The world has had its eyes on Ottawa real estate, amazed at how quickly and high the prices are rising. If you've been watching along, you may feel like you've missed the chance to enjoy an excellent investment into Ottawa real estate, but you might not be too late!
These are some things to consider before you invest and why it could be a good idea to put in investment still.
The Market is Wild Right Now
The market for Ottawa real estate has always been compared to how wild the numbers have been in Toronto, but don’t let this hold you back! Although Toronto prices are almost always higher: they also fluctuate more, which leaves you open to possibly losing a lot of money.
Before the housing boom that's been happening for the last couple of years, Ottawa's growth had been steady; it's only now that things are getting more unpredictable. Investing directly in Ottawa may be a higher risk, but it could also be worth it for those willing.
Homes Aren't Staying on the Market for Long.Ottawa homes for sale used to stay on the market for an average of two weeks to a month. In recent years that time has dropped significantly to just under two weeks. This means that when you find an investment opportunity, you need to quickly decide rather than wait on it.
Of course, you should still think everything through thoroughly, weigh the risk versus the possible gains: but you should be aware that multiple other buyers are also doing that for the property you're considering.
Construction is Delayed Still
Although more homes have been built in Ontario in 2021 than any year previously: they still can't keep up with demands because of delays. This isn't just delays in the workforce but also delays in the physical goods they need to build homes.
Construction materials were produced far less at the beginning of the pandemic because of country borders closing, fewer laborers being able to continue working, and general buying-panic that has swept a lot of the existing inventory. Housing isn't being built to keep up with demand, so house prices will continue to grow.
Price Increase Is Expected to Continue
There was a huge rise in home values in Ottawa in the last couple of years, and it's expected to continue. Many sources say that homes will still see an increase of around 2% of their value every month for the next few months to years.
This depends on the demand being met, of course, but that doesn't seem primed to happen anytime soon.
Now Is A Great Time to Invest in Ottawa Real Estate
Above all else, it's vital to note that property prices are continuing to grow: and they're expected to follow this trajectory for years to come.
Whether you're new to real estate and want to make sure your first purchase matters or you're a seasoned pro who's ready to take it a step further, Ottawa real estate is looking promising for everyone who wants to invest.