Tuesday, November 27, 2012

CMHC - Condo bubble not ready to burst in Ottawa

Condo construction will stabilize next year, but demand remains high - click here

The recent CMHC Housing Outlook Conference had a lot to say about Ottawa Condos and the Ottawa real estate market.

Are there too many condos being built?
With towers popping up across the city, is the condominium bubble about to burst in Ottawa?

“The answer is no,” continued Abdul Kargbo of the CMHC.  While the supply of condo units for sale has been rising since 2001, the percentage of unsold units has remained flat, Kargbo said, indicating that so far, demand is keeping up with condo construction.

How is the rental market in Ottawa?
The rental market will continue to remain tight as investors express little interest in building or buying rental buildings and units. Prices and demand have been high since 2008 and with only 400 new rental units completed in the past year, rents will remain high, PĂ©rez Torres said.

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