Ottawa Real Estate Remains Healthy

Housing starts rose from 215,175 units in June 2017 to 217,550 units in July 2017, Canada Mortgage and Housing Corporation (CMHC) said in an August 9 press release. Bob Dugan, CMHC’s chief economist, noted July was the seventh straight month of increased housing construction.

In Ottawa, CMHC said strong multiple construction contributed to the increase in July housing starts. Ottawa saw increases in both residential sales and condo sales.

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Ottawa Condo and Home Sales

According to the Ottawa Business Journal, CMHC said local developers collectively posted a 95 percent year-over-year increase in housing starts in July 2017. Homebuilders broke ground on 802 properties that month, compared to 411 in July 2016.

One day before the CMHC press release, Metro News reported that the Ottawa Real Estate Board (OREB) said that the continued strength of Ottawa’s real estate market was being driven by an increase in condo sales. According to Metro News, the number of condos sold increased nearly 20 percent in July alone, and condo sales were up over 25 percent compared to the prior year based on the first seven months of the year.

On September 6, the OREB said its members sold 1,538 homes in August 2017, an increase of 3.9 percent over August 2016. The Business Journal reported that local realtors in Ottawa set a new record for August home sales.

For many people, purchasing a home is the largest financial transaction of their lives. As Ottawa has seen a remarkable recovery in its real estate market, more and more homebuyers of all ages are hoping to find property in or around the city.

Phoenix Homes has nine pristine communities in the Ottawa area: Hillside Vista Halo Flats in Orléans, Diamondview Estates in Carp, Pathways in Findlay Creek, Fernbank Crossing Terra Flats in Ottawa, Felton Court in Barrhaven, Fernbank Crossing in Ottawa, White Tail Ridge in Carp, Strandherd Meadows in Barrhaven, and Shadow Ridge in Greely. Contact us today to let use help you find the home of your dreams.