The market numbers are out, and they reaffirm what we're experiencing with many property types. August was a very slow month, beyond the typical seasonal lull, with sales down nearly 25% year-over-year, despite the number of new listings remaining the same. All three segments were soft, and apartment-style condos have now entered buyer territory at 6.3 months of inventory. Unsurprisingly, apartments and townhomes were the weakest segments, given the new build incentives currently offered, as these properties represent the greatest new construction supply. It's very important to consider the overall market, but also remember that certain segments—and in particular, specific property locations and types—sell much differently than others. For example, Ottawa West Rural is much more active and competitive than Ottawa East Rural. Despite the slowness, certain property values have remained stable or even increased year-over-year. While making these crucial life decisions of buying or selling a home, it's best to seek the professional advice of a local realtor you trust with your best interests at heart.
August Stats are out!
