Need a pick me up after shovelling all of that snow on your property? Take a moment to realize the value of that property.
Realtor Taylor Bennett is sharing his breakdown of the 2021 real estate numbers in Ottawa.
Those of you who bought a fixer-upper in Merrickville a couple of years ago may be laughing (or at least smiling) all the way to the bank on Main Street.
Residential values in the Merrickville area are up 70 per cent.
Condo owners in Westboro can raise a glass to that purchase too with values there up 50 per cent.
This region is a very large real estate district.
Bennett prepared slides to illustrate the main trends and hottest areas of growth. These trends are based on the Ottawa Real Estate Board's numbers for 2021.
He compares ‘inner’ Ottawa and ‘outer’ Ottawa values.
“The difference in prices between your average residential home in the inner versus outer parts is substantial at almost $300,000 (60%) - $776,000 for Inner and $485,244 for Outer,” says Bennett. “With more and more Baby Boomers looking to retire and with many jobs going virtual, the outer areas provide some great options for those who find the prices in inner Ottawa to be too high.”
Over the past number of years, Bennett has highlighted the growth in areas like Richmond, Almonte, Arnprior and Smiths Falls.
On the CTV News at Noon, Bennett emphasized staggering growth in areas like Embrun, Augusta, Leitrim, Calabogie and Drummond with price increases ranging from 50-62 per cent for residential properties.
“Leitrim founds its way onto this list with a new home development having recently closed in the area,” says Bennett.
When it comes to condos, Embrun was also noted as one of the fastest growing markets.
“In the condo world, it's no shock to find Westboro on this list and Ottawa East, as these two areas are quite popular among downsizing Baby Boomers,” says Bennett.
“Both Windsor Park & Riverside South offer some great stacked townhouse and townhouse condos for young professionals and families. And the popular mid-rise condos in Embrun offer an affordable, low-maintenance option for any retiree.”
A wave of buyer's remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months.
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