Buy.

In July of 2020, OREG purchased 7 new townhome construction starts in the thriving military-based community of Petawawa, 1.5 hours west of Ottawa. We are also aiming to produce another 16-units by end of 2025.

BUILD.

The new builds will consist of 3 bedroom, 2 bath homes with fully finished basements that will be rented with occupancy dates in fall of 2021. The builder is the largest and most reputable builder in the area.

RENT or Sell.

With occupancy slated in one year, clients will have the option to act as capital lenders on the rented dwellings OR purchase the finished products as turn-key rental properties.

ECONOMIC GROWTH.

The city’s economy has grown by 19% from 2001 to 2016. From 2011 to 2016 the population growth has averaged 7% annually. While COVID-19 shrank the GDP temporarily, experts forecast that Petawawa’s economy will resume growing in the third quarter and continue expanding in the new year, since the labor force is heavily driven by Canadian Forces (government) funded jobs. In comparison, Canada’s national GDP is set to grow 1.9%.

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.