- Dramatic Appreciation Potential for Ottawa Real Estate
It is a well-known fact that Ottawa is on the rise. There is a current trend towards making real estate investments in this city and there is no denying that the trend is not likely to buck. In fact, the real estate market has grown so much that real estate now ranks as one of the fastest-growing sectors economy-wise. This is evident in the dramatic increase of Ottawa Real Estate transactions in the past years.
Ottawa Real Estate: The Facts
Attracted by the sound economy, good job opportunities and low unemployment rates, many young families are flocking to find a good real estate broker in Ottawa in search of a new horizon. This migratory movement has led to an inevitable rise in the demand of housing facilities. This situation has in turn, led to an increase in number of real estate companies. According to statistics, sales of housing facilities have gone up by over 10% in the previous year. This is not a minor figure, considering global recession and the economic situation worldwide. On a less happy note, this increase has led to a rise in the price of most homes. It is now more expensive to purchase a house in Ottawa than it was five years ago, for instance. The average price of a home went up by 5.9% in the previous year. This means that the average house is now priced at about $408,795.
What looks good for homeowners is not so positive for newcomers who are looking for a home in the city. But it is not only the prices of properties that have gone up; rentals have increased accordingly, as well. Many Ottawa citizens are looking for smaller, cheaper apartments in less prestigious neighborhoods. Even when this may look as a drawback at a first glance, it is turning out to be a new opportunity for less urbanized areas. City suburbs that used to be looked down on are now being revitalized by this de-centralization process. The fact that transportation in Ottawa is so efficient makes people choose areas that are perhaps further from their workplace without that being detrimental to their lifestyles.
Ottawa Real Estate: Sound Business
The number of real estate agents has escalated these past years. However, this has not affected the quality of the service provided in any way. If you ask anybody who has done business in Ottawa about their experience, they will tell you that agents in this city are not only professionally-trained, but also incredibly helpful. Certification is compulsory and there are associations, such as OREA (Ontario Real Estate Association) that ensure the quality and efficiency of its members. Their real estate brokers rank among the most professional in North America.
No one can tell for sure, what may happen in the future as regards real estate and business opportunities. One thing is certain, though: Ottawa is growing so much that this current trend is likely to go on. People who are considering a real estate investment in Ottawa should seize the chance to contact their broker right away.