Condo market trending skyward in Ottawa, say experts
The condo glut of a few years ago has “all been eaten up and there’s very little left,” the veteran realtor explained. “It’s ridiculous.”
The market has become just as tight for newly built units. According to the Canada Mortgage and Housing Corp., the total number of completed and unsold condos in Ottawa has plummeted from nearly 700 at the beginning of 2016 to just 176 in November, the lowest total in nearly four-and-a-half years.
“Demand has strengthened, both on the new home market for condominium apartments as well as on the resale front,” says Anne-Marie Shaker, a senior market analyst with CMHC.
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