Ottawa home resales down year-over-year in February

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Ottawa real estate agents sold 9.3 per cent fewer homes last month when compared to the same time a year ago amid signs of a slowing local housing market.

The Ottawa Real Estate Board said Tuesday that its members sold 914 residential properties in February 2013. That’s down from the 1,008 properties resold during the same month in 2012.

“It is clear that the Ottawa resale market has slowed down in comparison to this time last year,” said OREB president Tim Lee in a statement.

Home prices also fell slightly, dropping to $346,774 from $350,645 in February 2012.

Mr. Lee said he is confident the market will pick up speed later this year, despite the declining year-over-year numbers. He pointed out that realtors sold 315 more homes in February 2013 than a month earlier.

“The market seems to be picking back up as we approach the busy spring season,” he said in the news release.