Is Ottawa market crazy right now?

[Sam Raj]

I was renting a room close to Elmvale shopping mall in ottawa and the owner had purchased a 3+2 bedroom 1+1 bath detached house for around 400K in spring of 2018.

The house which is right next to it is sold for 565K in the spring of 2019.

I was wondering if it is some kind of a bubble?

[Judy C.]

Originally posted by @Account Closed:

@Judy C.

What exactly is the local economy in Ottawa?

Ottawa economy is diversified. The two largest industries are federal government and high tech. The third largest is professional services. All 3 are high paying , giving Ottawa one of the highest income cities in the country, therefore attract a lot of educated young professionals. The federal government jobs are known to be stable, especially with liberals in power. The high tech industry has been booming. 

The LRT will only drive property prices up, especially in suburbs now connected to LRT that used to be hard to commute to downtown.