Originally Posted by Marcus CLS
I am pro intensification but based on the concrete number of approvals, OMB appeals, applications to commitee of adjustments, etc.. and the state of the Ottawa economy I am trying to figure out where are all the potential buyers of the condos going to come from.
You raise a question that I have also been thinking about. In November of last year, the Ottawa Business Journal published a story
which said that an estimated 20 per cent of the city's highrise condos are being purchased by investors who plan to rent them out. The story went on to say that these investors may have difficulty finding renters in two to three years time when the current batch of condos are built.
For what it's worth, in my condo complex in Nepean, the property manager told me that over 50 per cent of the units were being rented out.
With that in mind, I have not seen any definitive information on who is set to buy future condos in Ottawa. For sure, some buyers are like me and my wife who are young professionals and first-time home buyers. I also recently read a story
about how women are increasingly buying real estate. That being said, giving the relatively gloomy economic forecast for the future, I have also wondered who will buy the condos of the future.