OREB eyes ‘shift’ away from condos as home sales keep booming in October

While Ottawa’s red-hot housing market continued to set a blistering overall pace in October, Realtors are detecting a potential “shift” away from condos as the trend toward remote work fuels demand for larger properties with space for amenities such as home offices and gyms, the city’s real estate board says.

Members of the Ottawa Real Estate Board sold 2,146 properties last month, up from 1,604 a year earlier and well above the five-year average of 1,515.

But OREB noted that although sales of condominiums rose 22 per cent year-over-year to 481, the number of new units added to the market jumped 70 per cent compared with October 2019 to 708 ​– leading experts to suggest a change in housing preferences may be afoot in Ottawa.

“The condominium market is on our watchlist,” said board president Deb Burgoyne.

While Ottawa’s inventory of residential properties on the market has shrunk 46 per

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