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CONDO COMEBACK FOR OTTAWA?!

OTTAWA REAL ESTATE - CHRIS STEEVES

Happy Fall everyone!! 

Hopefully everyone’s enjoying this scenic fall season (definitely a pretty time of year :-))
 
Good news for Ottawa real estate: confidence in our market remains very high with our third record-breaking month in a row.  In fact, 2016 as a whole has seen many new records set for home sales.

While freehold residential sales for October have remained the same as they were at this time last year, very surprisingly condo sales have skyrocketed with a 27.2% increase.   Are tides finally turning for our struggling condo market?  (for all the condo owners out there, I certainly hope so :-)).   A few factors contributing to a rebounding condo market:  inventory levels are down, prices have been ‘correcting’ for a few years now, and freeholds homes are becoming increasingly unaffordable for many buyers.  While this is a good sign for the condo market as a whole, I still recommend exercising caution before making a purchase.  Condos may be selling, but pricing continues to be fairly level.

Hopefully all you homebuyers out there have locked in your mortgage pre-approval before the recent mortgage rules changed.   Since the new rules came in just a few weeks ago, it’s still too early to say how it will affect our markets.  My guess is we will see a slight slowdown in the market overall, and the lower-end homes and condos will feel it the most.
Find out more about the new rules here: http://chrissteevesrealestate.com/newmortgagerules/

 

As a yearly reminder, the subzero temperatures are coming soon, so it’s time to winterize your home and vehicles.
– shut off all outdoor faucets (make sure to drain the excess water)
– clean the leaves out of your gutters
– do your furnace inspections (you don’t want that furnace to die in January :-))
– buy some bags of salt for your walkways

– put your snow tires on

– and go buy some ridiculously warm gloves and tuques 😀

 

For any architecture and ‘green home’ enthusiasts out there, one of Ottawa’s most prestigious builders, RND Construction, managed to win a staggering 9 awards at the Housing Design Awards this year.  Congrats to Roy Nandram and the team; they do some truly inspiring work.  To read more on what they’ve accomplished: http://chrissteevesrealestate.com/rndconstruction/

And you can find the RND site here: http://rndconstruction.ca/

That’s it for now.  As always, if you have questions about Ottawa’s real estate markets, I’m happy to help.   And if you know of anyone who’s buying or selling, your referrals are always appreciated   :-))

CHRIS STEEVES
Realtor/Sales Representative. Residential & Commercial.
Capital Homes Realty
2059 Meadowbrook Rd, Ottawa, ON
Office: 613 744 0356

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WWW.CHRISSTEEVES.CA
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