One thing you have to remember is that you live in Ottawa, matters to you the most is how Ottawa housing market changed...
Today's business journal.
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UPDATE: Ottawa real estate sales decline in July
By Ottawa Business Journal Staff
Thu, Aug 7, 2008 11:00 AM EST
Housing sales cooled down in Ottawa in July as both the freehold and condominium markets reported weaker numbers compared to a year earlier, according to the Ottawa Real Estate Board.
Members of the board sold 1,390 residential properties last month, down from the 1,451 units sold a year earlier. Sales were also weaker than in June, when 1,691 sales were recorded.
"It's normal for the Ottawa market to have fewer sales in July, after the busy spring market cools off a little," said the board's president-elect Rick Snell in a statement. "Also, listing inventory has declined, so the market is becoming more balanced, and a balanced market is an ideal environment in which to buy or sell a property."
The year-over-year decline was due mostly to a 5.1-per-cent drop in sales of single-family homes, to 1,076 units, although flat numbers in the condominium segment didn't help matters. Condominium sales edged down 0.9 per cent to 314 units in July.
Meanwhile, the average sale price of all residential units rose by nine per cent to $294,410, with fairly even price growth between both of the segments.
Freehold homes sold for an average of $319,030 in July, up 9.5 per cent from the $291,397 price tage seen a year earlier, while the average condominium sale price rose by 8.6 per cent year-over-year to $210,044.
"The Ottawa real estate market's fundamentals of affordability, buyer demographics, interest rates and gradual price growth are all favorable," Mr. Snell added.