Do you know how much education is government, protecting the public interest required before a real estate professional can through a fair, safe and informed be registered in this province? Or who marketplace. All real estate professionals in regulates the conduct of real estate brokers Ontario must be registered with RECO, and and sales professionals in Ontario? are required to adhere to standards Established in 1997 as a result of the mutual contained in the Act. The Ministry of desire of the government and the real estate Consumer Services is responsible for the industry to enhance professionalism, the Real Act, as well as general oversight of RECO.Estate Council of Ontario strives to increase consumer protection while providing an effective, efficient and responsive regulatory framework for the real estate industry in Ontario. RECO is a self-managed, not-for-prof i t corporat ion, responsib le for administering the Real Estate and Business Brokers Act, 2002 – along with its associated regulations – on behalf of the provincial

Members of the Ottawa Real Estate Board (OREB) sold 1,326 residential properties in July 2011 compared with 1,116 in July 2010, an increase of 18.8 percent. There were 1,712 sales in June 2011.

“What a difference a year makes. Last summer the real estate market was reeling from the implementation of the HST that saw many buyers and sellers move up their purchases to the winter and early spring. 2011 is a different story, one that looks a lot more like the average year for Ottawa’s resale housing market,” said OREB's President.

The average sale price of res ident ia l p roper t ies , including condominiums, sold in July in the Ottawa area was $341,330, an increase of 6.2 percent over July 2010. The average sale price for a condominium-c l a s s p r o p e r t y w a s $270,933, an increase of 11.3 percent over July 2010. The average sale price of a residential-class property was $362,539, an increase of 4.8 percent over July 2010.

Call today for real estate advice and information!

Ottawa housing

market warms up in July

What means for consumersRECO

Protecting the public interest is achieved through:

Enforcing the standards required to obtain and maintain registration as a brokerage, broker or salesperson.

Establishing minimum requirements for pre-registration andcontinuing education.

Conducting routine inspections of brokerage offices to ensurecompliance with REBBA 2002 and educate brokers.

Addressing inquiries, concerns and complaints about the conductof registrants received from all sources and taking appropriateaction to protect the public interest.

Establishing and administering insurance requirements, whichinclude consumer deposit protection.

Promoting ongoing education and competent, knowledgeable andprofessional service.

Real Estate NewsDebbie Gibbons

Sales Representative

Office: (613) 723-5300 Fax: (613) 723-8957debbiegibbons@royallepage.ca

REAL ESTATE NEWS

Ottawa ResidentialAverage Sales Chartfrom 1956 to 2010

MLS Residential Sales PercentageIncrease or Decrease Over Previous Year

Based on Ottawa Real Estate Board MLS Stats

1956

1957

1958

1959

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

$13,351

$14,230

$15,564

$16,038

$16,791

$16,070

$15,952

$16,549

$16,563

$17,056

$18,004

$19,476

$23,329

$25,652

$26,532

$27,808

$30,576

$38,305

$46,661

$49,633

$54,623

$57,032

$59,134

$61,896

$62,748

$64,896

$71,080

$86,245

0.24%

6.58%

9.37%

3.05%

4.70%

-4.29%

-0.73%

3.74%

0.08%

2.98%

5.56%

8.18%

19.78%

9.96%

3.43%

4.81%

9.95%

25.28%

21.81%

6.37%

10.05%

4.41%

3.69%

4.67%

1.38%

3.42%

9.53%

21.34%

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

$102,084

$107,306

$111,643

$119,612

$128,434

$137,455

$141,438

$143,361

$143,868

$148,129

$147,543

$143,193

$140,513

$143,873

$143,953

$149,650

$159,511

$175,971

$200,711

$218,692

$235,678

$244,531

$255,889

$272,477

$289,477

$303,888

$327,225

18.37%

5.12%

4.04%

7.14%

7.38%

7.02%

2.90%

1.36%

0.35%

2.96%

-0.40%

-2.90%

-1.90%

2.40%

0.10%

4.03%

6.58%

10.32%

14.06%

9.00%

7.70%

3.80%

4.70%

6.40%

6.30%

4.90%

7.70%

YearAverageSale Price

PercentChange Year

AverageSale Price

PercentChange