Friday, August 24, 2012

Feds gets in on condo action with overhall of Tunney's Pasture

You might have heard that the Ottawa Condo market is overheated.  People see the cranes and the new properties and come to the conclusion that there are way too many condos.  According to both CMHC and Fotenn Planning, the Ottawa real estate market needs approximately 50,000 new condos between now and 2035. 

Baby boomers are now in their late 40s, 50s and early 60s.  These are the years where many people begin to look towards downsizing and moving closer to the services and recreation, including hospitals. 

The Federal government is now in the process of redeveloping Tunney's Pasture and bringing in commercial and residential development.  This will include condos being built in the area with the government either selling the land or leasing it to developers.

If the market is infact overheated, why is the Federal government looking to get involved in the market now?

Federal government gets in on condo action with overhaul of Ottawa neighbourhood

After issuing months of warnings about the rapid expansion of Canada’s condominium market, the federal government now appears to want a piece of the action.

Ottawa is planning a major overhaul of a 49-hectare campus-style property it owns in the nation’s capital called Tunney’s Pasture.

Situated along the Ottawa River about four kilometres west of downtown, it is a drab complex of grey concrete government buildings. But the neighbourhood around it is currently one of the hottest spots for new condo development in the capital.

To read the complete article please click here

For Ottawa real estate be sure to contact Bennett Property Shop Realty Brokerage

1 comment: