Ottawa’s residential real estate market is hotter than ever right now. Sales numbers have been up YOY and show no signs of cooling off. What’s driving this strong market in the capital city? Find out here.
Attractive Pricing Fueling Demand
Unlike Montreal, Toronto and Vancouver, housing prices in Ottawa have remained relatively low, even as prices jump. This has created plenty of demand in the area, especially for millennials who are looking to enter the market. In September alone, Ottawa housing prices jumped 8.3% YOY. Pre-sales are also on fire, so much so that realtors expect that the Ottawa market will remain heated going into 2020.
Increase in High Rise Condo Development
High rise condos have become a welcomed recent addition to Ottawa’s real estate landscape. In 2019, there were a number of prominent condo developments in the works. Out of the 135 new developments currently in the city, 54 are condo developments. Some developments are also creating unprecedented designs, like the Claridge Icon towering 45 stories in Little Italy to become the tallest residential tower in the Ottawa. There’s also a number of other high rise developments in play – almost 25 – that will surpass the 92-meter mark. These condo projects will help provide a plethora of housing options in a rapidly growing city that now has a population of over one million people.
A Rise in Suburban Communities
New communities in the suburbs have also been on the rise. Young families and professionals who are looking for larger homes that they can grow into are finding more affordable options in suburban neighbourhoods that are still within close range of the city. This includes Kanata, Stittsville, Barrhaven, and Richmond. These areas are seeing massive growth, making it the perfect time to buy a new home in an up and coming community that’s close to popular amenities while being a convenient distance from the city core.
Looking to buy a new condo or home in Ottawa? Now’s the best time as the market heats up again for another season. Our team at the Mortgage Advisors will help you get the pre-approval you need to improve your chances of landing your dream home in this hot market. We have access to a wide range of products from both the institutional investors and private investors to give you the broadest range of options possible. Contact us today to learn more.