I'm sure you've all been hearing about a condo building coming up here, and there and even over there! Every week I get someone asking me if I believe the demand will catch up with the supply...especially with all of the new condo development being approved and built across Ottawa.
The Ottawa Real Estate Board reported that the average price of condos sold in January of this year fell by 1.1 per cent to $265,775. This would be the first indicator to show that there is somewhat of an excess in supply for condos on the market and its forcing builders to lower their prices or residesign their units (like the case with Claridge's ICON building, located on Carling and Preston). Condo resellers have also been forced to lower their expectations.
I've spoken to a few salespeople at different sales centres throughout the city and they too agree that the traffic coming in has gone down compare to previous years. This puts Buyers at an advantage since they are able to negotiate the price and terms. People who have been wanting to get into the condo market should strongly consider it NOW.
If you're looking to buy a condo and would like to chat about ways to take advantage of the current condo market, give me a call or send me an email at firstname.lastname@example.org