The Economy of Downtown Ottawa
Downtown Ottawa is experiencing a new era of growth in its real estate market. Apart from being the capital city of Canada, Ottawa is the fourth largest city in the country by population and the second largest city in Ontario by population. In terms of physical size, Ottawa is larger than Montreal, Toronto, Vancouver, Edmonton, and Calgary combined. It has an annual GDP of $40 billion and has had over $2.5 billion in capital investments since 2000. Home to over 70,000 advanced technology jobs, half a million available employment opportunities, and over 25,000 employers, Ottawa is a major international hub that has more than earned its place among the G8 cities worldwide.
Ottawa’s economy focuses on two sectors: the federal government and the technology industry. These two sectors offer well-paying, stable employment. Together, they make up 37 percent of Ottawa’s GDP. Ottawa boasts the highest median income of the largest Canadian cities at $73,500.
Considering these facts, it is easy to see why Ottawa is an attractive place to relocate. It makes sense that real estate in downtown Ottawa is incredibly valuable. This is especially true for the various condos for sale in downtown Ottawa. Condos are an important entry point for newcomers to any real estate market, and it is no different in downtown Ottawa.
Why Consider Condos for Sale in Downtown Ottawa?
The economy in Ottawa is what any sensible real estate investor is looking for. The combination of government, technology, entertainment, and recreational industries is precisely what savvy investors look for when considering new areas. Ottawa’s market has been steadily increasing over the past few years. This is a major benefit over rival cities such as Toronto, which has recently experienced intense price fluctuations.
Condos for sale in downtown Ottawa have increased in closing rate by 20.8 percent in the previous year. Total unit sales were up by 16 percent. This is because buyers are eager to find properties. The average price of condos for sale was $283,990 in 2018, an increase of 7.7 percent from 2017. Ottawa is projected to continue to surpass rivals Vancouver and Toronto because it has plenty of serviceable lots within reasonable driving distance of amenities and employment. Ottawa possesses affordable condos for sale for practically every homebuyer.
The Bottom Line
Condos for sale in downtown Ottawa are a great investment because they are surrounded by hundreds of nearby amenities, including restaurants, recreational areas, historical sites, beautiful landscapes, cafes, specialty shops, and the new TLR Confederation Line for public transit. It is also home to Ottawa’s Art Gallery with exhibitions from both local and internationally renowned artists. You can also find the Rideau Centre, a renowned shopping location, and the Byward Market in downtown Ottawa. Condos for sale are in close proximity to the thriving business sector and the many recreational amenities that the city has to offer.