Hintonburg to buck housing correction: report

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The Ottawa neighbourhood of Hintonburg is among 100 real estate markets across the country that’s expected to stay strong amid an expected correction of Canada’s housing market, says a new report.

Canada Real Estate Wealth Magazine will publish a special issue Oct. 22 focusing on areas of interest to real estate investors.

In Hintonburg, the average housing price was $358,018 and the average rent $1,190, the report states. Capital growth fell 1.2 per cent while vacancy remained at 1.4 per cent.

A 2012 OBJ analysis of Ottawa neighbourhoods found that the average home price in the Hintonburg and Mechanicsville area - once considered a depressed neighbourhood - jumped 43 per cent between 2007 and 2011.

Hintonburg has been a hotbed of condo activity lately, with projects of note including the Eddy (on the site of a former car dealership) and a Tega development that will be scaled back from a planned 36 storeys.

Other active neighbourhoods identified in the magazine report include Mimico in Toronto, Bowness in Calgary and Ambleside in Edmonton.

The magazine compiled the statistics with assistance from Verico Financial Group and Re/Max Real Estate.