Ottawa, May 8, 2008: Members of the Ottawa Real Estate Board sold 1,561 residential units in April through the Board’s Multiple Listing Service® system compared with 1,555 in April 2007, an increase of 0.4 per cent. There were 1,086 sales in March 2008. “To say the spring market has arrived with a vengeance would be putting it mildly. Ottawa home buyers are keeping our members very busy these days,” said Board President Heather Skuce. “Home prices are still rising at a healthy, yet sustainable rate, compared to many major markets in Canada, which makes Ottawa a great place to buy or sell a home this spring,” she added.

The average price of residential properties, including condominiums, sold in April in the Ottawa area was $295,144, an increase of 6.5 per cent over April 2007. The Board cautions that average price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of 2,360 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.

The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

Source: Ottawa Real Estate Board