Ottawa is on fire
No, not literally. Although we can't be blamed for seeing smoke emerging from the city's hot housing market. It's a great time to be in the 613. It's an even greater time to buy a house within the boundaries of Canada's great capital.
In the last couple of years, Toronto and Vancouver have been hellish for prospective homeowners. Soaring property prices in these two cities and hefty taxes mean most adults who live in either city can only dream of having a place they can call their own. Those who persevere are often priced out of the city and are forced to make long commutes to their businesses and families elsewhere.
Enter the Nation’s Capital
In comparison, Ottawa's market seems like a calm oasis. And it keeps getting better. House and condo sales are on a steady rise, increasing year over year in the city. In 2017, there were 17,803 home sold. That’s a 10 percent increase. Condo sales also saw a 22 percent sales gain.
The fact that residents are scrambling to own their own homes in Ottawa is due to a myriad of factors.
What’s drawing buyers in?
While Ottawa does provide some of the big city life, it has managed to preserve the small town feel that makes people so comfortable settling down here. At the same time, the city is welcoming exciting changes like a new light rail system which will make it possible to reach opposite sides of town in under 30 minutes. Residents are also earning steady wages as a result of a booming economy, and big businesses that balk at Toronto’s eye-watering rent prices are setting up shop here.
It also means long time Ottawa based corporations are expanding as a result of the economic stability they are enjoying. For instance, the online retail software company, Shopify, recently tripled the size of its Ottawa headquarters and major retailers like Tiffany and Nordstrom are planning major expansions in the downtown core.
Although property sales in the city are increasing, the prices have remained relatively stable, meaning individuals who could not dream of owning homes in cities like Toronto and Vancouver actually have a chance to do so here.
25 year old Alyssa spoke to us about her plans to own a house. Working a steady job, she says, “My partner and I are thinking about moving out. But we don’t want to rent anymore. We’ve been looking around for houses to buy.”
Likewise, 22 year old Maya is also encouraged by Ottawa’s housing prices and believes you’re never too young to be a homeowner. “I’ve been looking at houses in the Riverside area,” she tells us, “They’re fairly affordable and I have enough savings for a down payment. I think I’ll be buying a house soon.”
With choices at every budget, the future looks bright
If you’re a prospective buyer with deeper pockets, Ottawa still has the home for you. With an astonishing number of millionaires living in the city, it’s no surprise that luxury properties in exclusive areas have sprung up to meet the demand. Individuals hoping to purchase homes valued at $1 million or more will find they’re spoiled with choice.
According to economists, Ottawa’s real estate market won’t be slowing down anytime soon. With a strong economy and steady prices, we’re bound to enjoy Ottawa’s steady growth for years to come.