Condo Market Skyrockets In Ottawa! - Greg Hamre RE/MAX Affiliates
The condo market is exploding in Ottawa.
Over the last 30 days, we've seen pricing of condos shoot right up faster than residential homes. My name is Greg Hamre from RE/MAX Affiliates and the Hamre Real Estate Team!
You have to ask yourself, why is this happening? It's happening for a number of reasons.
1️⃣ Now, number one, the affordability of homes is pushing buyers into the condominium market.
➡️ You know, an average price of a four-bedroom detached home in Ottawa right now is just over a million dollars townhomes are selling in the seven hundreds. So if you're looking at that two-bedroom condominium, you're in the six hundreds, a single, a single bedroom condominium with underground garages still in the fours and that's in the downtown core.
So downtown, that's the second reason people are starting to think about going back to work to their offices outside of their homes.
So they're looking at the commute and they're starting to focus back on the downtown inner core of the city.
3️⃣ Thirdly, you've got baby boomers that are saying, you know what, we're gonna cash out. "Never did I think that my home would be worth a million dollars.
I wanna live lifestyle. I wanna be down where all the restaurants. A lifestyle where I can walk to get my loaf of bread or my bagels or fresh fruit for the day where I can walk for entertainment to the ☕ coffee shops, where I can really live."
Ottawa is a great city, for lifestyle. Walking along the canal, riding your bikes throughout skating, you know, NAC, Lansdowne Park, access the market.
That's really driving the condominium market, but it's, it's even outside of the downtown core. It's across the city. Condominiums are really your best investment. Where is the opportunity?
Well, the opportunity is, is downtown. For the last two years, downtown has not been the focus.
So now people are looking at moving down here and there's has been less competition here.
So there's great opportunities.
The rental market is really picking up, and rental price points are, are really good downtown. What you can't find downtown is two-bedroom rentals. So two bedrooms with a garage.
So if you're an investor, I would be looking at two buying two-bedroom rental properties right now.
If you're looking at buying, I would be jumping on that part of the market as well, because there are a dozen or so cranes in the sky, but they're not building, condominiums to purchase.
They're building rental units. And so if you do own a condominium right now, there's less competition cause you're not competing against builders. I'm right down here. Now in the Glebe I'm, I'm looking at some beautiful buildings, retail below them, underground access to shopping recreation.
And then by behind me is Minto's new rental building where the two-bedroom rentals are, are $4,000 a month and there's only two left.
Right down on bank street, retail on the bottom, walking to grocery stores, restaurants, all that nice, nice lifestyle stuff, and quality of life right down in a major city, in the core of the major city and with access to everything.
That's really where we're seeing the shift. Ottawa is certainly a destination city.
We have buyers coming in from all over Canada right now, focused on the city and the greater city elements. ➡️ In the next 30 days, inventory's going to increase immensely.
It's a spring market. March break has just ended. ⛄The snow is on its way out. People start listing and you'll see more and more listings. ➕And, and we've just come through the first quarter where it was the biggest, first quarter in new active listings in history. ⏰Now we're just about to see even more product come on the market.
So if you're a buyer, don't panic, there's lots to look at. If you're looking at what's the secret where's the best buy? I think it's downtown right now in my own opinion. And if you're thinking of selling, you want to get moving.
➡️ Cuz the next 30 days there is when the spring market really kicks in!
My name is Greg Hamre from RE/MAX Affiliates and the Hamre Real Estate Team! If you're thinking of buying or selling, ☎️we want to talk to you now, please reach out to me directly. I appreciate it, all the best. Hope to see you soon. Take care.