OTTAWA —
While most of the world describes 2020 as the year we wish to forget, realtors in Ottawa may describe it as one of the most memorable.
2020 was a sales record-breaker in the National Capital Region.
“Ottawa is known to have one of the most consistent and stable economies and real estate markets on the continent, and despite all the craziness that occurred in 2020, Ottawa’s economic resilience, stability, and consistency were on full display this past year,” says Taylor Bennett, a broker with Bennett Property Shop Realty.
“Last year we saw a large push toward low-maintenance living as more and more baby boomers entered their retirement years, and that trend has continued in 2020.”
Bennett says along with the baby boomers influencing the market, 2020 saw many first-time buyers enter into their homebuying years.
“As well as many out-of-town buyers that have migrated to Ottawa from across the country attracted to our economic stability and growth,” says Bennett.
“We have seen growth around 20 per cent almost all year long, even during the early months of the pandemic when things were a little more uncertain.”
Bennett explains that inventory levels are still at record low levels. All year, there was an increase in sales and a decrease in days-on-the-market.
Not only are more homes selling, but they are selling faster than ever.”
The Ottawa real estate district encompasses a large area, about five times Ottawa itself. It includes the downtown and suburban areas, and a number of rural areas too.
“While every area in the Ottawa real estate district saw increases this past year, not all areas increased at the same rate and there are still many affordable options in the outer areas of the city, “says Bennett.
“In fact, the average price difference between Inner and Outer Ottawa is over $200,000 or 33 per cent – a substantial difference regardless of your budget.”
CONDO MARKET:
Most condos are in Ottawa’s city limits. That is where the condo market experienced the most growth.
“But prices condos in the outside areas are still extremely affordable and are ideal for the low-maintenance lifestyle that many buyers desire.”
Condos in Ottawa were over $130,000 (or 36%) more expensive than condos in areas outside of Ottawa.
BUNGALOWS:
“Last year we saw bungalows at the top of this residential list, while they are still in very high demand.”
The average price, according to Bennett, doesn’t fit everyone’s budget.
“Similar low-maintenance styles have seen an increase in demand – both split level and high ranch offer far fewer stairs than a traditional 2-level home, and condos simply provide a smaller interior to keep up and require less exterior maintenance providing a very retirement-friendly lifestyle.”
Bennett says row houses are found near the top of both of these lists since they can be large enough for a young couple or young families.
They are also small enough to offer the low-maintenance lifestyle Baby Boomers are seeking.
HOME OFFICE:
From a real estate perspective, one of the major impacts of COVID, according to Bennett, is that it reduced, or removed, the need to be close to the office.
“But it increased the need for a larger dwelling as we have all been spending a lot more time at home. The majority of the homes found in these top five areas are more spacious, found on larger lots, and are less expensive than their inner-city counterparts.”
Bennett says, with the exception of Manotick, the average prices in these areas are below Ottawa’s average price.
“The major factor that has greatly benefitted buyers to help stay competitive in this growing market is the mortgage interest rate also being at a record-low level. Even though prices have increased substantially this year, buyers saw their purchasing power increase as well.
“While prices increased by almost 20%, the average monthly mortgage payment only increased by 8% – making the growth in the market far less daunting.”
For a more in-depth look at Ottawa’s Real Estate Stats, see below.
Residential
# of Sales
Avg. Price
2019
14,030
$486,475
2020
14,455
$582,267
Difference
3.0%
+19.7% ($95,792)
Condo
# of Sales
Avg. Price
2019
4,583
$304,222
2020
4,516
$361,337
Difference
-1.50%
+18.8% ($57,115)
Residential
Style
2019
2020
Difference
Det. Split Level
$419,726
$516,131
18.68%
$96,405
Row 2 Level
$400,498
$487,323
17.82%
$86,825
Det. Hi Ranch
$357,577
$427,495
16.36%
$69,918
Condominium
Style
2019
2020
Difference
Row
$266,400
$339,840
21.61%
$73,440
Stacked
$274,010
$328,676
16.63%
$54,666
Apt. – 2+ bdrm
$330,830
$382,690
13.55%
$51,860
To learn more about the Ottawa Real Estate Market, you can listen to Marnie Bennett and Taylor Bennett on “The Bennett Real Estate and Wealth Show”, Saturdays at 1 p.m. on Newstalk 580 CFRA.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
