Once again, this city continues to boom with real estate sales, and October was no exception. Realtors are setting new records, and average prices continue to rise.
The Ottawa Real Estate Board saw residential sales volume increase 11.8 per cent over this month last year. This breaks down to an increase of 8.5% for freehold homes, and a massive 24.1% for condos. While these numbers indicate a strong market in Ottawa, you have to keep in mind that this is only a 1 month comparison and numbers will tend to fluctuate.
Stepping back to look at the bigger picture, average pricing is up approximately 6% year over year. Nice to see our city growing at a solid pace, and we’re also extremely fortunate for the current affordability (yes, Ottawa is still affordable when looking at the big picture). Our average residential home price still comes in under $450,000.
Where are some great neighborhoods to invest in in Ottawa? With some neighborhoods completely unaffordable for many, there are still some excellent opportunities out there. I recommend looking at neighborhoods that border on the ‘expensive, trendy’ areas. This includes spots in the west end such as Woodpark, Queensway Terrace North & South, most of Nepean, and Carlington. On the east end, I would look at Overbrook, Riverview Park, Pineview, and Carson Grove. I’m seeing many good opportunities coming up in these areas, and they’re going very quickly.
If you’re like me and you enjoy seeing impressive new towers on Ottawa’s skyline, then check out the Trinity Centre at Bayview & Albert across from Lebreton Flats. This one is shaping up to be a cool mix of modern, glass highrise, and high-end retail and office space. Trinity has picked a phenomenal location to launch this $400million development, as it sits right at the intersection of the 2 LRT lines (Confederation Line & Trillium Line). That area is undergoing some serious transformation and this project will be the anchor (for now…). More info here.
All of this is adding up to a very exciting time for real estate in Ottawa, and no, I don’t see things slowing down any time soon. We have a large number of multi-million & billion dollar projects in the works; the LRT rail lines, Lebreton Flats, Trinity Centre, Zibi, Wateridge Village, Westgate, the new Civic Hospital, and the suburbs don’t stop continuing to expand. Great things are unfolding in this city, and with it comes many opportunities.
As always, contact me with any questions, comments, or feedback. I always love hearing from you guys!
Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Cel: 613 262 1697
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