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Real Estate prices still rising despite balanced resale market in Ottawa

According to Statistics issued by the Ottawa Real Estate Board, This December saw 18.8% fewer sales than the December of 07; However, that being said the average price for all of 2008 was 6.3% higher than that of 2007.  The year’s average house price in Ottawa for 2008 was $289,766.

Basically what can be gathered from this is despite concerns of the economic slowdown; The Ottawa Real Estate Market remains a fairly stable resale marketplace.  Because of the fairly stable economy and strong local job market, Ottawa always weathers the economic storm better than other city centres.  In my opinion Ottawa is just not a boom or bust kind of town.  Ottawa just keeps on keeping on, which is OK with me.

In short; The 2008 Ottawa resale market can be described as more balance, less booming.