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Tighter mortgage rules, which become effective on New Year’s Day, may be driving up the cost of buying a house in Ottawa.

Prices for single family homes jumped 7.3 per cent year over year in November to reach $403,500, the Ottawa Real Estate Board reported this week.

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The price hikes reflected in part a higher-than-usual sales volume for November, which helped to reduce the number of available properties. There were 3,212 residential listings at the end of November compared to 3,745 in October and 4,207 in November 2016.

The tightness of the market can also be gauged by looking at how long it took for properties to sell. Houses sold in November had been on the market for an average 48 days, down considerably from 68 days in November 2016.

Starting in the new year, borrowers must demonstrate, among other things, they can still make payments if interest rates rise.

The increase in sales activity in November did little to change the recent pattern that has favoured sellers of homes in the west end of Ottawa.