CARP – Carp property values are one of the fastest rising in the City of Ottawa.
What has been termed as a ‘hot seller’s market’ in Ottawa, is due to ongoing low inventory over the past three years Real Estate brokers are saying.
That, combined with the rural beauty of the Carp area, has driven up the price of homes faster than in any other market in Ottawa.
Taylor Bennett, a broker with Bennett Property Shop Realty has done a deep-dive into trends.
“We have seen a downward trend in the number of available properties for sale,” Bennett Property Shop Realty broker Taylor Bennett said in a recent interview. “That, along with our growing population, millennials entering their home-buying years and the re-introduction of baby boomers, looking to downsize, adding more buyers to the market. This has tilted the market in the sellers’ favour – not only are homes selling for higher prices, but they are selling faster than ever before.”
After three quarters of 2020, home prices are on the rise everywhere in Ottawa, but especially in Carp.
In August, the average home price in Carp was $781.038. That’s up 44.7 per cent over the same time last year.
“If you purchased a bungalow in Carp earlier this year, you are in great shape,” Bennett said. “That value is up by about 33 per cent for the first three quarters of the year. That home would have sold for $498,381 in 2019, by the end of this, the third quarter, of this year it’s valued at $661,566. That’s a popular style in a sought-after area. Carp has been on this list before, located so close to the IT sector in Kanata, but offering large and private lots. You tend to get more value for your dollar.”
Other areas experiencing incredible growth, outside of the city are Westport with an increase of 66 per cent. Plantagenet up almost 60 per cent. North Dundas’ growth at 55.2 per cent and Merrickville experiencing an increase of 44.8 per cent over last year.
“Not only are the prices of homes more affordable in these areas, but the size of the dwellings and the lots themselves are much greater than their inner-city counterparts,” Bennett said. “Now that many employees across the city have been asked to work from home, these outskirt areas are becoming more sought-after – but they still offer great value.”
Growth in what is considered the “inner” part of the Ottawa’s Real Estate district is similar to the pattern last year.
“The areas we have seen the greatest growth are not in the typical centrally-located urban areas we saw last year, but rather more family-oriented areas with some of the better schools in the city,” Bennett said. “As in the Carp example, we have also seen a large increase in the demand for bungalow-style homes – not only is the lack of stairs appealing for the retiring demographic but the layout and typically large open-concept lower levels make this style ideal for growing or multi-generational families.”
Bennett doesn’t want those looking to buy a home in Ottawa to feel discouraged by this type of growth, saying it can be intimidating and discouraging.
“Please keep in mind for every one of these record-setting areas there are also areas on the other end of the spectrum.” Bennett said. “As previously noted, the Ottawa real estate district is huge – there are many little pockets in the city offer very affordable options, you just have to know where to look.”