Ottawa condos prices recover in September 2019
The Ottawa residential property market sales remain extremely strong.
Despite the low inventory seen in the summer, September 2019 residential property sales remained strong as home buyers are able to find properties that meet their needs and wants. Throughout the month, 1,549 residential properties were sold, an increase of 11.8% compared to last year. Of these sales, 1,113 were residential homes and 436 were condos.
Dwight Delahunt, President of the Ottawa Real Estate Board, advises consulting a real estate agent because of the current market's accelerated home buying and selling process. For home buyers and sellers, it's important to be ready to make a decision and to act quickly.
Delahunt states: “Now that condominium prices have recovered, we see condo sellers jumping back into the market to take advantage of that, and as a result, condo sales have been very robust and have again led the way in September’s unit sales.”
The report also makes note of the fact that while a federal election tends to slow down the market, this hasn’t happened so far. Delahunt states that this “suggests that consumers are highly confident in our local economy and the Ottawa real estate market.”
Full OREB news release: Fall Market Springs Forward.
It’s expected that the fall season will continue to be busy for buyers and sellers in the Ottawa real estate market. With recovered prices, more condos will be developed - many of which are likely to be near the Confederation Line or in one of Ottawa's up-and-coming neighbourhoods.
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