In terms of growth and value, the year 2020 brings a lot of promise to Ottawa’s real estate.
The city is experiencing a rapid increase in its population and employment over the past few years. Factors like these trigger the expansion of the real estate industry as well.
The home value appreciation is high in Ottawa, with the average price of resale houses increasing by 19.3% in the year 2018-2019. The condo sales are up as they move faster, with an average of 39 days on the market.
Here are some other interesting trends to check before you look for Ottawa homes for sale.
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- Global Property Forecasts and Trends for 2020
Increase in the Resale Market
Being one of the hottest cities for real estate in the country, Ottawa is an emerging market for resale homes as well.
The number of resales hit nearly 18,622 homes in 2019, which was much higher than the previous ten years. Even the sale of new houses was high by 27% at 6315 units.
The average cost of resale properties increased by 9% and reached an average of $500,000. Also, the condos were valued over 9% more than the previous year.
Now, the buyers can expect the same streak will continue in 2020 as well. RE/MAX predicts an increase of 6% in the seller market for the current year.
Increase in Millennial Buyers
The growing income and employment opportunities are bringing more millennials to Ottawa. As a result, the housing market is expected to jump by 10-12% with increased sales by first-time buyers.
Here, the sellers have to fuel the supply side by putting more resale houses on the market. Despite the mortgage stress test, the number of new buyers will increase in 2020.
Rising Demand for Condos
Larger condo suites are surging in demand across Ottawa due to the changing demographics.
Developers are also leveraging these opportunities by integrating amenities like daycare, community center, and elevated parks in the condo buildings.
You can find excellent properties in areas like Westboro, Centretown, Little Italy, LeBreton flats, and Hintonburg. The average cost of condos will remain at the level of $285,000 in the city.
Growth of Real Estate Technology
With the integration of the latest technologies, the real estate sector in Ottawa is expected to grow in all directions.
Developers are looking to design energy-efficient homes and shared vehicle parking systems to accommodate the needs of the new world.
The process of buying a property in the city is also now simple with the help of internet technology.
On the home listings websites, you can find the best Ottawa homes for sale with complete details. It narrows your search, depending on your specific criteria.
Focus on New LRT System
The development and affordability of a home in Ottawa will continue in 2020 as a result of the new LRT or Light Rail Transit system.
It will improve transportation with O-Train running from more than 12 stations in the city. It will reduce pressure on the bus systems and enhance the transit facilities for the city dwellers.
With these trends in focus, you can expect good rise in home values and overall real estate markets in Ottawa.