Are interest rates impacting the Ottawa Condo Market?

Mitch MacKenzie helped us break down the numbers and take a look at condos in the downtown Ottawa area.

With rising interest rates, plenty of buyers are worried now isn’t the time to buy and sell. Mitch says, in short, that properly priced condos are selling without any issue.

But let’s dive deeper into it:

We’re looking at the dates of June 1st to July 15th in the downtown Ottawa area:

There were 128 total sales, and an average of 20 days on market.

Properties sold for an average of 100.78% of their list price.

There are currently 205 active condos for sale in the area. 119 of those have hit the market in the last 45 days, and 128 have sold in the last 45 days.

This means that there are 86 condos listed during this time that have not sold. Mitch says that many of these are overpriced, and this may be what is deterring buyers.

Within the surplus of 86 homes still on the market in the last 45 days, 76 of them are over priced or builder units.

Mitch says: “Do you want to sell today, in today’s market, or in the future, in an unknown market?”

Meet Mitch MacKenzie

Mitch is one of the seasoned agents on our team with a passion for the condo market in Ottawa.

613 282 9441

Mitch@NewPurveyors.com