Sellers market continues in Ottawa despite continuing pandemic (Feburary 2020)
The Ottawa real estate market has been on a tear, with average prices surging 20% during 2020 and more again in the dirt couple of months of 2021. Ottawa is still a good real estate value, however, with the stable local economy and lifestyle. Also, Ottawa buyers do not have to contend with the Municipal Land Transfer Tax or the Foreign Buyer Tax.
Our current real estate market is highlighted by a huge listing inventory shortage (available listings down approx 50% from 2019) bidding wars and soaring prices.
Average selling prices: end January 2021: (vs Jan 2020)
Overall residential: $677,197 + 31.2%
2 storey detached home: $702,763 + 30.7%
detached bungalow: $634,881 +35.6%
condos: $380,336 +12.8%
*this is a single month only but appears representative of the current runaway sellers' market where listing inventory shortages are driving demand and mulitple offers generate some huge price increases.
If you are relocating to Ottawa please give us a call at 613-435-4692 and we can help focus your search for appropriate properties.
Ottawa is quite spread out east to west along the Ottawa river some 45 km (Carp Rd to Trim) and about half that distance north-south. Dominant features include the Ottawa and Rideau River systems, the Rideau Canal and the “Greenbelt”, all of which have factored in Ottawa’s development. North of the Ottawa river is western Quebec, the Gatineau hills and the city of Gatineau. Realtors must be separately licenced/registered to practice in Quebec, so very few, if any, can provide services on both sides of the Ottawa River. Average prices are about $100,000 less on the Quebec side, so buyers should determine which province is of most interest from the beginning of their search.
Big difference between urban and suburban living:
Much of Ottawa’s residential growth over the last couple of decades has been at the fringes in the east (Orleans), west (Kanata and Stittsville) and south. (southwest in Barrhaven and southeast in Findlay Creek and Riverside South) Home prices have increased most in urban areas and this has fostered many condo developments and infill housing development in the highest urban demand areas. We currently have several of the largest mixed residential urban neighbourhood projects in Ottawa history underway or planned. These include: Wateridge, LeBreton, Greystone and Zibi plus numerous large (and tall!) condo projects.
High demand urban areas:
Westboro/Wellington West and Carling/Woodroffe area , Hintonburg/Mechanicsville, Civic Hospital, Glebe, Old Ottawa South, Ottawa East, Manor Park, New Edinburgh, Sandy Hill
Students, Students, everywhere!
Ottawa is a big education centre with over 80,000 full time post-secondary students (140,000+ counting part time) at University of Ottawa, Carleton, Algonquin, Cite Collegiale and St. Paul’s. This demographic has an impact on housing, entertainment, dining and the work force.
Ottawa has always been a transit oriented city with commuter ridership % among the highest in North America. The OC Transpo system has been built on a mix of dedicated transitways (bus only roads) and express bus lanes which connect urban and suburban commuters with the downtown core.
2018 brings Phase 1 of Ottawa’s LRT (Confederation line) which will connect 13 stations over 12.5 KM, including a 2.5KM tunnel underneath the downtown core. Phase 2 will expand the scope both east, west and south (Trillium Line) by 2023.
This has created a “transit oriented development” focus for city planners and a great deal of activity is planned around LRT transit hubs.
When one drives through Ottawa from the downtown towards the suburbs, the city seems to stop and then restart after large swathes of open space. This was created way back in the day when the original plan was to keep Ottawa within the borders of this “Greenbelt”. Over time, persuasive developers found a way to build new communities beyond the Greenbelt and this is where much growth has taken place since the 1970’s.
We have a gamut of schools at the elementary and high school level encompassing English, French and immersion programs from public, Catholic and French school boards. The widespread geography of Ottawa has become a bit of a problem in this regard, as demographics have changed school enrollment patterns and many schools are on the “to be closed” list due to lack of students while others are overloaded and still others have no local services at all. Researching schools for both current and future requirements can be a key factor for many parents, so it is a good idea to review this early in your Ottawa home search to determine your geographic focus.
Real estate is local:
Every market is different, so be careful not to assume that things in Ottawa real estate will be the same as the market you are moving from. Housing types/styles, trends and key features and highest demand items in one local market may vary widely from those in another.
If you are relocating and looking for an experienced brokerage team to consult on your home or condo buying plans, we are more than happy to help! Give us a call at 613-435-4692 or check us out online at our co-ordinates below:
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or mobile 613-371-9691
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