Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for July ‘21 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.
Ahhhhhh the start of summer. Cottages, sun, patios, and parents looking at places for their children who are headed back to school in September. The time in which real estate starts to ease off the gas and start to balance out for a few weeks. While properties are still selling - most of the areas are seeing a reduced number of sales, with a lower list price to sale price. We are seeing fewer listings that are priced below market value and holding off offers, instead, many are now listing at market value. While some listings are still holding off offers until a set date, there is no guarantee that they will receive any. While these listings might seem ripe for a quick underpriced buy from a buyer, the seller is often holding a certain price in their head and if they don’t get an offer to their satisfaction, we usually see them list around that number. That being said, there are still a bunch of good options for buyers who are looking to secure something before school starts, or while the market is slightly eased.
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Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.
