New Condos Ottawa
Why Should You Invest In Ottawa Real Estate?
The City of Ottawa, the capital of Canada, is a vibrant, bustling city shaping up to be the best place to live in Canada for young professionals. This rapidly growing city is the second-largest city in Ontario by population and the fourth largest in all of Canada.
Ottawa's population boom has no end in sight as this metropolis is Canada's largest tech and federal employment hub. A popular city with Canada's young workforce, it has more engineers, scientists, and PhDs per capita than any other city in Canada. Both sectors provide high-paying stable jobs for knowledgeable workers. Recently, the Ottawa tech industry has experienced a swift increase in work opportunities, bringing even more workers to the area.
The federal employment sector has seen sustained growth since the early 2000’s, taking Ottawa's economy with it to a steady climb. These reliable, well-paying jobs bring hordes of professionals to Ottawa looking for homes. Moreover, its stable economy ensures you will receive investment returns.
Ottawa is also a student's paradise, with the University of Ottawa, Carleton University, Algonquin College, and many more well-established schools calling this flourishing city home.
To top it off, Ottawa remains an affordable housing option, especially when compared to the other employment capital of Ontario, Toronto. Now is the best time to invest in Ottawa, before the market becomes burning hot. Looking at the rapid growth Ottawa is experiencing, it will soon compare to Vancouver and Toronto.
Average Price for All Home Types in the City of Ottawa
The average resale price for all home types, including condos, in the City of Ottawa for 2022 is around $641,000 - up 37% compared to the previous year.
The average rental rate for Ottawa is presently $1,500. This is in addition to a rental appreciation rate of 3.4% for the past 10 years. The demand for housing is still strong here as the vacancy rate currently sits at 3.5%.
The City of Ottawa
The City of Ottawa is located on the southern portion of Ontario, bordering the Ottawa River and Gatineau, Quebec. This city is a centre of education and culture with many high-ranking universities and beautiful museums.
The University of Ottawa is located in the heart of Ottawa's Downtown Core and is the largest English-French bilingual university in the world. Establish in 1848; this research university offers its over 35,000 undergraduate and over 6,000 post-graduate students a wide range of programs and ten faculties, including the University of Ottawa Faculty of Medicine, the University of Ottawa Faculty of Law, the Telfer School of Management, and the University of Ottawa Faculty of Social Sciences
Carleton University is situated between the stunning Dow's Lake and the Rideau River. This public research university was founded in 1942 and currently offers over 200 programs.
Algonquin College has over 300 full-time and part-time programs and is considered one of Canada's Top 50 Research Colleges.
It is known for its Data Analytics Centre, Social Innovation Lab, and Victimology Research Centre. Collège La Cité, Saint Paul University, and Dominican University College are located in Ottawa. With so many world-class universities in the city, it's no wonder why students flock here. This high number of students looking for places to rent makes the decision to invest in Ottawa a no-brainer.
With seven of Canada's nine national museums, Ottawa is the place to be if you are a culture vulture, a history buff, or interested in all things Canadian. The National Gallery of Canada boasts the most comprehensive collection of Canadian art, including works by the Group of Seven and Indigenous artists. The Canadian Museum of History is the most visited museum in Canada and is home to the largest exhibit of Canadian history.
The City of Ottawa also features the Canada Science and Technology Museum, which combines hands-on elements with modern technologies, creating interactive fun. Other museums Ottawa has to offer include the Canadian Museum of Nature, Canada Aviation and Space Museum, Canada Agriculture and Food Museum, and the Canadian War Museum. Living in Ottawa means always being steps away from entertaining, engrossing urban amenities.
One of Ottawa's crowning features is its stunning nature. Rideau Canal is one of Ottawa's oldest landmarks. It gives visitors and locals a picturesque view of boats in the summer and becomes the world's longest skating rink in the winter. Hog's Back Falls is a charming 60-foot waterfall at the parting of the Rideau River and Rideau Canal. Rideau Falls is another delightful waterfall with beautiful night lighting. Major parks in Ottawa include Major's Hill Park, Walter Baker Park, Mooney's Bay Park, and Petrie Island Park, just to name a few.
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Accessibility / Getting Around
One of Canada's top cities for public transportation, Ottawa's Transpo quickly gets people to their destination. The main feature of Transpo, the O-Train, is a frequent station-to-station train service. The O-Train Confederation Line, also known as Line 1, spans 12.5-kilometres, connecting Tunney's Pasture in the west to Blair in the east.
The O-Train Trillium Line, also called Line 2, is an 8-kilometre light-rail service, running from Greenboro Station in the south to Bayview Station just west of Ottawa's downtown core.
Ottawa also has rapid station-to-stain bus services, and Connexion routes provide reliable peak-period service that connects residential communities to O-Train's Line 1.
This fast, readily available public makes Ottawa a convenient and dynamic place to call home. The short commutes this city offers appeal to professionals that want to spend less time travelling to and from work. Students, too, love how quickly they can get to class.
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Questions & Answers
Should I Invest in The City of Ottawa?
In a word, yes! Ottawa real estate is a golden investment opportunity due to its great employment and education opportunities that make it an ideal place for young people. Ottawa boasts a low unemployment rate in addition to its strong tech and government sectors. Furthermore, it is home to many growing fields, including tourism, healthcare, public service, manufacturing, and construction. With some of the best universities in Canada, Ottawa is a hot spot for students across the country and around the globe.
What’s There To Do in Ottawa?
There is always something fun to do in Ottawa. One of Canada’s tourism hubs, Ottawa offers plenty of beautiful parks, awe-inspiring museums, and elegant government buildings. It also has an active night scene with trendy restaurants and bars. Some spots you can’t miss include Peace Tower, Parliament Hill, Rideau Canal, Canadian Museum of Nature, and Royal Canadian Mint, just to name a few.
Do I Understand The Responsibilities of Owning a Condo and Being a Landlord?
While many will say that investing in condos is an effortless process, owning a condo involves a series of responsibilities. As a homeowner, you will maintain and repair your unit, participate in owners' meetings, as well as pay for the maintenance, repair and operation of your condo’s amenities. However, investing in real estate does not have to be a complex, tedious process. Our GTA-Homes sales representatives will not only guide you through the process of buying property but also explain how to best manage it.