Cashforlife wrote: ↑ I was looking at condos in February and early March because I needed a place in Ottawa at that time. I looked again today and I noticed that prices in the downtown/Hintonburg/Westboro area are down quite dramatically. Some of the same units never moved and are relisted at a much lower price point.
Example: 360 Patricia, unit 818 MLS 1206082. This is a very small condo with an unusual geometry (curved window that makes it hard to place furniture). The island is so close to the sink that you almost can't open the dishwasher door fully.
That unit was advertised over $625k according to my memory, now $500k. The owner attempted to rent it at the time but was unsuccessful.
Across the street, identical units that sold in February in the high 5xx range, are advertised for $75k less.
In the areas I was looking, it was hard to find a unit you'd actually want to live in, in my budget that started with a "5". Now you can find livable places for that price, all day long.
...
You can't generalized based on one listing. The unit mentioned as originally listed at $599k in January 2020 and hasn't sold and it's been slowly being reduced in price. Without knowing much about it, I suspect that it was just listed too high to being with. Looking on MLS at the area, I see one condo (2bd/2bat at 101 Richmond) that sold for $535k and that's the only sale on MLS above $500k since the start of the year (this wouldn't include sales outside MLS). It could be that it was a special unit or it could be that the buyer overpaid and there really isn't any demand for condos of that price in that neighborhood. (There's another 2bd/2ba at 101 Richmond just listed at $550k).