22 Dec Ottawa Real Estate Market Update for December
Recent activity on the Ottawa real estate market suggests that it’s a great time to purchase a new construction home.
After all, according to a recent report from industry analyst PMA Brethour Realty Group, new home sales were at their lowest October in years.
Experts credit this at least in part to the fact that there were no new condo launches during the month.
Continue reading to learn more about this trend and to discover why this recent trend may actually help you if you’re a home buyer.
An Update on New Construction Home Sales in Ottawa
Evidently, according to the recent report, there were 305 sales for the month, down 15 per cent from October 2013.
During October last year, there were 359 new home sales.
Experts noted that there were a lot of new communities coming on line this time last year that may have helped with new construction sales.
Some of those new communities included:
- Minto’s Beechwood project
- The Bowery by Richcraft
- Minto’s UpperWest
- The Slater by Broccolini
But because there were no new communities opening this year, there were only 54 condo apartment sales across Ottawa in October, compared with 260 inside the greenbelt along two years ago.
Still, even though it’s been a slow month, sales for the year-to-date are not that different from last year.
There have been 3,358 new homes sales in 2014, down just 2.4 per cent from 2013.
Last year, there were 3,442 sales.
What This Means for Ottawa Home Buyers
If you’re in the market for a new construction home in Ottawa, now is a great time to invest.
After all, developers will be eager to sell units, especially given the slower year they’ve had when compared to last year.
To maximize the kind of deal you can get on a new construction home, it behooves you to work with an experienced Ottawa REALTOR like us!
So contact us, Geoff and Bobbie McGowan, today to discover how we can assist you with all of your home buying needs. We’ll offer valuable advice as well as tell you about available listings!
Until next time,