Ottawa real estate in a Sellers’ Market
The Ottawa real estate market is really heating up. Especially for sellers. Check out these stats comparing June , 2017 with the previous June.
1. Number of sales: Up 8.9%
2. Average sale price is up 8% to $497,214 for homes and $289,905 (up 9.4% for condos).
3. Alas, the number of new listings is down by 10.8% so it is now a sellers’ market.
If you are looking to buy, I suggest that you get your ducks in order before you start looking, because the number of multiple offers is increasing dramatically. Get pre-approved by the bank and have a lawyer ready to work with you on the legal aspects.