Real estate: These are Ottawa's five hottest neighbourhoods
OTTAWA -- Ottawa’s July real estate market was as hot as the temperatures.
Despite these uncertain times, the market experienced double-digit growth.
Taylor Bennett of Bennett Property Shop Realty says a normal July would mean a slight dip in the number of sales, and the average sale price of properties.
“As we all know, 2020 hasn’t been your normal year, and unsurprisingly the historical trend was broken,” he says.
Bennett explains that even though the market prices continued to climb during lockdown, inventory levels were at an all-time low.
“Buyers had fewer options to consider during a time of the year when we normally see the highest levels of inventory. But now that we are entering our 4th week of Phase 3, we are seeing activity we normally see in the spring.”
Residential numbers are up more than 15.7 per cent over July of 2019. The condo market has had even more growth, up 18.2 per cent over last July.
“Properties are selling faster than they are being listed, creating an extremely competitive market for buyers. They have to be more prepare than ever to enter into negotiations, especially if they are looking in some of the more sought-after areas.”
As for the hottest neighbourhoods: Hintonburg, Dunrobin, Vanier and Greely are up by more than 45 per cent over last year.
Manotick and Overbrook are tied for fifth place, up by more than 37 per cent.
“Hintonburg and Manotick have appeared on this list before. But both Dunrobin and Greely likely make this list due to the new societal working habits - the need to be close to your office may not exist as more people are telecommuting and both of these neighbourhoods offer more home for your dollar,” he said.
Bennett says Vanier’s popularity is no surprise.
“As the city population continues to grow we are seeing more gentrification, and Vanier is perfectly positioned for that - great proximity to downtown and the Queensway & next to Rockcliffe and New Edinburgh, a new pedestrian bridge connecting it to Sandy Hill, new infrastructure project being completed by the city and an LRT stop to the south.”