Ottawa’s HOT market!

So why is Ottawa suddenly so HOT?

As we have seen daily and has been reported on by the Ottawa Real Estate Board, we now have a Seller’s market in Ottawa and buyers have been racing around town in many instances competing in multiple offer situations in attempts to find a home. There are a variety of factors contributing to this that we will cover below, but as the President of the Ottawa real estate board recently stated, “The experience and guidance of a REALTOR® is essential in these types of market conditions,”

So why is Ottawa suddenly so HOT?

Since 2018 there has been evidence of the market heating up and now, we see it ramping up even more with spring here! Several factors have influenced this phenomena; locally the Department of National Defence has finally moved into to their west end location, the new LRT locations are making some areas of the city more desirable, homes and condos are both far more affordable when compared to cities such as Toronto where the new mortgage stress test is pricing some buyers out of the market and people are turning to Ottawa as on option, not only for home ownership but as an investment option too. In particular, the Millennial & Gen X remote professionals are seeing an opportunity here that allows their dream of homeownership to become a realty resulting in an influx of out of towners also driving market conditions. You also cannot ignore the city’s many attractive features; Ottawa boasts a consistently stable workforce, youthful population, green spaces, and year-round world-class event and activities and is also ranked by Moneysense.ca as the 2nd best city to live in, why would you not choose to buy your home here?

Ready to Buy? Hear are some helpful hints that are a must!

Research is key as is working with an agent who knows the city well and is actively helping buyers daily. First, narrow down where in the city you would ideally like your home to be and make sure you have thought through all the options and your must have’s thoroughly.

So, you’ve now selected the area. But can you afford what you want? Know your numbers! Crunch everything so you are completely aware of all costs that will be involved leaving no surprises.  You can use these helpful calculators to get you started (Payment Calculator or Affordability Calculator) and then find a good mortgage broker and get PRE-APPROVED!

Once you know what you want and that you can afford it be ready to move. It can be daunting but with the right guidance you will make the right choice. A caution! Don’t wait to long for the perfect home to come up next week. In some cases, buyers have waited and ended up being priced out of the neighbourhood they were hoping to get into.

Be ready to compete in some areas for the home you want, a larger deposit conveys a more serious offer, don’t skimp, be flexible with your closing date, be in daily communication with your Realtor and make sure they have set you up on a search for your area so you don’t miss THE ONE when it comes up and not to be redundant, but have your group of professionals on standby to help you achieve a smooth and stress free home purchasing experience.

Questions? Contact Daria to get started!

Daria is the energizer bunny of real estate, ready to go at a moment’s notice and work hard representing you! Daria has superior negotiation skills, in-depth knowledge of the Ottawa Market, great financial acumen, eagle sharp eyes, a warm heart, attention to detail and a great group of professionals backing her up. Daria@dariakark.com