So, it’s no secret that Ottawa’s real estate market has been very hot this year, but this is pretty impressive. The month of May 2017 set a record for highest sales volume in any single month ever!
And even more surprising, is that condo sales shot way up (yes, condos). The number of condos sold in Ottawa through MLS in May 2017, is up a huge 44.6% over condo sales in May of 2016. This is definitely a welcome surprise for the numerous condo owners who have been waiting a long time for this
What is fueling all of this activity? The short answer: Buyer Confidence and Supply & Demand.
The reality is, there are a number of factors at play here. The fact that the GTA and Vancouver have seen astronomical growth for a few years certainly helps Ottawa buyer’s confidence (we have a better idea which direction real estate is going over the long term). It also helps strengthen the economy around here in general, as more money comes in. Many home owners are selling their Toronto home at a healthy profit, and moving to more affordable Ottawa.
Another factor in all this, is the direction Ottawa is going as a city. We’re growing, our downtown areas are developing, infrastructure is increasing, the government has been hiring…. and it’s all leading to more people choosing to make Ottawa their home.
And really, our economy seems to be stronger as a whole (well, maybe not ALL of it, but…) The stock markets are at all-time highs, and there seems to be more confidence in general in our financial situation/economy. All of this affects how we are viewing real estate as an investment and of course, our place to live.
So what does all this mean to you as a resident of Ottawa? Well, if you’re a home-owner and are thinking of selling, this hot market is great news. If you’re trying to buy a home in Ottawa right now, it’s not-so-great news as it can be very challenging to find a decent home at a decent price.
If you have questions about specific homes or the real estate market in Ottawa, definitely call me. It’s a fast-moving market and things are changing very quickly.
Now all we need around here is some sunshine & 30 degree weather… : )