Ottawa’s real estate market has been seeing good days. With strong sales and steady prices, both buyer and sellers are enthusiastic about the market as a whole. More young adults are considering purchasing their first home in Ottawa rather than in cities like Toronto and Vancouver where a need for affordable housing is slowly crippling those cities’ markets. This relative stability has injected an exciting shot of life into a slightly smaller, yet equally valuable part of the real estate market; luxury condos. Ottawa used to be a city of houses. Directly in the downtown core, residences were mostly traditional looking houses or, in the case of apartment buildings, simple structures that were rarely more than a few stories high. In recent years, it’s almost a competition among talented firms to change the face of the city. Aesthetically pleasing luxury condos are being built as quickly as possible to meet demand amongst the city’s residents.
Ottawa Has a Brand New Face
Last year, Ottawa saw the resale of more than 24 luxury condos, each worth over $1 million. This is more than double the number sold in 2016. 2018 is also seeing the construction of various luxury projects like Keel and Roca Homes’ The Queen E. These buildings take modern living to a different level and are being snapped up by buyers eager to have the hotel experience in their homes. For instance, 1451 Wellington will invite residents to relax in their personal entertainment suites and will come complete with guest suites that are maintained by professional cleaning staff, along with a lap pool and an elite fitness centre. While older, more traditional looking houses remain in areas like the Glebe and Centretown, there is no doubt that Ottawa’s real estate market is changing. Nearly every corner of the city’s core could be expecting a new luxury condo development. It’s a significant change from a few years ago when people balked at the idea of paying condo fees for amenities they felt they could do without.
The ‘New’ Luxury Dweller
When noticing the changes in the market, the question inevitably arises about who is actually buying Ottawa’s luxury apartments. Property developers are excited because, unlike other cities where purchasers are typically well-established professionals, Ottawa’s home owners occupy different demographics. Older individuals who are looking to downsize, perhaps after their children have left the nest, are turning to condos as a headache-free option to access everyday luxury. There are also young professionals who are beginning to settle into their careers and adulthood. With a median annual salary of $86,000 - the highest in Ontario -, young adults working with businesses like Shopify or Pythian have fuller wallets to play with. With the relative stability associated with living in the city, it’s no wonder people are more willing to spend top dollar on luxury developments they can actually enjoy. It’s likely that Ottawa will be enjoying these good times for years to come. A strong economy, a safe city and steady migration of skilled workers means housing will continue to be a great investment choice.
If you’re hoping to find the perfect luxury condo with all the perks your heart desires, drop us a quick email. As always, My House Ottawa, will be right in the middle of the action with the best deal for you.