Ottawa Real Estate
Welcome back, rental apartments. New construction home developers are looking for various other revenue streams. Many developers such as Brigil, Minto, Claridge, Cardel, Richcraft and Pheonix Homes and others are opting for more purpose-built rental apartments.
Ottawa developers are concentrating on smaller, more efficient apartments in 10-15 unit buildings, specifically near LRT sites and large employers. These projects have pushed top rental rates and has been quickly absorbed.
CMHC estimates that the average 2-bedroom apartment in Ottawa will cost $1,195 a month this year and that rents will increase 2% in 2017. That compares to an estimated $1,325 a month in the GTA and more than $3,200 in NYC. In Montreal, a 2-bedroom is approximately $775.
YOU’RE NEXT, MONTREAL…
Canadian Real Estate
In other real estate news, the new 15% tax on foreign buyers in Vancouver is triggering speculation in other cities. The Vancouver real estate market has been blowing up for the past few years. … Psst…’foreign investors’. Experts are predicting a spillover effect into other Canadian real estate markets.
Average home prices according to the Canadian Real Estate Association:
· Greater Vancouver: $917,800
· Greater Toronto: $647,600
· Greater Montreal: $310,200
The Montreal housing market has been off the radar for foreign investors, but CMHC has reported that foreign investments are starting to peak in the Montreal downtown condo market. United States and France accounted for the majority of foreign buyers, while China (at 8%) and Saudi Arabia (5%) accounted for far fewer buyers. Stay tuned, Canada.