Real estate in Ottawa has almost been considered recession proof; it has continued to withstand the recession. Many consumers believe that the worst has subsided and now is a good time to invest and purchase in real estate. The record-low borrowing costs have been a huge factor in the decision making process of many money making hopefuls. The housing market for example in May 2009 was the fourth consecutive increase in monthly sales. Also the average sale price of a home sold through multiple listing services has reached a new record of $319,757. The Ottawa Real Estate Board reported for the month of July that more than 1577 homes were sold, which was 11.5 % higher than July 2008. Rick Snell, the president of the Ottawa Real Estate Board said that the high demands from consumers combined with low listing inventory is creating a strong seller’s market with multiple offers and increased pricing. The Canadian Real Estate Association states actual sales were up in 14 of the 25 major markets CREA surveys with major markets leading the way. The jump in these sales is a direct reflects as supply is in demand.
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