The Ottawa Real Estate market is off to a great start this spring! While more of a balanced market, home sales are actually up by 7.2% over March of 2008. The price has decreased slightly to $286,888 as an average price (remember, that’s only the average!).
When you look at the market just this year, we’re already up 47% in sales volume from February! The most popular housing style right now? Bungalows and two-storeys. Condos are actually down by 8%; may have been a bit of a saturation issue with all the new construction coming to fruition. We’re still considered one of the best places to invest for Real Estate – the rental market is becoming tighter and tighter. According to Rick Snell of the Ottawa Real Estate Board, “No matter what goes on in the economy, good real estate will still be in demand.” With over 50% of our population in the services sector (government, high tech, hospital and educational institutions) we have been somewhat insulated from the downturns affecting manufacturing sectors.
Ottawa also continues to hold steady bucking the negative trends of the rest of Canada. We are one of only five Canadian cities expected to grow in the coming year. The federal government has been doing it’s part in keeping us financially healthy; one quarter of our population works for them! They expect that number to increase by 1.8% this year and 3% next year. People are already coming to our city for that security.
While it was a little slow getting started, the market is increasing at an incredible rate. Those low, low interest rates and government incentives are working to keep the economic engine running. Talk to your mortgage broker; there’s no reason you shouldn’t be climbing the property ladder this year!
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