How’s the Ottawa housing market doing? Quite well, in fact.
As the March numbers from the Ottawa Real Estate Board show, buyers are getting a jump on the spring market, with 1,660 properties sold, versus 1,478 in March 2017. Ottawa home sales are healthy, but inventory remains low, which means that homes are not staying on the market as long as normal.
So, what will that mean for you if you’re thinking of buying or selling your home this spring?
If you’re selling, it’s a great time to list. If your home is priced well, chances are it will sell quickly. If you’re buying, be prepared to act fast because properties aren’t lasting long.
Condos are proving to be popular, with 358 sold this March compared to the 314 sold in March of 2017, and that in a year that saw near record sales.
In particular, condos that range between $175,000 and $274,999 were sought after last month, accounting for 51 per cent of the market. OREB puts that down to low interest rates and a lack of supply of rental inventory pushing renters into the market.
Are you thinking of a condo? If so, it’s a good idea to give some thought first to whether or not you are a condo person. Some key questions to ask yourself:
- How much outdoor space do you need?
- Are you afraid of heights or elevators?
- What kind of view is important to you?
- Where would you like to live?
- How many rooms do you need?
These and other questions can help you determine if a condo is right for you. (You can try this fun quiz to help you decide.)
Then, when you’re ready, give us a call!