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“Now, the interest has totally flipped,” said Bennett. “Instead, they’re buying bigger houses, bigger land, because they want more space.”
And because Ottawa home prices remain at remarkable highs, Bennett said she’s fielding calls from clients looking to move after a year or two in their current home, rather than the typical five- to six-year time frame.
“Prices have gone up so much, they have much more equity. And also the interest rates are at historical lows, so their buying power has gone up considerably, too,” she explained. “They can buy more house now, for the same price.”
Just last month, city council voted to add 1,281 hectares of residential development land inside the urban boundary while setting a goal of situating more than half of all new homes built until 2046 in established communities.
