Residential real estate investments in Westboro and other West Ottawa neighbourhoods dramatically outperformed real estate investments in other parts of Ottawa over the past 5 years. Data published by the Ottawa Real Estate Board reveal that the average resale price of detached homes in the Westboro-Wellington corridor of West Ottawa has increased at a much higher rate than prices in other parts of Ottawa.
Price increases of detached homes between 2007 and 2012 in Westboro, Hintonburg and Mechanicsville exceeded 50% while increases in Centretown, Kanata, Orleans and the Glebe were in the 25% to 38% range.
Larry Mohr, economist and co-founder of the Westboro Property Shop, points out that this appreciation has significantly increased the wealth of Westboro-Wellington homeowners. “On a home worth $300,000 in 2007 that was sold in 2012, this difference in appreciation would have meant roughly an additional $75,000 in a West Ottawa homeowner’s pocket.” For instance, an average Kanata homeowner would have pocketed a 25% gain worth $75,000 while a Westboro homeowner would have made more than a 50% gain or a $150,000 profit.
This trend reflects the increasing desirability of Westboro and other neighbourhoods in the Richmond Road-Wellington Street corridor in West Ottawa. John King, a Broker with Engel & Völkers and the co-founder of the Westboro Property Shop, has seen this trend build over the past few years, “New home buyers and investors are flocking to the area. Westboro-Wellington is becoming one of Ottawa’s preferred areas in which to live.”
For more information on how to benefit from the investment opportunities in the Westboro-Wellington neighbourhoods, contact a sales or marketing representative of Engel & Völkers Ottawa Central. Or stop by our office at 1433 Wellington St. West for a coffee to discuss the opportunities.Tags: Investing, Wellington, Westboro, Westboro Property Shop, Westboro Real Estate
This post was written by Heather