Lots of fear-mongering is going on in the media, with wild predictions of an impending drop in house prices. A recent Ottawa Citizen headline predicted house prices could fall by as much as 44 per cent! What are local home-owners and investors to make of all of this gloom and doom?
The reality is that the housing market is slowing down. But that deceleration is after a pretty good uninterrupted 15 year run in house prices. Remember that the media often reports national sales numbers, which is skewed by results from Canada’s biggest real estate markets, Toronto and Vancouver. Those markets have seen large declines in volumes this year. Vancouver and Toronto sales volumes were down in February 29% and 15% respectively, while Ottawa’s decline was much more modest. National numbers do not mean much to our local market. The Westboro-Wellington real estate market is very much driven by local factors like job growth, demographics, transit plans and other local trends. Most of these market indicators point to a very robust future local real estate market in Ottawa.
- The worst of the federal government’s job cuts appear to be over.
- Westboro-Wellington is experiencing a surge of condo construction fuelled by retired boomers down-sizing and moving back into the city from the suburbs.
- The City of Ottawa’s Light Rail Transit plan promises to ignite a building boom in Hintonburg, Mechanicsville and West Wellington Village.
- The Westboro-Wellington market continues to be one of the most sought-after neighbourhoods by families looking for a great place to raise their kids.
All these trends promise a healthy local real estate market that should be good for local residents and real estate investors in Westboro-Wellington!Tags: Investing, Ottawa Condo Market, Westboro Property Shop, Westboro Real Estate
This post was written by John King Team