The city has seen a huge amount of growth not only in its population but also the economic and social aspects as well.

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Ottawa Real Estate Market in 2022

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It shouldn't come as a surprise to anyone that Ottawa is one of the fastest growing real estate markets in Canada right now. The city has seen a huge amount of growth not only in its population but also the economic and social aspects as well. 

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‍Why is Ottawa a Capital Choice?

There are a few factors that contribute to this growth such as the federal job market, university/college institutions, certain social initiatives and the huge surge of tech hubs within the city as well. Ottawa had a detailed plan for celebrating Canada 150 which many believe highlighted the City’s opportunity for development.

Many markets took a huge hit and required much time in recovery once the world was hit by Covid-19. The Ottawa real estate market was affected by this as well of course, however it bounced back quite fast as things returned to normal.

Derek Nzeribe, president and founder of House Collection Realty and Milborne Group’s regional director for Ottawa, stated that “In February 2020 from a month earlier, we saw numbers that were unprecedented with serious growth and a market that was still moving very quickly”. He also added that “Once the pandemic was declared and there was a bit of uncertainty, we saw a lot of that stall, but had there not been the pandemic and we continued on as business as usual, we would be in this scenario either way. The market was already heading in this direction.” 

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Growth Projections for Ottawa Real Estate

There’s been a steady migration of people coming to Ottawa for work, quality of life, and to take advantage of the low interest rates.

Many people moving to Ottawa are from the GTA or just relocating for work from other parts of Canada. Industries where these individuals are coming from are people working in the military, tech sector and government. They are relocating to Ottawa because there is better pricing on homes.

The Ottawa real estate board released figures indicating that the market is now returning to moderately healthy. 

In line with the growing demand for Ottawa real estate, builders and builders started work on around 10000 homes, an increase of 2000 over the previous year. Despite the construction of 9,950 houses, realtors are still contemplating a shortage of homes in the future. Because many companies and government are hiring thousands of people every year‍

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Construction Projects Planned for Ottawa‍

With the construction of housing projects, the City of Ottawa also focuses to develop the city infrastructure as they are investing approximately $1.5-billion dollars in infrastructure renewal, with approximately $550million earmarked for infrastructure projects in 2021.

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The City of Ottawa’s is planning to develop a citywide, connected network of cycling facilities for all types and ages of cyclists to help establish Ottawa as one of the best cycling networks in North America and also going to  51 million dollars in the development of parks.This billion dollar plan will be fully implemented until the end of 2024. 

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