I agree that fall market would be a busy one in Ottawa. Price is just beginning to recover from the federal layoff years, and there's no obvious negative economic shock in the short to medium term. High desirable areas like westboro have seen significant price growth, and the next logical step would be cookie-cutter suburbs to follow suite, but perhaps not to the same extent. I do think the bad neighborhoods are some way away from gentrifying though. Ottawa is still pretty affordable and traffic is not really that bad.William W wrote: ↑Jul 4th, 2018 7:53 pmI think it is all relative.
http://www.cbc.ca/news/business/cmhc-ap ... -1.4422568
Generally speaking, 3% vacancy rate is considered a balance market. 1.7% is well below that. Is it ultra tight like GVRD? No. But it is lower than other Ontario cities like Hamilton and London. And like you pointed out, and the redevelopment at Heron Gate.
http://www.cbc.ca/news/canada/ottawa/he ... -1.4727290
When the new apartments comes online, I bet you they will be charging higher than the current average rent, which in turn should pull up the city's average rents and a 10% increase in average rent in the next year or two may not be out of the question.
Given where the rental market is at, how the spring real estate market was, and interest rate is not going up as fast as experts predicted, those who wants to buy and can afford to do so may not want to time the market as it could be a busy fall market in Ottawa.
For the Heron Gate redevelopment, I wish the developer best of luck. Tearing down old and dangerous rental stock is certainly a net plus for the city, and the community that replaces it would hopefully be safer.