Given that I have a few clients who live abroad, I found it interesting to read this week that foreign investors rank Canada in third place among countries providing the most "stable and secure" real estate investment:
And while I may seem biased, I would have to say that Ottawa is easily one of the most stable and secure regional markets in the country.
Although as a rule Ottawa real estate investments do not realize the sexy double digit gains seen in Toronto or Vancouver, neither have we experienced the bursting bubbles that are a fact of life in aggressive investment markets. In fact, looking at a 25-year retrospective of Ottawa real estate prices (average numbers, there are always exceptions), the graph has held steady or increased.
Will the current condo craze change Ottawa's enviable record of real estate stability? Truthfully, only time will tell. What I do know is that affordability is the cornerstone any robust real estate market. And with mortgage rates already rock bottom and brand new 1-bedroom condos nearing the $300K mark, one has to question how much higher these prices can rise without a corresponding increase in federal government salaries.