Ottawa's real estate market has enjoyed a phenomenal spring with 1,969 properties sold in May alone, an increase of 3.9% over May 2008. According to the Ottawa Real Estate Board this was the best May on record ever for Ottawa's real estate market, new homes not included. "Homes in every price range are selling well, from starter homes to luxury properties. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market," said OREB President Rick Snell.
Needless to say, incredibly low mortgage rates have also had a hand in this, with 5-year fixed rates dropping to as low as 3.54% during the month of May. While I still hear the occasional buyer talk about waiting for prices to drop, most have adjusted to the reality that the number of buyers continues to outpace the number of quality condos coming up for sale, particularly in Ottawa's downtown core.
Looking to sell your condo in 2009? Market conditions are very favourable at the moment and well priced, well maintained units are being snapped up in days and weeks right now. Looking to buy a condo in the coming months? Working with a realtor is pretty much essential as many of the best properties are toured and purchased before the full details and photos are even posted on www.realtor.ca.