August Real Estate Market Stats Ottawa
We spoke with our agent Mitch MacKenzie, who broke down the most recent data for condos in the Ottawa area.
In the last two months, June 5th to August 5th, there were 167 condos sold, averaging just slightly over sale price (100.38%), with an average of 23 Days on Market (DOM).
There are currently 208 active condominium units available on MLS (the multiple listing system also known as realtor.ca) and 136 of them have been on for less than 60 days.
The average price for condos this year (January-July) has been up 4.68% versus last year.
Now let’s talk interest rates and ‘recessions’
In 1990, our highest interest rate was 13.8% at the beginning of the recession. It slowly decreased into 1996-1997, where it held at 3%.
It is also important to note the difference between a recession in Ottawa versus one in Toronto, which the news often uses as its focus due to it being such a large and densely populated city.
During the last recession, Toronto sales prices saw a drop of nearly -20.78%. In Ottawa, prices actually rose 4.75% over the same 10 year period.
Meet Mitch MacKenzie
Mitch is a talented and experienced agent at New Purveyors with a passion for downtown condos and the condo market.
Contact him: mitch@newpurveyors.com
