If you’re navigating Ottawa’s thriving condo market, understanding the latest trends in multi-residential living is key to making informed decisions. According to the 2024 Canadian Multi-Residential Satisfaction Study (CMRS) by simplydbs, Canadians are showing a clear preference for larger living spaces, even if it means sacrificing some of the traditional building amenities. This shift could significantly impact condo buyers and investors in Ottawa’s booming real estate market.
The Shift Towards Larger Condo Suites
As the study reveals, 62% of respondents expressed a preference for larger condo units with fewer amenities, signaling a change from the days when luxury amenities like gyms, aquatic centers, and game rooms were top priorities. Today’s residents, particularly in urban areas like Ottawa, are seeking personal space as their most valued asset.
This trend can be particularly important in a city like Ottawa, where condo developments often focus on maximizing amenities. Developers and realtors alike should take note: buyers and renters are more willing to give up shared spaces in favor of private square footage. This insight aligns with the ongoing affordability concerns across Canada, where maximizing the utility of personal space is becoming a higher priority than community-based perks.
Who’s Looking for More Space?
One of the most striking findings from the 2024 CMRS study is that age and income play a significant role in this preference. While older demographics and those with higher incomes gravitate towards more space, younger buyers (ages 19-24) are still more likely to prioritize modern amenities. This offers an important insight for Ottawa realtors specializing in downtown condos or properties near university areas, where student and young professional demographics may lean towards buildings that boast co-working spaces, gyms, or social lounges.
For established professionals or growing families in areas like Centretown, Glebe, or Westboro, the desire for larger living spaces often takes precedence. Buyers in these areas are more likely to look for condos with more bedrooms, dedicated office spaces, or larger balconies, especially as remote work continues to be a major factor in lifestyle choices.
Balconies and Parking: Essential Features
Speaking of outdoor space, 83% of respondents in the CMRS study preferred private balconies over shared outdoor areas like rooftop patios. In Ottawa, where seasonal outdoor living is a big part of the lifestyle, balconies—whether traditional or Juliette—are highly desirable. For realtors, this presents an opportunity to highlight properties offering this key feature, particularly in condo developments that may lack expansive shared outdoor areas.
Parking remains another important factor, even in a city that’s actively promoting public transit and sustainable commuting options. The study found that 55% of respondents still require at least one parking spot, and with 58% considering electric vehicles (EVs), properties with EV infrastructure will likely be more attractive in the near future. As Ottawa continues to evolve into a greener, more sustainable city, condos that provide EV charging stations will stand out.
What Does This Mean for Ottawa’s Condo Market?
As demand for condos in Ottawa remains strong, especially in neighborhoods like ByWard Market, Hintonburg, and Wellington West, understanding these evolving preferences is crucial for both buyers and realtors. Investors and developers would be wise to consider building or upgrading units to offer larger living spaces, private outdoor areas, and modern parking facilities to meet the growing demand.
For those looking to buy, whether for personal use or investment, now is the time to prioritize space and flexibility in your condo search. With remote work here to stay and the demand for larger suites rising, you’ll want to choose properties that can accommodate these long-term lifestyle trends.
Final Thoughts: Navigating Ottawa’s Condo Market in 2024
Ottawa’s condo market is evolving, and whether you’re buying, selling, or investing, staying ahead of these trends will help you make informed decisions. By focusing on what residents truly value—like larger living spaces, balconies, and modern parking facilities—you can ensure your investment aligns with the desires of today’s buyers and renters.
My current listings at 40 Arthur: 204, 304, 404, 1101, 1102 are congruous with this emerging mindset.
For more information on how to navigate Ottawa’s condo market, feel free to reach out to our team for expert advice and tailored listings that meet your needs.
