18 Jun Staying in Touch – Summer Newsletter
2019 – Summer Holiday Season is Coming!
Its hard to believe that we are already in the middle of June and school will be done soon and many will be enjoying Summer holidays and activities. Our neighborhoods are showing off their beautiful trees and parks.
In anticipation of sunny warm days recreational home prices are sizzling as retirees and young families compete to be able to summer in cottage country, see Royal LePage’s Canadian Recreational Price Forecast . In addition, Canadian mortgage rates have fallen to the lowest level in 2 years, making the purchase of a recreational home, investment property or move up / downsize property more viable.
The residential and condo markets in Ottawa has been good. Even though the inventory of homes is down from last year, there is a higher sales volume across Ottawa. Condo sales have increased 14% from a year ago and are good properties for first time buyers and downsizers. The largest market share and number of sales is in the price range of under $500,000. Properties over $800,000 have been slower moving and supply is beginning to increase. Properties that are priced relative to neighborhood sales, maintained, and in a good location are key factors for selling and buying.
Enjoy our Summer newsletter and hopefully there is a tip or two to help you, whether it be getting ready to downsize, completing a reno or outside project, or attending one of the many events Ottawa has to offer. Enjoy the Summer and feel free to call or email with any market or real estate questions.
Joan, Victoria and Luc