I know there are many homebuyers who are waiting for prices to come down before they buy but prices here in the Ottawa area show no sign of declining. The rate at which they are rising may have slowed a little but as these recent stats from the Ottawa Real Estate Board show, they are not coming down.
According to OREB, "The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $340,719, an increase of 6.8 per cent over October 2009. The average sale price for a condominium-class property was $263,292, an increase of 13.4 per cent over October 2009. The average sale price of a residential-class property was $361,560, an increase of 5 per cent over October 2009. The Board cautions that average sale 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 sale price is calculated based on the total dollar volume of all properties sold."