I will agree that there are quite a few condos for sale out there. Does this mean trouble for Ottawa’s condo market? CMHC definitely feels there is some cause for concern.
The federal housing agency has recently decided that Ottawa’s condo market is now considered ‘moderate risk’. And according to CMHC, more than 589 new condo units are for sale on the market today. They believe this is the equivalent of an 8 month supply of condos.
What does that mean for condo buyers? In short, this is a good time to negotiate a deal. Condo builders and owners have some stiff competition, and buyers can be more choosy and demanding.
Read the article below for more info:
As a condo salesperson, I can tell you that condos are still selling. Are they selling quick enough to keep up with builder’s supply? That will depend on many criteria, and will require a lot of market/property analysis. Contact me and I’ll be happy to get into more details of the various condo markets around Ottawa.