New Record In Ottawa’s Condo Market

During last month, the condo market showed to have gained a strong point, with homes sales in Ottawa increased by nearly 20 per cent. The Ottawa Real Estate Association members sold 2,300 homes unlike the 1,919 homes sold a year before and more than the 5-year average of 1,946.

The president of the Ottawa Real Estate Board, Rick Eisert said; “Not only was May 2017 the best May on record for unit sales, it also surpassed the record for highest unit sales in a single month ever; blowing the previous record out of the water by 315 units. One of the reasons for these stellar numbers can be attributed to the condo market, which has really helped strengthen the whole market over the past several months. This is quite evident in May, where units sold increased by 44.6 per cent over May 2016.”

The latest listings and tighter inventory is a sign that Ottawa is moving towards a seller’s markets granting that it has not steered towards a price increase for now. The Ottawa area had its residential-class property sold for an average price of $436,625, which went up over May last year by 7.4 per cent. In that same course of time, a condominium-class property average sale price went up by 2.3 per cent to $270,993.