Condo Market Sags

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The Ottawa Business Journal has an interest article on the slow selling of Ottawa condos.

One wonders how all these new developments in the city can be filled with the aging demographic of the baby-boomers. Furthermore entertainment facilities in these places will be under stress as well. The old west end is drawing people to its gourmet food operations, high-end restaurants and boutiques. No need to go downtown anymore from the west end … the fastest growing part of town. Just ask the merchants on Elgin Street.

The biggest demographic in the city is pulling back from spending and the replacing generations are not big enough to fill the gap. Meanwhile builders keep slapping up condos, shopping areas and entertainment spots.

Something has to give. Here is the OBJ:

“That market is still overbuilt,” argues John Herbert, the executive director of the Greater Ottawa Home Builders’ Association. “It’s going to take a few years to absorb the product in that sector. We probably won’t see quite as many new projects coming online next year or the year after as we have in the past, but they’ll start to make a comeback at that point. I think it’ll be a couple of years until we see some action on that front again.”

To read the whole OBJ story, click here.

 


 

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