Is it a good time to sell your condo in Ottawa?
You've landed here because you've heard the Ottawa real estate market is hot and there is a shortage of inventory. This is true. Many areas of our city are seeing buyers in multiple offer situations and many neighbourhoods of Ottawa are in a sellers market.
Sales volume for February 2018 were lower than February 2017 largely due to the fact that real estate agents in Ottawa had not enough homes to sell. Buyer demand is there but our inventory is low both for the residential-class and condominium-class.
The average sale price of a residential-class property in Ottawa for the month of February was $429,600 a increase of 2.7% over February of 2017 while the condominium-class saw an increase of 5.6% and those condos sales were at an average of $273,147.
The fact is that the Ottawa condo sales are driving the Ottawa real estate market at the moment. Due to demand our condo market is experience some price recovery. Limited supply in the rental market is also making some would-be tenants to look at the option of purchasing.
To discuss the sale of your condo in Ottawa or to find out if it's a good time to sell your Ottawa condo feel free to text, call or email me at or email@example.com
Update: I've posted a more in depth analysis of the condo market including charts and graphs.