Ottawa, On: What was once nearly 30 acres of green land owned by religious sects: the Oblates, the Sisters of Sacre-Coeure, and Saint Paul, will soon be adding two mid-rise condominium buildings to its scenery. Ottawa area developer “Domicile” has been given approval to build what they are tagging, “a perfect intersection between a vibrant community and a sophisticated development” on the 3.5 acres of land they purchased from the Sisters. As the first of many sweeping development plans for the area, it will begin what will be a major impact on the Ottawa Carleton real estate market.
The Pros for the Ottawa Carleton Real Estate Market
Located on Main Street in Old Ottawa East, the condo development under the moniker, “The Corners on Main” will seek to marry history and modern times while preserving some of the green space. There are many benefits to potential investors in Ottawa Carleton real estate with such a development:
- A green community due to preservation of some of the natural environment
- Great location and well-planned community
- Promotes a healthy lifestyle through high walk-ability and bike-ability scores
- Provides opportunity for new businesses and jobs
- Adds positive cash flow to the Ottawa economy
- May potentially increase real estate values for current homeowners
When new communities are developed with care to the environment and support the maintenance of local history, there are many pros for the overall real estate market nearby.
Some Cons to Developing the Oblate Lands
As with any development of green space, there will be some cons to building up the Oblate lands that will affect Ottawa Carleton real estate in more than one way:
- Commercial real estate could potentially be bought up by big corporate chain stores
- Small and medium-sized local businesses may be out-priced by the market
- The very generations who have fought to maintain green space and demanded protection for the environment may never be able to afford to own a home in the development
- Increased property values and higher taxes will drive up prices and make the area inaccessible to most Ottawa Carleton families
The truth is, any new development of previously green space comes with its own set of pros and cons that affect the Ottawa Carleton real estate market. Armed with the facts and an expert Ottawa Realtor, you can take advantage of the benefits and avoid the pitfalls that come with growth to the area.