Ottawa,May 5,2005

Spring Inventory Increases

According to statistics released today by the Ottawa Real Estate Board, 1,423 residential and condominium units were sold through the Board's Multiple Listing Service in April 2005 compared to 1,107 units in March 2005.

"Members of the Ottawa Real Estate Board listed 2,705 residential units in April compared to 2,326 in March increasing the inventory available to buyers" noted Board President Jeff Greenberg. "The Board believes the local real estate market remains solid, although activity does vary among neighbourhoods. Buyers and sellers are encouraged to consult with their REALTOR for information about the market in their specific area."

"It is also noteworthy that almost 45% of sales in April were in the $200,000 to $300,000 price range".continued Mr. Greenberg.

The Board cautions that average price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of 1,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Ontario and Canadian Real Estate Associations. MLS is a co-operative marketing system used by the Boards members to ensure maximum exposure of properties listed for sale. MLS commercial and residential listings are available for viewing on the Boards internet site at www.ottawarealestate.org and on the national website of The Canadian Real Estate Association at www.mls.ca.