Ottawa’s Luxury Market Resurges as Mizrahi Developments Begins 1451 Wellington Construction
Canada’s capital city is experiencing a real estate resurrection and the luxury market is on target to join Montreal as the next hot spot for upper class buyers in the entire country. This latest development comes after a 2019 market report conducted by Engel & Völkers which predicts the outlook for major Canadian luxury markets.
The report points to Ottawa’s stable and growing economy and a growth in population to the influx of luxury condominium projects flooding the market. According to the report, the average sales price of a residential-class property is $488,729, up 7.4 per cent over last year.
Engel & Völkers broker John King attributes the influx in luxury home sales to location.
“When we say luxury market, it’s defined by price point … and price is determined by size and geographic location or street. What creates stronger neighbourhoods is schools, amenities, public transit, and access to the parkways — more lifestyle things,” says King.
As more of Ottawa buyers continue to desire luxury accommodations, new projects are surfacing around the city to meet demand, and that includes Mizrahi Developments’ 1451 Wellington development, located in the city’s West End neighbourhood.
On October 30th, Mizrahi Developments hosted a ribbon cutting ceremony to commence the construction of 1451 Wellington. Sam Mizrahi, President of Mizrahi Developments, along with Mayor Jim Watson, spoke to the importance of the development in the nation's capital community.
1451 Wellington, recently designated a landmark by Ottawa's Urban Design Review, will incorporate innovative design and luxury into one of the city's most vibrant communities. The location of 1451 Wellington is being constructed within the heart of a growing residential community filled with restaurants, artisanal food shops, boutiques and galleries. The location allows for an active lifestyle, with recreational opportunities integrated throughout the urban layout, including bicycle lanes that wind through the city.
Sam Mizrahi spoke to the project, saying “Each suite is custom designed and built to feel like a traditional home, equally grand and established in its own way.”
1451 Wellington has a total of 93 units with sizes ranging from 578 to 2388 square feet and is expected to be completed sometime in 2021.
Other notable luxury properties being built in the heart of Ottawa are located in McKellar Park, which has gained in popularity as homeowners are selling their single family structures and downsizing for new amenities and access to trendy restaurants. Further east is New Edinburgh, which continues to attract professionals, business owners and foreign diplomats. In Rockcliffe Park average home prices start at $1 million and is considered one of Ottawa’s most prestigious neighbourhoods.
Just like Sam Mizrahi’s 1451 Wellington, these “lifestyle homes” are being designed with contemporary finishes that include ultra-modern minimalist designs, large glass windows and smart home features.
When it comes to filling a gap in the high-end luxury condominium market, developers will continue to look to Ottawa as an attractive location to provide homeowners with the lifestyle they’ve been eagerly awaiting.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.
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