Ottawa car and condo sales are up in the face of massive federal public service cuts, a sign some experts say means the local economy is doing well.
Statistics Canada said the capital region had the country’s highest average family income in their latest study, which along with low unemployment helps keep Ottawa-Gatineau sheltered.
“The condo market is very strong right now, actually we’re seeing condos being built and sold in record numbers,” said Bryan Card, president of CRG Consulting.
“People are trying to get away from the stock market a little bit, and rental rates in Ottawa have increased to the point where now it actually makes sense to go and get a condominium.”
Frederico Picerno said he did just that, despite an uncertain economy.
“The economy nowadays, you don’t know what’s going to happen,” he said. “But I have to live somewhere.”
Other people are putting their money into a new vehicle, another consumer item that’s seeing strong local sales.
“This year has been a very good year, about twenty per cent more business this year than last,” said Mark Weisbrod, GM of a local Mazda dealership.
Business professor Ian Lee said he was never worried about Ottawa’s economy.
“Some pundits were predicting doom and gloom for Ottawa, Apocalypse Now and the world was falling apart,” he said.
“The numbers are showing the opposite – car sales are up, condo sales are up and this is because Ottawa has always had a much more resilient economy than the rest of Canada.”
While there are still variables causing concern, such as massive levels of debt held by some countries in Europe, economists said Canada (and specifically Ottawa) is one of the best places to be.
With a report from CTV Ottawa’s Ellen Mauro
