Don’t be too hasty to pack up and transfer to Ottawa! Regardless of millennials flocking to the capital to profit from its reasonably priced housing, property prices in Ottawa are hovering. Final month, the worth of condos and residential properties within the area surged, rising greater than 21% since final yr.
In line with new knowledge from the Ottawa Real Estate Board, the town’s housing market has been in critical overdrive in the course of the month of February.
For the reason that similar month final yr, the capital’s properties have had an total worth improve of greater than 21%, with the typical residential resale now costing $563,700.
Whereas a latest report prompt that millennials are flocking to Ottawa to profit from the town’s reasonably priced housing, evidently anyone arriving could possibly be in for a nasty shock.
In February 2020, condos within the metropolis and surrounding suburbs offered for a median of $349,800, which is up 21.three% from the earlier yr.
Whereas that is nonetheless comparatively reasonably priced in contrast with cities like Toronto and Vancouver, it’s an enormous leap for anyone that’s new to the property ladder.
Moreover, downtown condos have been promoting for a median of $459,200, which is beginning to edge ever-closer to the worth of the same property in Toronto!
For these trying to settle in Ottawa, there’s much more unhealthy information. The worth improve is a direct results of a property scarcity within the space, so a number of provides on a home has develop into “commonplace” and paying over the asking-price is regular.
Final month, there was solely round 1,500 residential houses on the market within the area, which is 37% decrease than final yr.
For these trying to purchase a rental, there was even much less available on the market. In reality, there have been solely 289 condos that can be purchased in February 2020, a lower of 61% over the past 12 months.
Regardless of the worth hikes, houses within the space are so in-demand that many have been promoting in simply a variety of days.
Residential houses have been available on the market for a median of simply 41 days, whereas condos have been snapped up just three weeks after happening sale.
In the interim, Ottawa continues to be one of many most cost-effective choices should you’re trying to purchase property in a serious Canadian metropolis.
That mentioned, with yearly worth hikes of as much as 21%, it could not keep that method for lengthy!
