Ottawa’s population grew by 1.75 per cent in 2012, to a total of close to 900,000, and is on track for another year of growth around 1.1 per cent, according to a paper released by Shore Tanner & Associates.
The real estate appraisal and consultancy firm published an economic snapshot of the region on Tuesday, highlighting local residential and commercial activity as well as quantifying new development projects to keep up with the rising population.
The number of households in Ottawa increased by almost 6,500, or two per cent, to a total of 359,700 in 2012, according to the consultancy’s research. Single and two-person households increased by 2.75 per cent to 224,300.
The overall average household income is now more than $100,000 locally. Approximately 41 per cent of all households made more than $100,000.
Housing starts increased by four per cent in 2012 compared to 2011, with more apartment and condominium starts than any other type of housing.
The overall average housing re-sale price increased by three percent to $351,792. For new housing, the average price increased by 2.8 per cent to $390,000.
There is currently a total of more than 500,000 square feet of retail, and more than 1.5 million square feet of office floor space under construction in Ottawa. More than one million more of each is planned.
These construction projects will support Ottawa’s growing population, which Shore Tanner & Associates expects to grow by at least 10,000, or 1.1 per cent, annually.
The rates of growth in residents over the age of 55, and particularly in the formation of single and two-person households, will continue to be much higher than 1.1 per cent in the coming years.
These trends indicate there will be strong demand for small apartments, condominiums, retirement homes, various types of retail, among other leisure and entertainment services, according to the company.