Canada Mortgage and Housing Corporation (CMHC) contradicts what many in Ottawa think is an unsustainable glut of condos coming onto the market. CMHC is predicting that the demand for new condos will continue to grow at a pace consistent to the construction of new condos.
That finding may surprise local residents of Westboro, West Wellington, Hintonburg, Little Italy, Mechanicsville and downtown Ottawa, who witness condo projects being approved by City Council daily, adding to the numerous condo construction sites in the area. There are more than 20 projects already proposed, approved or under way in the Richmond Road-Wellington Street West corridor west of downtown.
CMHC economist, Abdul Kargbo presented some intriguing statistics demonstrating the strength of the Ottawa condo market:
- Condos now account for about 25% of all resales of housing units in Ottawa
- Investors are responsible for 20% of new condo purchases
- Vacancy rate for apartments and rental condos is 1.5%, meaning it is a very tight market for renters and fairly easy for landlords to find tenants
- Since 2008, the average condo in Ottawa has appreciated 30% in value
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Tags: Investing, Ottawa Condo Market, Ottawa Realtor John King, The John King Team Ottawa
This post was written by Heather