What is fueling the Ottawa real estate market?

The number one question I get asked:
🤔What is fuelling this market?
If you ask 10 different people this question you will likely get 10 different answers.
So here is my take on what is causing this fast-paced market.
1️⃣First of all, we have the perfect storm of low inventory and record low-interest rates.
When interests go down, prices go up.
2️⃣Second, we have something I call the decentralizing of our employment zones.
Employees and contractors are being given more options on where to work. Office, satellite office, remote etc.
All of a sudden people are looking at their residence and saying “hey if I don’t have to commute 5 days a week, is this really where I want to live?”
3️⃣Third, there are the obvious ‘ work from home’ & ‘school from home’ situations.
People are struggling to find space in their current homes for all the quiet office and study space they now require.
And then there is the internet. If the internet isn’t strong, well, you know how that goes lol…
4️⃣Fourth, pandemic living. People are getting cabin fever and want more to ‘do’ at their home, and will move to accommodate it. Homes with hot tubs, pools, and games rooms are in high demand.
5️⃣Fifth, along with pandemic living is the need for quarantine. Whether it is a family coming to visit, or a family member who is ill, more and more people want a space a loved one can stay while in quarantine, and yet be in their home.
6️⃣Sixth, buyers coming from other areas. Whether coming from the GTA (Toronto) or farther abroad, Ottawa is VERY attractive in quality of life, education and employment. Ottawa has a very stable reputation.
⛽️So there you have it. My answer to what is fuelling this market.

Cynthia McGiverin


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