Buy.

OREG purchased this property June 18th, 2020. It is located in Embrun in an already developed sub-division. Embrun is a booming suburb only 20-minute drive from dowtown Ottawa. The vacancy rate is less then 1%.

BUILD.

Planning and construction will begin August 1st, 2020. The property will comprise of four stacked dwelling units with 12 two-bedroom apartments and 16 parking spots.

RENT.

This property in being rented under OREG’s Management.

Economic Growth.

The city’s economy has grown by an average of 2.7% annually over the last five years. While COVID-19 shrank the GDP in 2020, experts forecast that Canada’s economy will resume growing by 5.3% in 2021 and 3.5% in 2022.

Home Values.

According to the Ottawa Real Estate Board (OREB), the average price of a residential-class property in Ottawa was $582,267 at the end of December, a 20 per cent jump from 2019. Meanwhile, the average condo sold for $361,337, up 19 per cent over a year earlier. 

Last month, Royal LePage said it’s forecasting the aggregate price of a home in the capital region to rise 11.5 per cent in 2021, well ahead of the overall average increase of 5.5% across all major Canadian markets. The brokerage said the spike is being fueled by the region’s stable government- and tech-driven economy, an influx of buyers from the Toronto area looking for better value and surging demand for roomier properties in the COVID-19 era.

Vacancy Rates.

With demand dampened by the COVID-19 pandemic and a growth in supply, Ottawa’s rental apartment vacancy rate rose to 3.9 per cent in October 2020. Vacancy rates went up in most of Canada’s major cities due to COVID-19.