An era of change has been on the rise these past few years within the housing market across Canada. As 2017 closed with a bang, we saw some of the largest increases in real estate prices in nearly a decade. The curiosity and concern now turns to 2018, and what can we expect to see in Ottawa, and across Canada.
Ottawa is climbing the list as a hot spot for homebuyers this year, joining popular cities like Toronto, Montreal and Vancouver, but holds a higher interest for buyers, as the prices will remain relatively lower than Toronto and Vancouver. The pool of potential homebuyers shows a steady increase, with individuals expanding their potential cities due to the ability to work remotely and this growth trend is expected to continue throughout 2018. With such a variety in communities, opportunities, and availability, Ottawa as a city itself has a lot to offer to potential buyers. Whether they’re looking for a quiet home in the suburbs of Kanata, or a condo in the Byward Market, Ottawa creates new opportunities for growth and change in these communities daily.
Activity across the markets in Quebec, Alberta, and British Columbia predict these provinces will prepare for a solid year of increase, while the market in Atlantic Canada remains stable and subdued. As the changes to mortgage rules came into effect January 1, 2018, we will begin see a shift in the pace of the market here in Ottawa, and across the country. The impact of the regulations won’t go unnoticed, and Ottawa prices are expected rise at a slower pace compared to 2017. Experts predict a less than a 10% increase in the value of homes this year, and the focus shifting from large homes, to smaller-condo living spaces.
Condominiums are 2018’s hot trend, experts say, as the trend shifts to smaller homes, both with the millennials, and the expected down-sizing by baby-boomers. Ottawa offers a variety of prospects in this regard, with the focus shifting to communities and no longer just “what’s behind the front door”. As we transition into these smaller living spaces, buyers are really searching for that “right fit”, as their community becomes the extension of their home.
This factor gives Ottawa an advantage across the city, with its’ diverse and ever-growing communities. Every community across the city holds its’ own unique possibilities, and people, while the vast availability ensures that everyone can find a place to call home. For more information about what these trends may hold for homebuyers and sellers alike, check in with your Realtor, your dream home may be just around the corner.
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