The
level of activity for first-time buyers in the Ottawa market continues
to stay strong in 2005, as consumer confidence, job growth and low interest
rates attract new buyers to the market. However, buyers are shopping around
and taking more time to decide on a home, as new home construction has
eased inventory levels, providing a greater variety of properties to choose
from.
The
majority of entry-level buyers in Ottawa have been purchasing condominiums
priced from $140,000 to $180,000. Alternatively, some are opting to buy
townhouses located outside the city centre in the same price range. The
most popular areas include Orleans, Barrhaven and Kanata.
“There
is a trend among today’s first time buyers to purchase homes with
more amenities than previous generations have,” said Pierre de Varennes,
broker/owner, Royal LePage Performance Realty, Ottawa. “Low interest
rates have permitted them to acquire the quality of home that they would
have otherwise not chosen to buy. They are purchasing homes in the communities
that they prefer, with upgrades that they would have previously passed
up.”
The
Ottawa area contains the highest per capita number of consumers with undergraduate
degrees who make up the majority of the first-time buyers in this market.
Traditionally, these buyers would not be able to purchase a home until
they had saved enough money to secure a down payment.
