Ottawa’s Sliding Real Estate Market is Great News for Buyers
by Dave Williams
While the residential market in Ottawa remains stead the big news this month was a 4.3% price drop in the average condo sale and a 13.8% drop in the number of condo sales. If your an entry level buyer, this is great news…although a little skewed.
The first thing you should know is that new construction condos are not represented very strongly in these sales. Builders have their own sales force and usually only use OREB members to sell the last 8-10% of their units as the enter the construction phase. This means all those new condos springing up though-out the downtown core are not really being counted when we declare a drop in sales, and as new condos are often priced at a premium due to design and construction they probably command an unfair share of the real estate dollars being spent on condos right now. Later this month we’ll take a deeper look into just the condo market, for now lets stick to the idea;
It’s a good time to buy a home or condo.
Looking at the numbers, 1,594 properties sold last month (June 2013), 1,280 homes and 314 condos which is a decrease of 4.1% over last year and lower than 2011 as well.
This slight decrease in sales is evident in the number of properties for sale, currently over 7500 properties. This means that buyers in the market have more choice than ever in where the want to live, and that sellers are competing more and more to win the buyers over. As the market remains stable buyers can expect to see better upgraded and staged homes at more competitive prices. Good news for anyone looking to buy a home.
Since January we have seen a steady increase in the % of new properties for sale, selling each month, which will slowly begin eroding the extra inventory that has built up in Ottawa.
Stay tuned this month for a segmented break down of each market component and find out where the best deals in Ottawa real estate are.