CANADA EXPERIENCING A REAL ESTATE BOOM? – MAY 2016

Ottawa Real Estate Update – 2016

And Ottawa is not the only city with sales going strong; Vancouver home sales set a new record in April 2016 (according to REBGV: Real Estate Board of Greater Vancouver).   REBGV calls it an ‘unprecedented surge of demand in our marketplace’.  And I’m sure we all have a pretty good idea of what pricing is like out there.  Certainly makes Ottawa look ‘affordable’.

Greater Vancouver Real Estate Board Update – May 2016

And let’s not forget Toronto.  April 2016 set a new record for home sales in Toronto as well.  Will it ever slow down in these cities?  See the article below for more info.

Toronto Real Estate Board Update – May 2016

What does this all mean to us here in Ottawa?  In my opinion, we’re starting to come out of a 3 to 4 year slower period where it was arguably a buyer’s market (certainly for condos anyways).  I expect we’ll see increased demand and prices rising gradually.  Thankfully, it won’t be a Vancouver or Toronto market 

Our city is going through some very interesting changes right now, which translates to new opportunities.  When you consider that we’re one of the major cities of Canada, and you can still buy a detached home in central Ottawa for under $400k, we’ve got tons of opportunity here, and tons of room to grow.