In Ottawa, we are lucky to have a stable real estate market. One that is not as volatile as other cities. But the market did experience some change. It turns out that new homeowners are changing the tides and this past June proves it.
According to the Ottawa Real Estate Board, residential properties in Ottawa experienced a small decline from last year of 4.3%. This June 2,070 residential properties were sold.
But what is not in decline? Condos.
That's right; condos are leading the way. Condo sales rose 11.5% from June 2017, while houses had a decrease of 8%.
So why are home buyers choosing the condo lifestyle?
The reason is simple. Home buyers want ownership at a price they can afford.
The single-family resales market is lacking inventory for those at a lower price point ($250-300K). On top of that, new properties are becoming a bit more pricey because of rising constructions costs, development fees and more. For some, condos seem to be the only option to achieve ownership right now. The average sale price for condos in June 2018 is $293,303.
What does it mean for you?
When you start your search, you might notice that there are plenty of condo listings out there. Condos might not be your first choice, but consider the benefits to see if it is the right option for you. Or you might want to practice some patience and see if the single-family resale market inventory picks up again. Either way, starting your search and saving your favourite listings never hurts.