Ottawa’s Strong Economy Means Real Estate Is Booming.
Ottawa is constantly generating jobs for its population that keeps on growing. That’s the definition of how to sustain a steady and thriving real estate boom. As long as there’s room for people to establish their financial stability, they’ll spend money on real estate. But there aren’t only new homes sprouting. Given the city’s rich connection with the past, it shouldn’t be surprising to hear there are 3800 properties listed on the Heritage Register.
So, what makes Ottawa such a fantastic place to buy real estate and invest—or lay down roots?
Real Estate Prices in Ottawa
The average price of a home in Ottawa is $420,000. The average price in Ottawa for detached homes in Ottawa is $471,000. Townhouses ring in at $365,000, while condos cost $269,000. Real estate in Ottawa remains at attractive prices, especially if you’ve been living in the Greater Toronto Area or in Vancouver.
What Are the Current Housing Trends in Ottawa?
Some real estate experts, amid the chaos of 2020, expected a drop in Ottawa’s real estate throughout 2021. Surprisingly, the housing industry held strong in Ottawa during the COVID crisis. In fact, Minto Communities Ottawa made more sales in 2020 than the year prior.
While Ottawa is synonymous with new home, many industry leaders see a moderate slowdown in 2021 on that front. Also, unlike last year, where real estate prices surged – almost unceremoniously – they will steady out this coming year. This shift in real estate market behaviour will be due to a more even balance between supply and demand.
Home sellers in Ottawa shouldn’t be deterred by that flattening price curve. For one thing, the supply of homes – while trending somewhat upward – is vastly eclipsed by abundant demand. Combined with limited inventory and record low mortgage rates, this concocts a recipe for another prosperous year for Ottawa real estate.
Singles and townhomes will likely stand out most in the market. And similar to 2020, there should be an increase in smaller lot releases.
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What Are the Best Neighbourhoods in Ottawa?
Are you looking for the perfect mixture of eclectic shops, historical architecture, and prime location? Then “The Glebe” should speak to your cultured tastes. The Glebe is situated near the Rideau Canal, south of Downtown Ottawa, and a stone’s throw away (by foot or bus) to the city core. Furthermore, the CFL’s Ottawa RedBlacks play down the road at the 10,000-seat TD Place arena. Provided you’re more of a soccer fan, the Ottawa Fury play in the same place, as do the Ottawa 67s, a junior hockey team. Also nearby is the Lansdowne complex, known for its movie theatre, tasty food, and Ottawa’s lone Whole Foods.
Adjacent to the downtown core of Ottawa, Sandy Hill attracts homebuyers far and wide with its prime location. Residents enjoy convenient access to a wealth of restaurants, shops, and bars. These are all features and by-products of the ByWard Market and the Rideau Center Shopping center, which are both close by.
This Ottawa community is highly diverse, comprised of the affluent, working class, new immigrants, and University of Ottawa students. Students and young professionals often share Victorian mansions – subdividing them into apartments.
This Ottawa neighbourhood’s most standout characteristic is its incredibly charming homes from the 60s. These dwelling are known for their smallish sizes but sizeable backyards. However, this neighbourhood isn’t limited to its abodes built a half-century ago. Eye-catching new builds are beginning to sprout throughout the area.
Alta Vista is also known for its welcoming residents who focus massively on cultivating a strong sense of community. Provided you decide to move here, you’ll know your next-door neighbour and everyone else on your street. Schools, churches, and over a dozen parks are other highlights of Alta Vista.
Filled with chic boutiques, fine dining, and stylish cafes, Westboro has revitalized itself as a neighbourhood this past decade. A mix of older homes and new condos, this neighbourhood has become a magnet for urban professionals, families, and fresh retirees.
Provided you value tranquility and quiet—but want seamless access to the city, New Edinburg is an ideal place to live. East of Downtown Ottawa, this neighbourhood is situated next to the esteemed Rockcliffe Park.
New Edinburgh is known for luxury homes, walkability, condo buildings, triplexes, and high-rises. Beachwood Avenue – another key feature – possesses charming shops, cafes, and the famous Royal Oaks Pub.
Homebuyers Are Moving to Ottawa
Young professionals are attracted to Ottawa’s comparatively affordable real estate prices to the GTA. Ottawa is abundant with job opportunities due to its robust economy that attracts ambitious individuals looking to bolster their career.
New immigrants also find Ottawa’s diversity to be a welcoming environment, and real estate to be attractive, spacious, and affordable enough to get their start. Generally, anyone looking to start a family will appreciate the values, culture, education, and recreation available in Ottawa.
Given its close proximity to Quebec, Ottawa makes a great home for Francophones looking to widen their reach.
What is the Property Tax Rate in Ottawa?
The property tax rate in Ottawa is 0.959505%.
Here’s a specific breakdown of Ottawa’s property taxes:
- Homes assessed at $250,000 have a property tax of $2,399.
- Homes assessed at $500,000 have a property tax of $4,798.
- Homes assessed at $1,000,000 have a property tax of $9,595.
What is the Land Transfer Tax in Ottawa?
At Ottawa’s average home price of $420,000, the average land transfer tax is $4,875, according to the Ottawa Real Estate Board’s calculator.
Who Lives in Ottawa?
Ottawa’s demographics are richly ethnic, linguistic, and religiously diverse. There is also an array of talented professionals living in Ottawa. The nation’s capital has the second largest immigrant population in Ontario. Plus, there’s a thriving Francophone population.
Here’s a breakdown of the immigrant populations in Ottawa:
- 53% are from Asia and the Middle East
- 17% of immigrants come from Africa
- 15% of new arrivals are from Europe
As such, Ottawa has a melting pot of languages, which extend to Arabic, Chinese, Spanish, Italian, and German. Ottawa’s unique culture is characterized by the splendid charm in is various ethnically diverse neighbourhoods. Chinatown tends to stand out on this front, where residents enjoy amazing Asian cuisine and food shops.
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What Makes Ottawa a Great Place to Live?
Being the Nation’s Capital holds much weight and gravitas which makes Ottawa and attractive place to live. However, when you really start delving into the details, you’ll find a city that goes far beyond Parliament Hill 24 Sussex Drive. Yes, Ottawa’s rich history and prominence throughout the Nation is a source of pride, but its rich culture is really what makes it shine brightly. In fact, only a few years ago, Ottawa was rated the best place to live in Canada by Money Sense.
Ottawa Is A City of Opportunity
Your career path will benefit from the tremendous diversity provided by the excellent economic landscape in Ottawa. Whether you’re seeking work in the tech industry, government, health, or education, there options are plentiful.
Furthermore, major international companies have implemented significant operations in the nation’s capital. And there are world-class research centers and premier academic institutions. Ottawa is a city that’s on the cutting edge—but maintains a connection to its ancestral roots.
Ottawa Is Rich With History
The relationship Ottawa shares with Canada’s history of course begins at Parliament Hill. Even for residents who walk by them every, these splendid Victorian Gothic sandstone structures offer inspiration, as they look over the Ottawa River.
But anyone whose stepped foot in the nation’s capital will tell you the love affair starts with Rideau Canal. The 200 km stretch of water is one of Canada’s most picturesque sights. Initially, this waterway was meant for military strategy, coming to fruition in the War of 1812. There are cruises and boat tours during the summer. And during the winter, the recreation gets kicked up several notches for festivals, skating, and the famous, delicious Beavertails.
Ottawa Is Brimming with Culture and Respect for the Past
Ottawa is exploding with culture as evidenced by the following attractions:
- National Gallery of Canada
- Canadian Museum of Nature
- Notre-Dame Cathedra Basilica
- Canada Aviation and Space Museum
- National War Memorial
Speaking more to this sense of culture is Ottawa's richly diverse culinary scene. Canadian cuisine and ethnic foods are widespread, and equally abundant. Food trucks and fine dining spots harmoniously coexist. And there’s a perfect blend of historic markets and modern chefs. Foodies fall in love with the Nation’s Capital.
What Are the Top Schools in Ottawa?
Here are the top 5 elementary schools in Ottawa:
1. Guardian Angels Elementary School
2. Broadview Public School
3. St. Andrew Elementary School
4. Hopewell Avenue Public School
5. St. Gregory Elementary School
Here are the top 5 high schools in Ottawa:
1. Colonel By Secondary School
2. West Carleton Secondary School
3. Holy Trinity Catholic High School
4. John McCrae Secondary School
5. Nepean High School
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Other Real Estate Resources You May Be Interested In
First Time Home Buyer Incentives and Tips in Canada
Land Transfer Tax in British Columbia
Mortgage Pre-Approval Process in Canada
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