First off, this has already been a record year for Ottawa real estate sales (and the year isn’t over yet!).
And good news for homeowners; both prices and sales volume are up this month over November of last year.
For residential freeholds, average pricing is up 6.5% over this month last year. And total sales volume is up 3.4%.
For condos, the average price is only up 1.0%, while the total volume of sales is up a whopping 17.3%. Yes, you heard it right, condos are starting to sell again (and its about time :-))
*Please bare in mind that these monthly stats are only a small glimpse of a larger market cycle, and are necessarily the be-all-end-all of market info (that’s my, Chris Steeves, disclaimer ;-))
And for anyone looking for good deals on properties in Ottawa, winter is typically the best time of year to do find them. While listing inventory is typically lower, the sellers that are listed are usually more motivated to get their property sold. There are fewer buyers during this time which gives buyers the upper hand when bartering with motivated sellers. And, if you are buying right now, you’ll be closing on your property just in time for the spring market when things heat up again and prices tend to shoot up again. If you’re an investor, the time is now! 🙂
As always, if you have questions about real estate in Ottawa, please ask me. I’m always happy to help you with all of your real estate needs.
Have a great week, everyone. Have a very happy holidays!!