The Byward Market is still the hub of tourism, restaurants, and nightlife for Ottawa. And it’s also home to some incredible, luxury real estate (think penthouse condos :)).
Known mostly for condo living, the Byward Market is the place to live if you want to live in the heart of the action and walk to everything downtown. Here is a quick update on the market activity for condos in this vibrant neighborhood over the past year.
In 2017, Ottawa Realtors sold 93 condos in the Byward Market. This was a 5.7% increase over 2016 where 88 condos were sold. 2017 was definitely a hotter market, and the momentum of this hot market has carried over into 2018 where condos are selling quicker, and prices are on the rise.
As for condo selling prices, the average selling price of a Byward Market condo in 2017 was $384,789. This was a 2.5% increase over the 2016 average selling price which was $375,303. As you can see, increasing prices is becoming the trend. And as inventory levels decrease, which they are, prices will continue to rise over 2018 and most likely 2019 as well. Condo developers have dramatically slowed down over the past 4 years, however we will see more new condo buildings start to launch again over the next 2 years. Demand has been steadily increasing, and supply is diminishing. And the Byward Market is only getting more densified with developments such as: the addition of the new LRT station on Rideau, the expansion of the Rideau Centre, Ottawa University continuously expanding, and more businesses popping all throughout the area. For condo owners, as the market heats up, this may be a good time to consider selling.
Please note that these numbers will vary from property to property, and from building to building. To get a more accurate assessment of the value of your condo, a more in-depth analysis is needed. Definitely contact me if you’d like more detailed info on a particular property. Also important to note, that condos are typically a more volatile class of real estate and it’s very important to understand many market variables when buying or selling. Contact me if you have any questions!
Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Cel: 613 262 1697
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