Condo Inventory Drops in Ottawa's Centre Town

Ottawa's Centre Town neighbourhood was sitting with 3 months of inventory in 2020 from October to December. Many owners of condos in the Centre Town MLS district of Ottawa decided to change their living accommodation. Many had chosen to put their condo property up for sale and seek a larger property which sometimes included increased outdoor space or more space within their home to allow for them to work from home which seems to have become the new norm. 

Many employers have come out publicly confirming what many had suspected, working from home at least to some degree will be an option. Working from the workplace 5 days a week seems to be a thing of the past for many. This in turn will save lots of commuting time as well some cost savings such as not having to buy lunches, buy gas or pay for public transit.

The choice to sell their downtown condo was also influenced at times by tenants choosing to move out of their rented downtown condo units. Some landlords found themselves in a position to either find a new tenant to move in or cash in on their investment and sell their condo unit. 

It all started in August 2020 when there was a total of 99 active listings on the market in Ottawa Centre Town MLS district. This figure went up to 136 in October as we were sitting with 3 months of inventory. Since then, home prices in Ottawa have continued to climb fast which has forced some buyers to consider buying condominiums which often tend to be less expensive than freehold residential properties. Condo inventory has dropped to 76 active listings at the end of June 2021 which translates to just 1 month of condo inventory.

With Ottawa and Ontario opening up following COVID closures, we are seeing a renewed interest to be living in the downtown core. We are also seeing colleges and universities offering hybrid learning models where some students will be in class while others can continue to study by video conference. This slowly increases the demand for rental units located in the downtown core which are in close proximity to the University of Ottawa. We are also seeing students coming from abroad to study in Canada as borders slowly reopen.

If you are in the market to sell or purchase a condo in Ottawa and would like to discuss the real estate market for that particular neighbourhood or building please reach out to Roch St-Georges by email, phone 613-889-7732 or text message.