Housing resales up 13% in December

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Ottawa Real Estate Board members saw a 13-per-cent increase in resales in December, capping a year where annual sales slightly rose.

Members sold 699 properties in December 2011 compared with 618 the year before. That month's sales also well surpassed the five-year average of 611.

Annual sales rose 1.7 per cent to 14,412, the board stated.

"The market started off the year quietly, but gained momentum as we headed into spring and summer, losing very little steam during the fall and posting the best November on record, which leaves us with a very solid balance sheet for 2011," stated past president Joanne Tibbles.

The average sales price in December rose 2.6 per cent to $332,527 across all property types.

The board stated 177 of December's sales were condominums, and the remainder residential properties.