Date Posted: February 2, 2018
With the Toronto and Vancouver markets making waves in the headlines over the last few years, it's now Ottawa’s turn for the real estate spotlight.
Ottawa has one of Canada’s strongest and steadiest markets with the presence of the federal government, the technology industry and major retailers also looking at expansion. Voted the best place to live in 2017 by MoneySense magazine, Ottawa has one of the best living environments across Canada. The city is seeing a boost in the construction industry as well as a new light rail project slated for completion next year.
The city has seen a 10% increase in home sales and 22% increase in condo sales between 2016 and 2017.
Experts believe that the new stress test rules will have less of an impact on the Ottawa buyers given the level of affordability in the market. With condo prices in Ottawa listed at roughly half of the cost of similar condos in Toronto, more people, including millennials, are drawn into the market.
While the affordable homes in Ottawa have been moving quickly, there has also been an increase in Ottawa’s luxury home and condo markets. There is a trend emerging of buyers, who may be priced out in the Toronto or Vancouver markets or are looking to upgrade, are coming to Ottawa.