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Ottawa's Condominium Market Spring 2014
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Ottawa's Condominium market is having another high quality start to 2014. Prices have adjusted to the swing of what the federal government wanted to do, which was a 20k position reduction to the federal labour force. It has forced many buyers to hold on purchasing a new or resale condo unit in the city. Prices in the condo market have leveled off and with new condominium construction continuing at a strong pace, certain condominium developers in the city have started to entice buyers with unique propositions. For instance some have started to market their developments with Vrtucar Car memberships for up to one year, bicycles, OC Transpo bus passes for up to a year, one year of condo fees included in the asking price, to all the way offering a three year lease of a CLK Mercedes included in others. With new condo construction continuing, I do believe that the market will be seeing more of these types of unique and very creative methods to entice prospective condominium buyers to purchase or at least place a deposit to purchase a unit in the near future. At Condo613/Sutton Group-Premier Realty we do not believe the condo market to be in a bubble position, but their is a current over supply of condo units, and there will be more units coming on line and sitting and waiting for those condo buyers, especially in the downtown core including the Byward Market. With interest rates continuing to be at an one percent hold for the prime rate it is still a great time to purchase a condominium unit in the city of Ottawa.
Even with another announced just the other week from the Federal Government that will be eliminating yet another 9K position over the next five years, this again has spoked the condominium market, when the Team at Condo613/Sutton Group-Premier Realty spoke to some interested buyers this was the biggest issue with purchasing a condominium unit in the downtown core.
Condo613/Sutton Group-Premier Realty places your primary residence as not an investment but a place you live and grow so mild fluctuations in the market should not be too heavily thought as a big consideration over the long term. If you are a speculator, well you should understand the basics in supply and demand to come to the obvious conclusions. Every buyer in the market are unique to their needs/lifestyle choice and this is reflected in the current condominium market for new and resale units.
As with the Ottawa condominium rental market, the supply of new condos have downsizing couples looking at multiple units in multiple buildings for their upcoming needs and for them to explore this new opportunity in the condo lifestyle. In the recent weeks as for our spring market the Team at Condo613/Sutton Group-Premier Realty has met many downsizing couples looking for just that, to buy or rent a condominium.
One of our many services at Condo613/Sutton Group-Premier Realty is to offer downsizing empty nesters a look at this new condo lifestyle. Feel free to call or email Peter Sagos for a Condo tour of newer built condominium buildings in the city downtown core including the byward market. With Peter Sagos and with the Team of Condo613/Sutton Group-Premier Realty you will have a straight talk about the topics that you feel need to be touched upon for possibly making the Move Up in Ottawa. The right condominium building, the right condo unit that fits your new life. "Remember you are not just looking for a place to live, you are looking for where life happens".
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