Ottawa, Canada’s capital, is a bustling city situated in the province of Ontario. As Canada’s fourth largest city, Ottawa has a population of around 943,000 people, and offers a blend of culture and arts, business and tech, as well as affordability. Ranked as one of the most liveable cities in the world, Ottawa is a desirable choice due to its strong labour market, level of education, and affordable real estate. It enjoys a humid continental climate which entails hot, humid summers, along with cold and snowy winters. The city takes advantage of its climate and allows ice skating along the Rideau Canal in winter, which runs through the middle of the city.
Technology is a key industry in Ottawa, along with federal and government departments. Parliament Hill is one of Ottawa’s biggest tourist attractions, as well as places like Chateau Laurier and Peace Tower. The city is diverse and although primarily English-speaking, is noted to be bilingual, with 37% of the population speaking both English and French. The city boasts clean air, green initiatives, great educational institutes, and a number of fun festivals and events that run throughout the year.
The city has a range of neighbourhoods, as well as urban, suburban, and rural areas that fall within the city limits. The population is diverse, with the most common non-Canadian nationality being British.
Popular areas in Ottawa include: Cumberland, Gloucester Nepean, Kanata Goulbourn, Old City/a>, Osgoode Rideau, West Carleton and Avalon.
Ottawa’s real estate market is strong, stable, and gradually growing, providing favourable conditions for both buyers and sellers. With the city’s strong labour market and growing technology industry, this is thought to bring more millennial buyers to the city. Detached homes have shown to be the most popular type of property, especially among young families and those looking to downsize. The resale market is particularly strong for sellers, as the difference in price compared to newly-built single-family homes is around 14%. Generally, single-detached resale properties tend to be close to amenities which are desirable for families, such as green spaces and schools. Typically, these types of homes cost between $300,000-$400,000.
The real estate market in Ottawa remains strong and provides an impressive level of affordability, especially compared to major cities such as Toronto. Low mortgage rates are creating homeownership opportunities for first-time buyers and millennials, with condominium units generally selling for much lower prices than average. Condo construction has halted due to a high inventory of condominiums on the market, which may be driven by such affordable renting conditions, but also by the fact that row houses are generally cheaper and more spacious than condos. It’s thought that Ottawa’s real estate market will mirror its economy and stay fairly strong, with a high level of consumer confidence.
Ottawa is a popular destination for first-time buyers since housing is very cheap and there is an abundance of newly-build condos in the downtown area. The condo market has taken off in recent years which has led to a fairly high inventory of apartment and condominium units. A desirable and central location and nearby green spaces seem to be key selling points for buyers, and even though the market is fairly saturated with condos, appealing units that are entering the market are being snapped up very quickly. Those opting for condos tend to be millennials, young families, and baby boomers looking to downsize.
Many younger millennials are able to fulfil their dream of homeownership – something that isn’t possible in cities like Vancouver and Toronto – especially in areas close to the downtown core. The benchmark price for a condominium property is around $219,000, which is extremely low in comparison to other major cities. Infrastructure projects are helping to power the market, and condos in the city are generally very cheap, yet very well connected in terms of transit and amenities.
Two-story homes, single-family properties, and bungalows are generally priced between $250,000 and $400,000, depending on area. Townhouses are also popular entry points for new homeowners on the market. Mortgage rates are thought to remain fairly stagnant, however interest rates may begin to rise within the year.