Could Today’s Condo Glut Be A Good Thing?

February 13, 2014 8:47 pm Published by 1 Comment

If you’ve been wondering if the Ottawa condo market can support all of the new condo development being built across Ottawa, you are right to wonder. The Ottawa Real Estate Board reported that the average price of Ottawa condos that sold in January 2014 fell by 1.1 per cent to $265,775.

This is the first real evidence that there is a glut of condos on the market and it is starting to force builders and re-sellers to lower their expectations and prices. While the Ottawa real estate market is still healthy overall, condo developers have been launching new developments and opening sales centres in all parts of the city. But many builders are reporting that traffic at their sales centres is well below the heated pace of previous years and sales are below expectations.

This is great news for buyers looking to get a foothold in the Ottawa real estate market. “Qualified buyers can really negotiate great bargains in this market,” reports John King, Broker for Engel & Völkers. “If you have been thinking about getting into the condo market your buying power has never been greater than it is right now.”

If you’d like to discuss how to take advantage of the current real estate market, please contact the Engel & Völkers Ottawa Central Team at ottawacentral@evcanada.com or at 613-422-8688.

Tags: , , , ,

Categorised in: , ,

This post was written by John King Team