page-2 Condo sales in Ottawa hit a 4 year low for May 2013, with only 326 re-sale condos selling, a nearly 10% drop from the previous year. Year to date 1241 re-sale condos have sold in Ottawa, 6.2% less than the 1323 that sold in the first 5 months of 2012. This segment of the market is showing the greatest lag in this year’s real estate market slow down. On the new construction side, there were 588 starts in Q1 of 2013 of Condominium apartments, 73% higher than the 339 that started construction in Q1 of 2012*
So far this year 23 condos have sold in the Dows Lake area and 4 more have conditional offers in place. The sales have ranged from $232,500 up to $717,500 and averaged out to $415,221 and took an average of 93 days to sell. The good news is the 4 conditional sales only took an average of 46 days to sell which will being that average down once they become firm sales. So far this year condos have been selling at an absorption rate of 5/month.
In the tale of two real estate markets, that is Ottawa, the condo market is the tale of incredulity, the market that was going directly the other way.
Right now (May 14th 2013) there are 37 condos available for sale and 1 under conditional contract. Ranging from $259,000 for a bachelor apartment right up to $2,995,000 for a two story, 3 bed/4bath condo loft with glass wall overlooking the canal. As you can see, there are a lot of variety in the type of condos in this community.