Where are all the Condo Sales in Ottawa?
by Dave Williams
Condo sales in Ottawa have been getting a bad rap this year, every month the Ottawa Real Estate Board has released stats indicating resales are down, but they are only tracking the sales of resale condos, while every block seems to have a new building under construction I think a number of condo sales are moving to the new construction segment, a much higher percentage than in the last 10 to 12 years, lowering these numbers and considering the price point of many new builds the average price of resale condos as the higher value sales move to the newer buildings. I truly believe the condo market is quite healthy, so today I delved into the “where” of Condo sales.
When we look in the burbs, Condos in Orleans, Kanata and Barrhaven for the purpose of today’s study we see 11.4%, 6.7% and 5.9% of the condo market respectively and when we look at this 24% of condo sales we see growth in the newer part of Orleans of 6.3%, while there is a 10% decrease in the older areas, Kanata shows a 4,4% growth in resales and Barrhaven posts a 5.1% increase.
On the flip side, looking at Condos in the core, West Centre Town, Downtown Ottawa and Westboro areas, they showed respective declines of 20%, 26% and 42% in year over year resales. Not surprisingly, three area where you’d be hard pressed not to see a new condo building under construction, 75% sold out with only a few units remaining at a “Very Special” discount price…