Ottawa Condo Market Statistics - February 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for February 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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There is not much more I can say that anyone who is active in the market doesn’t already know. It is hard out there for a P.I.M. errr… buyer. We are seeing almost every condo now being listed with a date that they will accept offers on. Very few are selling below asking, which also means very few are selling with conditions - just look at the different DOMs below - 11 days on market in Byward/Sandy Hill, which is down from 44 days on market last year (again, this number includes the conditional period if there is one). We are coaching our buyers to have all of there ducks in a row before the process. If the property you are offering on is in multiple offers, let’s get as much of the conditional period done BEFORE putting in an offer. We have a team of lawyers who can provide a status certificate review within 2-3 hours (I had one last week that I sent at 4:20 pm on Friday evening, and it was back just before they left at 5 pm - AMAZING, and put my clients way ahead of the competition). We have the tools and experience to give you the advantage over other buyers and to help get you the property.

Sellers - if you are thinking about selling anytime in the next year, now is the time to start the plan. We are doing four or even six month plans right now in order to get the property in its best shape and position so that when the time comes, we can maximize the return and remove as much of the uncertainty as possible. This is especially important if the property is tenant occupied, or if the tenants have not yet given their notice. We can easily see the properties that had a plan, and ones that were “thrown together” last minute.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

The Grid Lofts - Sales Update

** For more information about The Grid Lofts, visit our The Grid Lofts condo page here. Everything about The Grid Lofts located in one place, including floorplans, renderings, news, etc. **

The Grid Lofts, being built by Modbox, is set to break ground “very soon as we are in the final stages of obtaining permits”. The boutique project will be located at 92 Stonehurst, which is near the Bayview LRT station and will consist of only six units. Only three of the six units remain available to purchase. While the prices are not to be publicly distributed, it begins in the low $600’s. These remaining units range in size from 1,067 sqft to the 1,640 sqft Penthouse which features 270-degree views plus a 274 sqft terrace.

For more information about pre-construction condos in Ottawa, fill out the form at the bottom of the page.

St Charles Market - Sales and Construction Update - Feb 2020

**For more information about St Charles Market, visit our St Charles Market condo page here. Includes everything about St Charles Market in one place, floorplans, renderings, etc.**

St. Charles Market, which will be located at 135 Barrette street in Beechwood Village, is moving along nicely and everyone is very excited to see the finished product. Occupancy will begin this spring and continue throughout the summer for the remaining five units. Of these five units, two are 2 story townhouses. Pricing for available units is not to be distributed publicly but starts in the low $900’s. There is only one penthouse unit left - a four-bedroom plus den, three-bath which is described as a 3,923sqft “custom home” complete with 270-degree views and a 426sqft outdoor terrace.

Current deposit structure is 15% (5% upon signing, 5% in 30 days, 5% in 90 days).

For more information visit the St Charles Market condo page here, or fill out the form at the bottom of the page. Questions about pre-construction condos in Ottawa? Let’s chat.

Ottawa Condo Market Statistics - January 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for January and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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“There is no snow in condo land.” Damn, how could there be? It is WAY to hot out there for any snow. In January, every neighbourhood has averaged over 100% list to sold price, with Westboro and Hintonburg seeing over 102%. We are seeing set offer dates on more and more listings - making it more frustrating for buyers. What’s worse? It is only the beginning. There is no end in sight and we are hearing more reports about condos having double-digit price increases over 2020. For buyers, for those who are serious, buy now, don’t hesitate. Longer you wait, the “worse” it is going to get.

Sellers? Hello?? Where are you? Stop hiding, we need you! In this market, the worst thing you can do is to just list your property. Now more than ever before it calls for a plan - one that is formulated from experience and executed with precision. We are seeing part-time agents or ones who don’t have any REAL condo experience - who are leaving their clients dollars on the table. Thinking about selling, let’s chat. Take full advantage of the market and the experience of a condo professional.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Home and Remodelling Show - This Weekend - Free Tickets!

The Ottawa Home and Remodelling show is this weekend at the EY Centre, and we have teamed up to provide free tickets to the show! Shoot us a message via the form below, or DM us on Instagram - it’s that easy. The show runs until Sunday at 5pm, with over 200 booths where you can shop for home-related products and services, connect with industry experts, experience stunning displays to help inspire your next home project, and enjoy informative presentations from renowned local and international home professionals!

*Free tickets are limited. Each ticket is valued at $13.00*

SoHo Italia - Now Rentals? Confirmed!

**For more information about SoHo Italia, visit our SoHo Italia Condo page here. Includes everything about SoHo Italia in one place, floorplans, renderings, etc.**

Without any warning, Mastercraft Starwood has quietly decided to build SoHo Italia as a purpose-built rental building. We have received confirmation from the builder that this is the case which comes as a surprise to some after the condominium project was expected to launch back in March of 2019, but never did. The builder has started moving along with construction. No further information has been provided at this time.

Does this mean that the builder will start to move forward with Phase 2 of SoHo Champagne?

Looking Back - The Ottawa Condo Market of 2009 Vs 2019

Starting a new decade is always exciting, especially to see how we have progressed over that time. Let’s take a look back at the Ottawa condo market of 2009 and compare it to the condo market of 2019. Will it help us look forward? 2009 was the year that saw a ton of condo buildings finish construction and begin occupancy - Mondrian (324 Laurier), 90 George, Hudson Park (235 and 245 Kent), La Tiffani (70 Landry), Westboro Station (401 Golden), The G (235 Patterson), The Galleria (200 Besserer), River Court Lofts (950 Marguerite), School House Lofts (19 Melrose), Lebreton Flats (200 Lett), Tavani (682 Churchill), Le Saint Denis (345 St Denis), Stonework Lofts (323 Winona), Petrie Island (100 Inlet Private), etc.

FYI: Unless mentioned, we are looking at one level apartment-style, one level condominiums only. This does not include two stories, stacked, row-unit, etc.

The condo market in 2009 saw only 1,359 new listings of which 1,369 sold. Of these, 252 units sold at or above list price. Compared to 2019 which saw 3049 new listings which 2503 sold, with 871 units selling at or above list price. The average sold price in 2009 for all areas was $252,913, compared to $326,472 for 2019.  DOM was 41 in 2009 and the same for 2019!

If we look back, 2009 was the very beginning of a six-year period that many of us are glad to be past. We had an oversupply which really turned the condo market on its head, and into a buyers market. We started noticing things changing in 2017, but really felt them in 2019. Shorter days on market, more units selling at or above list price, and a general lack of supply for condos in desired areas. We have almost doubled the amount of sold units since 2015.

Let’s take a closer look at the average sold price for our top neighborhoods, and the differences that we have seen.

Average Sold Price

Centretown - 2009 $330,241 - 2019 $387,979 - Difference of $57,738
Byward Market and Sandy Hill - 2009 $324,981 - 2019 $391,273 - Difference of $66,292
Little Italy and Lebreton Flat-2009 $324,647 - 2019 $412,237 - Difference of $87,590
Westboro - 2009 $396,313 - 2019 $454,863 - Difference of $58,550
Hintonburg - 2009 $276,914 - 2019 $356,113 - Difference of $79,199

New vs sold one level apartment style condominium properties since 2004.

Days on market for one level apartment-style Ottawa Condominiums since 2004. * Keep in mind that this number includes the conditional period. For condominiums, this would also include the status certificate which is usually 10-14 days.

What to chat more about how this affects your condo or condo purchase? Want to dig deeper? Want to chat? Fill out the form near the bottom of the page.

Ottawa Condo Market Statistics - December 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for December and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Clients will often ask when the best time of year is to sell or buy, and I always end by explaining that December is usually one of our busiest months. This is especially true when you compare the condo market to the residential freehold market, which is very very quiet over snow-filled months.

Four out of the five downtown areas have an average list to sold price that is over 100% (and to be fair the fifth - Little Italy - is still averaging at 99% for the six that sold with an average DOM of 59 days). Three of the five areas saw fewer properties listed and more properties sold than December 2018. This is all giving us an idea that 2020 will continue on the same path. Prices will continue to rise and it will continue to be hard for buyers. While we are not seeing crazy bidding wars, partly due to a lack of preparation by listing agents. We keep seeing new listings without status certificates pre-ordered etc, which will need to change OR if the seller is serious about getting the most money that they can for their property.

Watch out 2020, the Ottawa condo market is on fire.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Property Taxes To Rise in 2020

Ottawa city council has unanimously approved a property tax hike of three percent for 2020. The tax increase will mean that the urban average homeowner will pay an extra $109 in property taxes for 2020 compared with 2019. The property tax increase will also impact the homeowner due to the recent 1.5 percent growth in newly assessed properties.

The 2020 operating budget of $3.86 billion, which is up $136.8 million over 2019, will allocate millions more in spending for transit and infrastructure such as roads and sidewalks. Earmarking $7.5 million for additional bus service, which includes the purchase of 19 new buses following the launch of the LRT line. The budget will also add $15 million to the city’s affordable housing budget, the same increase as seen in the 2019 budget.

Ottawa Condo Market Statistics - November 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Wow. Many had wondered if the fall market would continue to push ahead and November 2019 did not disappoint. Aside from Little Italy, the average price for apartment condos sold in the major four downtown neighbourhoods in November averaged over $510,000. Aside from Westboro, the average days on market for sold properties in the other four neighbourhoods is 17, 25, 25, and 30 - which includes the conditional period. Compared to October which only saw one area below 30 days on market (18 days for Hintonburg). Combined, these neighbourhoods saw 82 new listings, with 81 sales, versus October which saw 101 new listings and 78 sales. All of this is showing an increase in demand for apartment-style condos in Ottawa.

Buyers: It isn’t getting any easier for you, however, I would suggest that you continue to search and be ready to jump over the next two months. While the market is known to be at its slowest period of the year, we will still see new listings hitting the market and the listings that couldn’t sell considering price reductions etc. Working with a connected agent with a strong network is key to knowing about listings before they hit the market and getting first shot before everyone finds out.

Sellers: While we started to see listings drops in November vs October, you will notice the level drop even further in December. That being said, since we are still seeing a high level of demand, there are opportunities that are available before the spring market. Buyers are still looking and fewer listings mean more focused eyes on your listing. If you are thinking of selling in the next 90days, take the extra time over the holidays to plan and prepare. Put the extra work in now, so that you can take advantage of the market.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

The Charlotte - Sales and Pricing Update

**For more information about The Charlotte visit The Charlotte page HERE, which has everything about the building in one place. This includes the floor plans, pricing, renderings, sales updates, etc. **

Richcraft Home's latest project, The Charlotte, had its VIP launch on October 19th and public launch on November 2nd. Since then they have seen 28 units sell out of the 197 units in the building, selling out certain floorplans. The 1A, 1B, 1C, and 1D floorplans are sold out.

Pricing has also changed slightly with some units seeing modest increases. The building is now priced at an average of $733.57/sqft, the average size is 651 sqft, for remaining units that are advertised. Prices start at $295,000 for the SB floorplan which is 389sqft and available on floors four to twelve. Keep in mind this is the starting price as the prices posted are the lowest floor.

The Charlotte is going to be located at 560 Rideau Street, near the corner of Rideau and Charlotte. It is comprised of 197 units over 14 floors and expecting occupancy of April 2022.

For more information on The Charlotte Condominiums or other pre-construction condos in Ottawa, call or email - 613-286-9501 or Matt@MattRichling.com.

CMHC Predictions - 2020 Ottawa Condo Market - Top Takeaways

CMHC has released its regular housing market update for Ottawa, which includes some strong predictions for the Ottawa condo market. This report is The Ottawa Housing Market Update and includes a bunch of information and statistics to help get a better idea of the real estate market in Ottawa and where it is headed. Here are some of the main takeaways along with some of my favorite statistics from the report.

MLS Sales Growth & Condo Market Sales

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Click to enlarge. Sellers market continues for the condo market in Ottawa.

- Sales have been trending upwards since 2014, with 17,327 sales (in all property types) in 2017 and 17,708 sales in 2018. CMHC is forecasting between 17,600 to 18,600 sales in 2019. They are also forecasting between 17,400 to 18,700 sales for 2020, and between 17,300 to 18,900 sales for 2021. 

- Year over year, our entire market has increased 6.1% for sales - from 15,846 ( Jan to October 2018) to 16,808 sales (Jan to October 2019). Of these, condominium apartments saw the strongest growth - 2,346 sales in J-O 2019 vs 1,958 during the same time in 2018 - an almost 20% increase year over year.

- Condominiums make up 24% of the overall sales, which is up from a low of 18.2% in 2015.
- Condo inventory and supply continues to trend lower - 555 units for 2019 vs the highest of 2,022 in 2015.
- A seller’s market continues (see chart)

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Ottawa has relatively higher earnings vs Toronto and Ontario on average - per week before taxes

Ottawa
- Ottawa has relatively higher earnings vs Toronto and Ontario - $1,209 vs $1,051 and $1,033 (per week before taxes - YTD to Sept 2019 average.
- Ottawa earnings have grown at the fastest rate in two decades in 2019. 6.9% for YTD to September
- Smaller households (two or fewer persons) have been the majority in Ottawa since 2016. 1 person 28%, 2 persons, 34%, 3 persons 16%, 4 persons 15%, etc.

New Construction and rental

- Fourth-year that rental starts have surpassed condo starts
- Unsold new condo apartment inventory at a historic low.
- Majority of rental units were built between 1960 and 1979
- Nearly one-third of condo apartments are offered for rent in Ottawa
- A significant gap in rent amount on vacant versus occupied units. EX: $222/M for two-bedroom units
- Forecasting the vacancy rate to drop in 2019 to 1.5% (from 1.6% in 2018), then rise in 2020 to 1.7%, and rise again to 1.9% in 2021.

The main take away is that CMHC expects the market to continue on its current path, provided any external factors. Ottawa remains a strong place to invest and our vacancy rate will continue to remain at a healthy rate for investors. We continue to see a rise in population and the demand that it brings for housing. If you would like a copy of the full report, shoot me an email. Questions about the Ottawa condo market? Let’s Chat.

Echo Canal - Uniform Developments - Updated Floorplans & Pricing

**For more information about ECHO Canal by Uniform, visit the ECHO Canal page here. This includes floorplans, pricing, renderings, news updates, and more.**

Uniform Developments has re-released its latest building, Echo Canal, with new suite designs and updated pricing. Located at 115 Echo Drive, Echo Canal was originally launched back in July of 2019 and is now comprised of 42 suites (up from the original 32 suites) with an average size of 1,223sqft (down from 1,590sqft). By adding these suites in, Uniform was able to include some smaller one-bedroom units with pricing starting from $405,000 (Unit 104, 631sqft), which lowered the building’s overall price per square foot down from $958/sqft at the original launch, to $783/sqft now. The average price of a unit in the building is now $995,476 vs $1,542,091 when it originally launched in July.

In addition to the floorplan changes, the builder has made a few changes to the standard finishes and amenities, in order to help get the unit pricing and condo fee lower and more competitive. Uniform decided to remove the concierge at launch in order to bring the new condo fee down to $0.54/sqft.

Uniform had sold firm four of the 32 units during the initial July launch, and then shortly after decided to stop selling units and re-design the floorplans. The relaunch has pushed back the occupancy by only four months to March of 2022. Construction is set to begin during the summer of 2020.

Interested in learning more about pre-construction condos in Ottawa? Fill out the form below to chat.

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Echo Canal - Relaunch

Ottawa Condo Market Statistics - October 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for October and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Last month, we saw a big jump as everyone got back from summer break and serious about the fall market. October kept that trend moving in the same direction. For Centretown, even with 47 new listings and 32 sales with an average sale price of $472,502 - we still saw the average list to the sale price ratio of over 100%. This means multiple offers over asking price. Which is also evident with only 32 days on the market! This is the same as what we saw with Hintonburg as both area’s continue to be in high demand for buyers.

For buyers, it continues to get tougher as the fall market picks up. Keep in mind that the condo world is different as we are not as affected by snow on the ground. The first half of December is typically still pretty busy. Getting access to properties before they are listed is key in a seller’s market. Having an agent who is focused and has a strong network is key.

For sellers, maximizing the price we are able to sell the property and removing the issues before they become one is key. Timing, prep, the list goes on. We see so many listings that are currently loosing out on top dollar to due trying to take advantage of the market and overpricing.

Thinking of making a move? Considering an Ottawa condo and want to make sure it is the correct property for you? Let’s chat! Fill out the form at the bottom of the page, or call me directly at 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Claridge moon - Sales Update

**For more information about Claridge Moon, visit our Claridge Moon project page HERE. All information about the project will be located here, including floorplans, renderings, construction update, news articles, pricing, etc. **

Claridge Moon is continuing to sell, with currently 83 units now sold out of the 266 units (making the building now 31% sold out). Prices continue to rise, with the building currently averaging at $672 per sqft. The average available unit size for the building is now 696sqft. There is still a selection of units available depending on price point and size preferred. Pricing starts from $332,000 for the Titan floorplan which is 510sqft on the 5th floor.

For more information about pre-construction condos in Ottawa, fill out the form at the bottom of the page.

Claridge Royale - Sales Update

**For more information about Claridge Royale, visit our Claridge Royale page here. Includes everything about Claridge Royale in one place, floorplans, renderings, etc.**

Claridge had the VIP launch for their newest development, Claridge Royale, on September 14th. The lineup started at 5:30 am in anticipation for the launch at 10am. Overall the event went very well and there were 54 units sold firm. Since the launch, pricing has gone up slightly between $3-5,000 and we expect more increases as we move into fall. The building is currently averaging $664/sqft for remaining units.

There are still two units priced at $273,000 and $275,000 for 420sqft, with a few more options slightly above $300k. The majority of the Reign 1/2, Splendor, Class, and almost all of the Satin floorplans are sold out (with a few exceptions). There are still some great options depending on size and price point.

For more information on Claridge Royale or pre-construction condos in Ottawa, fill out the form below.

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Claridge Royale Sales Update Oct 10th

The Charlotte - Floor Plans and Pricing

**For more information about The Charlotte visit The Charlotte page HERE, which has everything about the building in one place. This includes the floor plans, the pricing, renderings, etc. **

We have received a copy of the floor plans an early copy of the VIP launch price list for The Charlotte which is launching on October 19th. Richcraft Home’s newest condo building is going to be located at 560 Rideau street, in Sandy Hill.

The Charlotte Pricing

Keep in mind that we have only received the “starting from price” for each floorplan, so the actual number is higher.

Of the 62 variations/floorplans:
- The average for the building is $726.37/sqft (starting price)
- Each unit includes a storage locker at no additional cost
- Parking is $45,000 and only available on select units
- There is only one floorplan with a starting price below $300k, 389sqft Model SB on floors 4-12 starting at $285,000
- Then pricing jumps to starting from $320k for 375sqft on floors 13-14
- The average size in the entire building is 624sqft
- 16 studios which average 406sqft
- 114 one bedrooms (including 1+dens/flex) which average 533sqft
- 71 two bedrooms (including 2+dens/flex) which average 818sqft

The Charlotte Floor Plans

For all of the floorplans, visit The Charlotte page HERE, which has everything about the building in one place. This includes the floor plans, the pricing, renderings, etc.

For more information about The Charlotte condos, or pre-construction condos in Ottawa, fill out the form at the bottom of the page.

SoBa - Two Bedroom Inventory Sale

** For more information about SoBa Condos by Lamb Developments, visit our SoBa page HERE. Including floorplans, renderings, etc. **

Lamb Development has announced a one-day sales event to move remaining units at SoBa, its latest Ottawa development. The event is on Saturday October 19th from 12pm to 6pm at the building. The promo is set to include:

• Up to $25,000 off developer’s prices

• $10,000 off parking space

• No occupancy fees until the final closing on March 1st 2020

• Closing fees capped at $5,000

The building is located at 203 Catherine Street, just off of Bank street in Centretown. The project has some of the best prices compared to other projects that are launched or under construction, averaging at $520/sqft.

For more information on available units, or general questions about the Ottawa condo market, fill out the form below.

Richcraft's The Charlotte - VIP Launch October 19th

**For more information about The Charlotte by Richcraft, visit our Charlotte Page here. Including floorplans, renderings, etc. as they are released **

Richcraft has announced that the VIP launch for the Charlotte will be on October 19th. There are no other details released at this time. The Charlotte is the latest project for Richcraft who has also built some of our most well-loved buildings (The Galleria 1 and 2, The Bowery, The Laurier, Place Des Gouverneurs, etc.).

There are going to be 197 units over 14 floors, with pricing expected to start in the mid 200’s. There will be a rooftop outdoor pool with lounge, fire pit, and bbq area. Indoors you will find an amenity floor with a party room, dining room, a kitchen, bar, games room, fitness centre, yoga stretch room, etc.

To stay up to date on The Charlotte, including floor plans, pricing, etc, as it becomes available, fill out the form below.

Ottawa Condo Market Statistics - September 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September and the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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September was back to school and back to “work” for the buyers and sellers who decided it was time to get the fall market started. Across the board, we saw a 11.8% increase over September last year for residential properties sold. With an increase of 26.4% for condominiums properties sold (condominiums in Ottawa, Sept 2018 vs Sept 2019). That is HUGE. At the same time, the average sale price for a condominium was $309,373, which is an increase of 9% over September 2018. Year to date, prices are up 8.1% over last year.

Part of this is due overall to the fact that condo prices have restored and sellers are taking advantage of it. We have had a lack of supply which is still evident in most neighborhoods and certain property sizes, but with the residential market under an even higher level of supply issues, it has helped push buyers back into considering the condo world. As well, now with the LRT actually in place, we are seeing buyers purchasing habits shift to include walkability to an LRT station.

In addition, this has also continued to bring investors into Ottawa from outside markets. The new investor who is priced out of the Toronto condo market. The mom and dad who couldn’t find a decent rental price for their daughter going to university. We continue to see outside buyers looking at our stable market as a “safer” place to invest.

Thinking of making a move? Considering an Ottawa condo, and want to make sure it is the correct property for you? Let’s chat! Fill out the form at the bottom of the page, or call me directly at 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.