Toronto: Hottest Housing Market of Canada is Ottawa
Real estate frenzy which infected Vancouver and Toronto is capable of spreading to the other cities. According to reports, Ottawa is the hottest housing market of Canada.
There is a joke which is a capital punishment in Canada and is spending in 2 weeks in Ottawa.
Well, these days homebuyers disagree with this.
Somewhat sleepy government town with gothic government buildings and pretty canals are now a real estate juggernaut, with rapidly growing interest from foreign buyers, bidding wars, supply shortages and rising prices.
Royal Bank of Canada said that now Capital of Canada has a higher share of buyers from foreign than Greater Toronto.
During ending of 3 months period in mid-Feb, buyers from foreign accounted for 2.5% of home sales in Ottawa as compared to 1.6% in Greater Toronto.
Some of which have to do with being fewer buyers from foreign in Toronto these days, in the wake of Fair Housing Plan of the Province which was introduced in April 2017 and slapped 15% foreign buyers’ tax on properties in Greater Golden Horseshoe and the Greater Toronto areas.
But share of buyers from foreign is on the rise in Ottawa. Robert Hogue, a senior economist asked that did the tax send buyers from foreign Ottawa’s.
This is not only the foreigners flocking to Ottawa. There are number of stories about Torontonians that fed up with high cost of living of city, packing and moving towards the capital.
According to the Ottawa Real Estate Board, with an increased attention, housing market of Ottawa is heating up.
Existing home sales were up by 12.3% in March and prices were up by 8%, to an average of around $447,561.
But some desirable neighbourhoods are much stronger in price growth. Realtors say that trendy Westboro has seen spike in cost of home as much as 50%.
It’s a change for housing market of Canada which saw price growth of 2 to 3% every year.