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In the heart of Ontario lies Canada’s capital city of Ottawa Ontario. This shining city is the political and cultural heart of the country – and potentially home to your next successful real estate investment opportunity.
However, it is important to understand a few key things before diving into this market. First, despite being the capital of the country, Ottawa is not Ontario’s largest city. As well, while Ottawa is such a high-profile city, the local real estate market is shockingly affordable, often being on par in value with some of Ontario’s most affordable cities. Yet, even without a Toronto-sized population or the most expensive property values, the Ottawa real estate market is still packed full of opportunity for you to explore.
So, if you are interested in making the most of the Ottawa real estate market in 2023, click the link below to book a free strategy call with our team at LendCity and then continue reading.
Leveraging Ottawa Real Estate and Tourism
Ottawa is a popular tourist destination for a variety of reasons. Not only is the city packed full of historic sites and beautiful natural spaces, but there are also a variety of festivals, events, and seasonal attractions that Canadians flock to the city in order to experience.
Landmarks
In terms of local landmarks that people seek to visit each year, the most notable one would have to be Parliament Hill. As the heart of Canadian government, this building draws massive crowds year-round from people who wish to see where some of the country’s biggest decisions have been made. There is also Chateau Laurier and the Rideau River and Canal.
Cultural Destinations and Activities
Ottawa is full of cultural destinations that help to paint a clear history of Canada’s culture and development that bring people into Ottawa. Notably, you have places such as the Canadian War Museum, the Canadian Museum of Nature, the National Gallery of Canada, and the Canadian Museum of History.
Events and Seasonal Attractions
Ottawa’s tourism is full of events and attractions year-round that draw people into the city. This can range from their NHL team the Ottawa Senators, seasonal and holiday events, and arts and culture events such as music festivals, film festivals and theatrical performances in the city’s theatres.
Most notably, one of the greatest seasonal tourist attractions in Canada is skating along the Rideau Canal. This 7.8-kilometre stretch of ice becomes home to a variety of pop-up stands and vendors for people to shop, socialize and explore while skating along.
Airbnb Limitations in Ottawa
While the tourism industry in Ottawa is great for structuring your investments, there are some restrictions around short-term rentals that you need to keep in mind if you plan to invest in the Ottawa real estate market.
Ottawa only permits short-term rentals in properties that meet the following conditions:
- The Property is a Principal Residence in an Urban Area that is Not Prohibited by Zoning By-Laws
- The Property is a Principal Residence in Rural Villages
- The Property is a Cottage or Secondary Suite In Rural Areas Other Than the Villages
- The Property was Established as a Hotel Prior to the In-Force Date of the Short-Term Rental Bylaw
This means that for the most part, short-term rentals in the Ottawa real estate market are greatly limited and buying a bunch of properties for use on Airbnb or VRBO is not necessarily a strong strategy because the city’s limits prohibit this type of investment.
Discover How To Buy Commercial Real Estate With This Step By Step Guide
Investing in Offices and Healthcare
As the heart of Canada’s political landscape, Ottawa is naturally home to a large number of businesses and health care professionals whose practices and procedures require close oversight or access to elected officials in order to operate, as a result, many of these companies and healthcare professionals are searching for affordable real estate to rent or buy in the city.
This means that for investors or developers looking to enter the office or medical facilities market, Ottawa real estate is often a safe, reliable bet.
Developing Affordable Housing for Low-Income Canadians
One of the most in-demand forms of real estate development needed in Ottawa is low-income housing. While the vacancy rate in Ottawa on average is a healthy 3.4 per cent, the low-income vacancy rate is only 0.2 per cent. This means that the city is in desperate need of affordable housing units in order to prevent an affordable housing crisis from becoming completely unmanageable.
As a result, there are incentives in place to encourage developers who are capable of building large-scale multifamily properties to enter the city to create apartment complexes, condominiums and townhomes that can be used as low-income, affordable housing.
Ottawa Real Estate – Developing the Nation’s Capital City
Ottawa’s commercial investment and property development markets are packed full of potential and primed for investors who are ready to take advantage of an affordable high-profile market. With the demand for new housing, office spaces, and healthcare facilities there is certainly room for investors of all kinds to make this market an excellent place to grow their portfolio.
However, if you plan to grow your portfolio in a reliable and sustainable way, you need to make sure you are obtaining financing that supports the long-term growth of your investments. That is why at LendCity we have a dedicated commercial financing department to look at your portfolio and upcoming investments to ensure that you are receiving the best available rates, conditions, and terms for each of your commercial mortgages. That way you know that your investments will be able to continue growing with you and you will not find yourself stuck with rigid conditions or unmanageable monthly payments.
To get started today, simply give us a call at 519-960-0370 to book a consultation with a member of our team, or you can apply online directly at LendCity.ca
Ottawa Real Estate Professionals
Here is a list of trusted real estate professionals that service the Ottawa real estate market.
Mortgage Brokers
LendCity Mortgages
You can also book a free strategy call with our team at LendCity at the link below.