Posh Housing Sector in Ottawa Booms
The luxury housing market in Ottawa, Canada started to boom as the number of properties on sale with at least $1 million value increased, a report showed.
According to an article published by the Ottawa Citizen, posh condominiums in this part of Canada abound in number. The report noted that unlike before, when high-end houses and condos were mostly concentrated in affluent neighborhoods like Rockcliffe Park, these properties are now scattered today and can be found all across the city.
The report added, while citing data from Municipal Property Assessment Corp. of Ottawa and Ontario, there are at least 2,697 active listings valued at $1 million and above in the Cities of Ontario and Ottawa. This has grown exponentially from the 402 properties with a similar valuation back in 2006.
Based on a recently released industry report from real estate consultancy firm Sotheby's International Realty Canada, as reported by Luxury Daily, Canada's luxury property market has directly benefited from the continued dwindling of oil prices in the global market. It showed that since Canada's economy is highly dependent on its oil industry, any fluctuations in the oil prices in the global market can have a major blow on other sectors, including the real estate market.
The report noted that 2015 was a great year for Canada's luxury housing market as the country saw increased sales in the housing sector. In fact, Canada saw a sharp sales increase recorded in luxury houses valued at $4 million and above. The report added that the significant increases in sales were recorded in housing markets of Vancouver, B.C, and in the Greater Toronto.
Although Ottawa's luxury housing market is not as vibrant as other leading markets like Vancouver, Ottawa's improvement in recent years is commendable. The report emphasized that the effects of the continued dwindling of oil prices have been felt not only in leading luxury markets in Canada but even in emerging posh property markets.