How has the Ottawa real estate market shaped up so far this year? This city continues to be a hot market with steady growth and sales. Agents are even starting to see bidding wars throughout popular areas and homes selling for well over asking this year. So what’s driving the demand in Ottawa? Here we’ll discuss some of the primary factors that are causing this spike in growth, as well as the 2019 trends in the real estate market to keep your eye on.
Ottawa continues to see an increase in year-over-year home sales, which has been driven by the city’s steady growth and a booming economy. What’s driving this growth? A strong government sector and thriving tech industry. In fact, Kanata North has even been considered the “Silicone Valley of the North” with thousands of tech companies calling the industrial park their home. This has helped to move skilled workers from other areas of the country to the city, driving home sales up in the area. Plus, Ottawa has been building a new light-rail transit system as well as a 21-acre redevelopment project which is expected to transform the city’s downtown. With all this construction happening, people are really starting to notice Ottawa’s potential which has resulted in an increase in demand – especially with those who can no longer afford to live in areas like Toronto and Vancouver.
Skilled workers aren’t the only ones moving here – companies are too. Once considered a ‘government town,’ Ottawa is now primarily known for its tech sector as well. The city is seeing more and more tech-related companies moving to Kanata and the downtown core to attract young talent, which is turning a strong demand for office space.
Condo sales were also up last year and are projected to continue to grow as new units come onto the market. To date, there are over 40 projects that are in pre-development right now, with a large number being available in the next year. This means that we can expect to see an increase in supply in some areas in the near term.
Experts expect that Ottawa’s average price point will remain in the $400,000 range for homes, which will keep the price point in an affordable range for buyers. However, until more supply enters the market, Ottawa will most likely remain a seller’s market this year in 2019. This doesn’t mean there won’t be any opportunities for buyers – it just means that buyers will need to have a pre-approved mortgage ready to be prepared to act fast.
If you’re looking for purchasing, selling, or mortgage advice, contact us at the Mortgage Advisors. Our expert team can help you understand all the 2019 trends in the real estate market in Ottawa, so you can use them to your advantage. To learn more, contact us today!