Ottawa is One of the Most Unique Real Estate Markets in Canada.
THE CITY AND surrounding area offer residents a diversity of regions and neighbourhoods — from family-friendly townhome developments or luxury urban condos to riverfront living, smaller rural communities, and everything in between.
As the nation’s capital, Ottawa is home to many embassies and their international staff. It borders another province, Quebec, with its own set of market trends and entirely different tax implications. It’s among the largest cities in Canada but has a very low population density compared to Toronto or Vancouver.
All these factors mean there is a vast array of choice and opportunity in Ottawa’s residential market.
“I’m often asked for real estate advice,” says Penny Torontow, president of the Ottawa Real Estate Board (OREB), a professional association representing 3,900 REALTORS®. “And my answer is always the same —” work with a local REALTOR®. There’s a multitude of factors to consider when buying or selling real estate and, in Ottawa, the highly localized intelligence that a REALTOR® has is key to a successful deal.”
Having celebrated its 100th anniversary in 2021, OREB has a long tradition of building and upholding high standards of ethics, professionalism, and cooperation among REALTOR® members. It recently launched an awareness campaign, The Confidence Behind the Sign, to help homebuyers and sellers know they can trust a professional REALTOR® to navigate life transitions after lockdown, interest rate hikes and price trends.
“Today’s real estate market is drastically different than even just a few a months ago,” says Torontow. “We’re seeing more of the stability Ottawa is typically known for, especially with highly employed government and technology workforces. Homes aren’t selling at the lightning speed we saw at the height of the pandemic, but slower sales give buyers more time to do their due diligence and propose conditions. Some homes, though, are still being sold above asking and with multiple offers — it depends on the timing, neighbourhood and price. That’s where REALTORS® are essential.”
Not all real estate salespeople are REALTORS®. To be able to call themselves a REALTOR®, a registered broker or salesperson must be a member of the Canadian Real Estate Association (CREA) and adhere to a Canada-wide code of ethics, which in many cases
is a higher standard than what is set out in provincial regulation. REALTORS® are then registered with their provincial and local association or board and are given access to leading-edge technology, tools and resources.
Ottawa’s Multiple Listing Service® (MLS) system is one such tool. Built upon a foundation of cooperation and accuracy, it’s the most popular and trusted real estate platform, and it gives the best possible exposure to a property system.
“REALTORS® are leaders in community building,” says Torontow. “They can be counted on even in the most volatile of times to help consumers with what is probably the largest financial transaction of their life.”