They aren’t building condos anymore…

They aren’t building condos anymore…
by Dave Williams

CHMC’s” Housing Now” report for Ottawa, released March 28th reports Apartment Starts came to a complete halt in Feb.

If you’ve been following the condo market in Ottawa there is no fooling you, this comes as little surprise.  The inventory of condos for sale has been creeping upwards for years now.  As of Feb there were 1,651 resales condos for sale in Ottawa through the Ottawa Real Estate Board, and CHMC was reporting 137 completed and unsold new construction condos.
No Apartment Starts
Let’s face it, it’s getting tough to sell a condo in Ottawa, you’re competing with new builders, investors re-selling new builds from 4 years ago, and half a dozen condo owners in your own building.  This massive reduction in new constructions, coupled with numerous current projects going back to the drawing board or making sweeping changes in their plans is a sign of the condo times.
Condo buyers are a changing demographic themselves, as the convenience of living in the urban core is driving the prices up out of the first time home buyer realm.
This city needs a serious infusion of motivated condo buyers, and builders willing to create affordable condo living without the pomp and circumstance, not to mention we need some committed, urban professionals who don’t believe Ottawa is the city fun forgot to revitalize the downtown core.
Which do you think needs to be tackled first?
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One response to “They aren’t building condos anymore…

  1. Pingback: Best new condo projects… | Home Team Blog·

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