Across Canada, economic realities and housing costs create very different environments for prospective home owners. While those in Toronto or Vancouver face a high-priced market, buyers in Ottawa, Ontario have been taking advantage of some of the area’s more affordable real estate market. The city’s high median incomes and relatively low average home costs mean that younger people are entering the housing market more quickly in Ottawa than in other parts of the province or country.
In Ottawa, Ontario, the median income is over $100,000 and the most active price point for residential real estate is between $300,000 and $450,000. Condominiums are even less expensive at an average of between $150,000 and $275,000. Neighbourhoods such as Beechwood offer proximity to downtown without the high price tag often associated with larger cities.
The average home price in Ottawa was $418,354, almost half of that in Toronto which had an average price of $780,104 as of Nov. 2017. Part of Ottawa’s affordability comes from the lower population density, which makes the market less competitive. This also gives buyers the ability to make their purchase contingent on a home inspection and a land transfer, since there are less people trying to buy the same property.
When purchasing or selling real estate, many contracts are involved and contingencies can be a part of the agreements. Even in a less competitive market like Ottawa, Ontario, disputes and legalities often arise. It’s a good idea to speak with a lawyer before jumping into the real estate market to ensure these things are understood fully.
Source: The Globe and Mail, “How young home buyers can benefit from Ottawa’s affordability“, Adam Stanley, Jan. 18, 2018