November – a blockbuster month!

Numbers have very strong persuasive power. When global economist talk about overpriced market in Canada, Ottawa doesn’t care at all and keeps buying. The latest statistics paint a very boisterous real estate market in our capital city.

See for yourself:

Through the MLS system 1,020 residential properties were sold in November. This is  8.5% more than last year. These numbers are comparable only to the booming times (for real estate) of 2001.

The average sale price was $347,795, another increase of 7.3% compare to a year ago.

One can keep scratching his head thinking what is moving those numbers up and up in Ottawa. The trivial explanation “oh, it’s a government town, stable job market, etc” is not satisfactory to myself at least. But time will tell.