In early June, the Ottawa Real Estate Board announced that May’s sales in Ottawa included 444 in the condominium property class, and 1,856 in the residential property class. They further noted that:
Not only was May 2017 the best May on record for unit sales, it also surpassed the record for highest unit sales in a single month ever; blowing the previous record out of the water by 315 units,” says Rick Eisert, President of the Ottawa Real Estate Board. “One of the reasons for these stellar numbers can be attributed to the condo market, which has really helped strengthen the whole market over the past several months. This is quite evident in May, where units sold increased by 44.6 per cent over May 2016.
So, what does this mean for those looking to buy and sell a home? While sales activity across Ottawa is showing a trend towards a seller’s market, we have not reached that point. Instead, we are seeing a balanced market; whereby both those buying and selling have an opportunity to seek out the perfect home. Keeping in mind, however, that prices and demand will vary from neighbourhood to neighbourhood – with property and home types coming into play.
In fact, there are still neighbourhoods (like Westboro, Wellington West, etc) where homes are in greater demand and may cause bidding wars. For this reason, it is best to work with a knowledgable and trustworthy relator who understands what your home is worth. For a FREE home evaluation, connect with the Martin Elder Real Estate Group.
Martin Elder is committed to the delivery of an Exceptional Real Estate service. Martin promotes and supports the advantages of community. Let Martin help you Sell Your Home for Top Dollar or find your Perfect Dream Home. For free information, assessments and advice, contact us today »