Over the last couple of years, Ottawa real estate has been through a whirlwind of change. Notably, the rural property market has skyrocketed. With people spending more time at home, both working and taking care of their children, more space and a quiet escape has been on many wishlists. Some contributing factors have influenced city dwellers looking at buying in rural areas:
- Working from home has changed everything. More people have been leaving the hustle and bustle of the city for a more relaxed lifestyle since the beginning of the pandemic. Working remotely has allowed many to choose where they live more freely. Commuting to work was no longer a necessity for many, so buyers have been able to move out of the city and invest in rural property. Additionally, many are beginning to enjoy the sense of community in small town living. Life moves slower and is overall more relaxing and enjoyable.
- Spending more vacation time at home. Despite rural properties having the reputation of being slightly less pricey in comparison to homes closer to downtown, the increase in demand has come with somewhat of a price increase as well. In fact, according to the Ottawa Real Estate Board (OREB), the Ottawa Valley prices have increased by nine per cent. Many have also opted for properties closer to a lake, doubling as a vacation spot, as travel has been significantly impacted. Compensating for the increase in prices, buyers are avoiding purchasing vacation homes elsewhere or spending on vacation rentals.
- Staying connected. One very important aspect many buyers will consider when looking at properties is the Internet connection. Rural areas have been known to have less than ideal browsing speeds, however over the last few years this has significantly changed and more and more buyers are seeing that moving to these areas is possible and sustainable. The improved Internet connection is allowing new residents to work from home comfortably and connect with their friends and family.
Overall, the pandemic has significantly changed the real estate market for the foreseeable future. Rural properties have become more appealing than ever with many benefits to people’s changing lifestyles. It is important to remember that there are a number of things to think about when buying in the country compared to the city, such as septic water versus well water and other idiosyncrasies of rural living. If you’re feeling curious about what a rural lifestyle has to offer, reach out to a real estate advisor who knows these areas to get started on your search.
An Ottawa native for nearly 40 years and having sold homes for more than 20 years in and around Ottawa communities, Craig catapulted his local market expertise after joining the globally recognized Engel & Völkers brand. Craig gives local homebuyers and sellers the ability to reach a global audience as an Engel & Völkers Advisor. He is part of a network of over 8,000 real estate Advisors in more than 700 brokerages spanning 36 countries across five continents and has access to world-class systems and tools in order to achieve the best results for his clients. Craig embraces challenges, respected for maneuvering complex agreements in the competitive Ottawa market, and his top-tier quality of service aligns with the standard of service evidenced throughout the entire Engel & Völkers brand. Craig’s passion for his work and individuals complements his competency and esteemed reputation in the real estate industry – characteristics found among all Engel & Völkers advisors worldwide.
