Published by Aeden Helmer, Sun Media, July 7, 2009

Ottawa’s housing sales continue to buck the national trend, posting a third consecutive record setting month for sales.

Ottawa Real Estate Board members sold 1,895 properties last month, an increase of 12.5% over June 2008, when 1,685 units were sold.

Three straight months of record sales, and four months to date in which 2009 sales have bested the previous year’s totals, have helped right the ship after a sluggish start to the year.

“We have seen a strong recovery from the slow start to this year,” said OREB president Rick Snell.

At the end of June, year-to-date sales are up 1% over the first six months of 2008.

The average sale price of residential properties sold in Ottawa last month was $306,924, an increase of 3% over June 2008.

Calling it a “seller’s market,” Snell predicted sales would remain “brisk” in the coming months.

“There is a very low supply of homes right now,” said Snell.

With the low interest rates and new first-time buyer incentives, Snell said many sellers are fielding multiple offers.

“Ottawa’s economy is a very stable economy, and that leads to a very strong housing market,” said Snell.

And while other Canadian cities are also beginning to notice a gradual recovery from the slow start to 2009, Snell believes Ottawa’s housing market will continue to strengthen.

“The average cost of housing is much lower in Ottawa compared to Toronto, Vancouver and Calgary, while there’s still relatively high family income, so that makes the city a very attractive and affordable option,” said Snell.