Ottawa housing prices up 7 per cent

Ottawa housing prices up 7 per cent
The Ottawa Citizen

The average price of a home in Ottawa is inching closer to $300,000.

According to the Ottawa Real Estate Board, the average price of residential properties, including condominiums, was $298,484 last month, an increase of seven per cent over June 2007.
The average price is calculated based on the total dollar volume of all properties sold.
The average cost of a bungalow last month was $281,171, compared to $265,032 the same month last year. A split-level sold for $299,022 in June, compared to $285,423 in June 2007.

The board said 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.
Meanwhile, Residential building permits issued in Ottawa increased by 28.8 per cent in May compared to one month earlier.

However, non-residential, including industrial, commercial and institutional building permits, have decreased by 51.6 per cent in May compared to April, according to Statistics Canada.
In Gatineau, residential permits decreased slightly by 0.4 per cent — and non-residential permits decreased by 23.2 per cent in May, compared to April.

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