A New Year’s resolution – sharpen your homebuying lens

The holidays are over. The new year – and a new decade – have been gleefully ushered in.

Now it’s time to get down to brass tacks: Finding the home of your dreams.

Ottawa experienced a hot housing market in 2019, and there’s no sign of it cooling down any time soon.

The city’s new-home communities saw more lineups at new lot and condo releases than ever before, with many projects selling out fast.
According to a Royal LePage Market Survey Forecast released in December, the strong Ottawa market will see some price increases in the single-family and condo sectors (see full story on page 34). While Ottawa is still an affordable city compared to other Canadian locations, rising prices and increased demand will be a reality in the new year.

That’s why now is a great time to start your new-home search, while supply and prices are still homebuyer-friendly.

Nonetheless, regardless of market conditions, it’s never wise to rush into a large purchase like buying a home, so it’s important to be prepared. Do your due diligence and gather as much expert advice and information as you can.

To get you started, we asked some of Ottawa’s most experienced industry experts a simple question to help make your homebuying journey successful – and enjoyable.

Each answer addresses a different area of importance that adds up to almost everything you’ll need to know to get started.

We hope their collective wisdom brings you closer to the home of your dreams.

Irina Popova, real estate agent and co-owner of Blue Panda Realty

Builders have long stressed “urgency” in their marketing to buyers. This has been sage advice for the last decade in Ottawa. The pricing trends have been steady, and there is no levelling-off in sight.

A steady increase in immigration into Ottawa, coupled with a continuing decrease in the supply of construction trades is leading to an aggressive sellers’ market. As a buyer, this means the longer you wait to get into the market, the more you will pay.

I don’t envision Ottawa going through the same scenario as Toronto in this regard though, as the intention of buyers in Ottawa is in fact to take occupancy and live in their homes rather than to use them as vehicles for real estate speculation.

Keep in mind, delivery cycles are much longer than ever before, but this can help offset the risk of increasing prices by locking in at today’s prices.
A home purchase certainly shouldn’t be something that happens under fear of uncertainty, but the trends from the last 10 years in Ottawa tell a compelling story.