Real Estate Market In Ottawa

By
Real Estate Agent with Lebrau Property

If you’re looking for new houses for sale in Ottawa, right now is a good time. The real estate market is finally stabilising. It’s the perfect time to invest in your new home in this beautiful city.

Market report 

An Ottawa Market report by WOWA states that July 2022’s average sale price decreased by 6.5% month-over-month compared to June 2022’s average sale price of $690,940. This decrease contrasts with the 11% and 10% monthly increases seen in February and January 2022.

Despite a 22% increase in average prices over the past two years, home prices in Ottawa remain significantly lower than those in Vancouver’s real estate market, Toronto’s real estate market, or even Hamilton’s real estate market. Most homes in Ottawa are still below the $1 million mark. 

Average home sale prices in Ottawa’s housing market fell to $645,650 in July 2022. This price is a monthly decline of 6.5% and a 3.8% year-over-year increase.

Ottawa average home prices experienced a 15% decline from a peak of $757,225 in March. This decline contrasts with the COVID bull run, which saw a more than 65% price increase from May 2020 to March 2022.

Average freehold house prices reached $716,350, increasing 4.5% in a year. In comparison to June 2022, this is a 7.3% monthly decrease. However, average freehold prices are up by 22% in two years.

Average condominium prices were $425,690, showing a 3% decline compared with June 2022. This price shows an annual increase of 1.5% and an increase of 19% over the past two years.

Houses for sale in Ottawa 

As of July 2022, the average price for a family home in Ottawa is $716 354. However, it offers various types of houses for sale. 

1. Detached homes: One of such is a detached home, which is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

2. Semi-detached home: Similar to a detached home is a semi-detached home which shares a wall with another home. Although this pair of homes make up an independent building, each is separately titled or legally two separate units. There can only be two homes in a semi-detached building.

3. Townhouses: These houses sit between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbours.

4. Condo apartment: Another category of houses available in Ottawa is the condo apartment, a category that includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

5. Plexes: They are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Why move to Ottawa?

Though many flock to Ottawa for various reasons, there are some that stand out including economic stability of the state and low crime rate. People also find that they enjoy the abundance of green space and bike paths, the presence of many great museums like the Canadian Museum of Nature, and less traffic congestion in relation to other top Canadian cities. Housing prices are also reasonable, and there is a long list of fun, exciting things to do in Ottawa.

1. Economic stability. Ottawa enjoys a diverse and relative economy that’s buoyed by a healthy median income. As of 2017, Ottawa median income is the highest among the nine largest Canadian cities. On the flip side, it has one of the lowest income inequality.

2. Lower crime rate: The city has enjoyed a relatively low crime rate in the past decade, with its rate 36% lower than the national average and the lowest violent crime rate among Canada’s six biggest cities. Moreover, Ottawa has one of the lowest “Crime Severity Index” (CSI) values among the 33 Census Metropolitan areas in Canada.

3. Lots of Great Museums: Ottawa is home to some of the most important museums that house critical pieces of Canadian history. These include the Canadian War Museum, the Canadian Museum of History, the National Gallery of Canada, the Canadian Museum of Nature and the Canada Science and Technology Museum. 

4. Less Traffic Congestion: Traffic congestion declined in the city in 2020 more than any other Canadian city. Ottawa saw its congestion decline the most out of the 12 Canadian cities included in the TomTom 2020 Traffic Index.

5. Housing Prices Are Reasonable: The average cost of a home in Ottawa has dropped by 5.4% from the price in October 2021. But with a healthy median income rate, people buying houses could find it relatively easier to do. 

6. Full of fun Things To Do In Ottawa: As the capital of Canada, Ottawa attracts visitors from around the globe who wish to view its historic sites and landmarks, appreciate its arts and culture, and take in its sights and sounds. Ottawa is renowned as a beautiful city by day and by night, where visitors of all ages can find things, places and events to enjoy.

Comments (1)

Charles Ross - eXp Realty LLC
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Good information, Craig. Thank you for sharing. Have a wonderful day and a blessed week.

Jan 29, 2023 07:58 PM