Condo sales at a 4 year low in Ottawa

Condo sales at a 4 year low
Dave Williams

That’s the bad news, Ottawa condo sales for the month of March 2013 hit a 4 year low.  With only 253 condos selling this March, 8.3% lower than 2012, 15.1% lower than 2011, and 21.6% lower than 2010.

Do declining sales dramatically affect condo prices?Take a look at this chart to see the declining sales of resale condos in Ottawa over the past 4 years.

Why?  One theory is the ever increasing inventory of condos for sale is making it harder for buyers to choose. (Ref: More Choices, Fewer Sales)

The alternative theory is with so many new build condos completing, in construction and just starting, the buyers have better looking choices and are often comparing re-sales with new constructions, making it very important to prepare your condo for sale and be sure you know your competition.

Stay tuned to this real estate channel over the next two weeks for an in-depth look at the current housing inventory in Ottawa and how long it takes for a home to sell.

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