The residents of Ottawa have taken the real estate market by storm. Ever since the beginning of the year, sales have been on the up. The increase in sales has led experts to believe that now residents are more knowledgeable about the property market in Ottawa than they ever were before. It seems as if this is the year of change.
Industry analyst Ron Desjardins, a vice-president at PMA, says that while there may not have been as many people looking for new homes in January, the ones who were, were ready to buy.
In previous years, the response was not so good but this year, the residents of Ottawa have come well prepared to the market. They are ready to spend the money to take up these opportunities.
Desjardins further added, “We saw a number of people make their buying decisions within a week of visiting a site,” he says, adding, “They had clearly done a lot of research. They’d been online and looking at stuff … but weren’t prepared to make the decision last fall.” This goes to show that people in Ottawa are now more knowledgeable about market conditions. They are better equipped to anticipate risks with regards to property prices.
This, however, is not the only factor that has led these residents to flood the property market. It is quite possible that relaxed interest rates on loans and better mortgage rates have turned people in this direction. If you compare the data from previous years, it is quite clear that this year, the residents of Ottawa can avail better opportunities.
The government’s incentive programs also play a role in encouraging people to buy new homes. The Canadian government is dedicated to helping citizens realize their goal of homeownership. The mortgage terms are also set in a manner that the average Canadian citizen can easily afford to pay these expenses.
Desjardin, in a later statement, added that, “I think that this trend will just continue through the year as more releases occur in the existing projects and new projects come to the market in the west.”
The experts seem very optimistic about real estate picking up once again in Ottawa and they see this as the beginning of a trend that could last for a long period of time. Single family homes are among the ones selling most in the market, followed by townhouses and condos.
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