By the end of next month, the government will release a plan for new housing in the capital.
The first steps include a review of the existing building standards and guidelines for new construction.
But in the meantime, the first step will be to get a better sense of the plans of those who have been in the industry for decades.
As the government works to develop a housing plan for Ottawa, the question remains: What is the real estate market like?
In a bid to help the industry better understand its current situation, The Globe and Mail asked a few experts to tell us their views on what’s really happening in the market and what they think we should be looking at next.
“People are being priced out” According to the International Residential Builders Association, the market is being driven by an “oversupply of affordable housing, oversupply in market-rate apartments and oversupplied homes.”
There’s a “very large gap” between the market price of homes and the value they bring to the city.
The demand for those homes has been “very high,” said Michael Lees, vice-president of development at the Canadian Building Congress.
In the past year, the median price for a house in Ottawa rose more than 50 per cent, according to the latest numbers from the Association of National Capital Cities.
That increase has been driven in large part by an increase in the number of properties sold in the last year.
And many of those properties have been for sale, but they’re being priced very, very low.
According to The Canadian Real Estate Association, prices have increased by almost half since 2009.
It says the average sale price in 2017 for a one-bedroom condo was $1.8 million, while a two-bedroom one-bathroom condo was valued at $3.1 million.
The median sale price for an owner-occupied two- or three-bedroom apartment is now $1,566,500, up from $1