25 May 2018

“Mostly, it’s those who are used to high prices of Toronto or the B.C. and they want to make a purchase at a higher price than what the lists are.”

The bidding wars are developing just like in the sector of single-family detached houses in Toronto, until the stricter lending rules stopped it.

According to Smith, there is a large influx of buyers from outside Ottawa, including even other countries.

“We have foreign buyers at the market both from other Canadian cities and from overseas with a lot of cash,” – Smith says.

“Some of them may have the inspection clause as a requirement, but mostly they go with no clauses, especially the foreigners, as they have money. They don’t care if it’s appraised, they are willing to pay”.