How's the housing market in Ottawa? 2009 was a record year for resale home sales, despite the slow start. Suprisingly enough the month of December and the holidays did not slow down the real estate market in Ottawa. With 689 residential properties sold, we are still seeing several multiple offers situations and a low listing inventory. Buyers and Sellers were also still very interested in the housing market between Christmas and New years - with lots of showings and offers happenings around town.

According to the Ottawa Real Estate Board president Pierre de Varennes the total number of home sales in 2009 hit a record high of 14,742, up 7.4% from 2008. The average price for all of 2009 was $303,888 an increase of 4.9% over 2008.

"Ottawa's housing market felt the chill of the global financial crisis last winter, but sales warmed up even before the spring weather arrived, and over the course or the year Ottawa had five record-breaking months of sales. Listing inventory was at a low level throughout 2009, which led to many multiple-offer situations," said the Board President. "Ottawa's housing market bounced back very strongly from its brief downturn, and we ended the year ahead of the previous annual sales record, which certainly no one expected back in January," he added.

Below you'll find a breakdown of our average prices; December saw double digit increases accross the board:

The average sale prices are as follows:
   - Average residential/condo sale $307,807 increase of 13.1% over Dec of last year
   - Average condo sale $246,062 increase of 17.9% over Dec of last year
   - Average residential sale $330,471 increase of 12.8% over Dec of last year

If you've been thinking of selling your home in Ottawa now would be a great time! The market is still very active with lots of buyers looking for their new home. Beat the spring rush and benefit from the low listing inventory and competition. If you've been thinking of buying this would be a great time to lock in your interest rates; they will be slowly creaping up in the new year.

Check back in a month to see How's the housing market in Ottawa for the month of January. Visit http://www.christianelafleur.com/ for helpful tips on buying or selling as well as HOT new listings for sale!