Ottawa market hot as the city sizzles with optimism

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  • May 20, 2016
Ashcroft re views

You have to be here to feel it; excitement and an incredible sense of optimism is sweeping the Nation’s Capital. There’s a belief that, with the federal government as the engine of growth making infrastructure investments across the country, they have it exactly right. And now, when the world seems to have so much wrong, it’s Canada’s time. Since Confederation, Canada has invested in creating a high quality of life, stable society, educated workforce and financial stability. Through tax treaties like NAFTA and soon CETA and TPP, the government has increasingly assured preferential access to investors, encouraging foreign ownership and control of the country’s primarily resources-based economy through unparalleled entrée, along with low business taxes, and a welcoming business environment. The Foreign Direct Investment Awards named Ottawa #1 for Business Friendliness, #2 for Economic Potential, #10 for Human Capital and Lifestyle and #3 Overall (one of only 2 Canadian cities in the top 10). Canada’s seat of power remains the stable centre directing this transition to a world economy, growing at 7.9% since 2001 and outstripping both Ontario at 6.2% as well as Canada’s overall growth rate at 4.8% over the period. Due to Ottawa’s power and prestige, and the appeal of the country’s resources under their control, the city attracts highly educated and monied new residents who choose to own here in the centre of power; downtown Ottawa. Cost is also a factor; compared to other high end real estate pockets such as Toronto and Vancouver that have become accustomed to starting prices over $5million, the price of entry to own steps from Parliament and downtown Ottawa amenities is a comfortable percentage. If history is any guide, chances are prices are looking up, up, up for Ottawa as well, so count yourself forewarned.