Real Estate Trends in Ottawa
For those who plan to buy or sell a house or condo in Ottawa, it’s important to take note of real estate trends so you know what to expect. You don’t really need a deep market analysis if you’re just a regular homeowner or potential buyer. But you should be aware of the following trends.
Prices are going up. That’s certainly great for homeowners who are selling their homes right now, but it’s not really bad news for home buyers. That’s because there’s a very good chance that when it’s their time to sell their homes, the value of their homes will also increase.
The average price of a home in Ottawa was $396,266 in June of 2016. In June of 2017, that jumped to $434,502. That’s a 9% increase.
There are many properties available. This is another bit of good news for home buyers, since a low supply of available homes for sale will drive up the prices even higher. At least for the meantime the increase in supply is keeping up somewhat with the high demand. In June of 2016 there were 1,985 available properties. That jumped to 2,162 available homes for June of 2017.
That also gives homebuyers plenty of options to choose from so they can get the house that fits their needs. You can get the homes with excellent schools nearby or you can find a house or condo that’s near your workplace. You may even get a home near a large mall or beside a commercial area.
There are plenty of buyers. That’s the result of several factors. Plenty of people are buying homes simply for the investment opportunity. The city’s real estate market is attracting foreign investors as well as investors in Toronto and Vancouver. They all see a bright future for their investments here.
Others are moving into the city so they need homes. People are moving in because the local economy is very stable and there are plenty of job opportunities. People are also tempted to buy instead of rent because interest rates are very low. You can get a very good deal with your mortgage with low mortgage payments each month.
Houses are staying on the market for a very short time, and bidding wars are increasing. One home in Kanata (a large suburb in Ottawa), had a “for sale” sign saying that the unit is “coming soon” for buyers. Before the day ended, there were 7 offers and the house sold. The sign came out at 9AM on a Friday, and by 5PM the deal was done.
For homeowners willing to sell, such a level of interest can at least eliminate their worries about not being able to sell their homes. You can be very sure that if you’re putting up your home for sale, you will immediately get questions about its asking price.
There’s also a marked interest in the homes right outside the city limits. These properties include Almonte, Carleton Place, and Arnprior in the west. There’s Smith Falls and the Kemptvilles in the south. In the east, you have the Rocklands and the Casselmans.
These are homes that offer a more relaxed lifestyle than the houses and condos in the city. They still offer an easy drive into Ottawa, while the atmosphere in these places is quite relaxing and appealing for families. It’s also a market for those looking for second homes. Some of the people buying into these properties are also investors looking to make a profit in the near future.