If you are thinking that Toronto and Vancouver are the big provinces for the real estate market, then you will be amazed to know that Ottawa is going to be the real estate hub of Canada in 2018 and beyond.
The new statics put up by the Ottawa Real Estate Board says that Ottawa realty is no longer a conservative one. It has turned out to be a province with better economy and solid government employment. The real estate in Ottawa looks to be the strongest and the steadiest in Canada.
As many as 17,803 homes were sold in the Ottawa province, in 2017, which is a 10 percent increase from the home sales it saw in 2016. The condos see a better growth of about 22 percent boost in year over year sales. If you compare this figure with the Toronto and Vancouver, you will see them show a decline in condo sales.
The sales decline in Toronto and Vancouver could be attributed to the foreign buyer’s tax. There is no such tax in Ottawa at the moment. The new mortgage stress test that has come into force in 2018 will not affect the new home buyers in Ottawa very badly like in other provinces.