weather may come soon but the Ottawa real estate market shows no signs of cooling down.

 
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