Ottawa is widely recognized as one of the best places to live in Canada and regularly appears on lists of the world’s top 100 cities. Home to a buoyant economy, diverse population, and outstanding education –combined with its rich Canadian history and charming grand Victorian architecture, Ottawa has been on the radar of immigrants and newcomers looking to purchase affordable Ontario real estate for years.
Though not as large or populated as other metropolitan areas in the province, Ottawa more than makes up for it in culture and character. With plenty of green spaces and waterways, museums, attractions, and events, there’s always something to enjoy if you reside in Canada’s capital city. Ready to experience life in an active metropolis but without the hectic pace (or the hefty real estate prices of cities like Toronto)? Ottawa might be right up your alley. To give you a hand, we have gathered these 10 reasons why Ottawa is a good place to live:
The Affordable Ottawa Real Estate Market
The Ottawa real estate market is dynamic and somewhat competitive, with an increase of 17.6% in average housing prices in the past couple of years. An average home for sale in Ottawa costs over $677K. The city boasts around three months of inventory in the market for condos and standalone homes in Ottawa.
Despite the increase, home prices in Ottawa continue to be hundreds of thousands lower than in Vancouver, Toronto, or even Hamilton (refer to the table below). For years this has been one of the top reasons why Ottawa is a good place to live.
If you’re moving to Ottawa from one of those high-value markets, that’s fantastic news, but if you come from a small town or rural area instead, your experience might be different. Ottawa real estate is considered to be slightly more pricey than Montreal and Calgary and more expensive than Edmonton and Winnipeg.
Take into account that, even with average home values in Ottawa being lower than $1M, a minimum down payment of 5% to 10% with CMHC insurance may still be required so more buyers can compete for the existing inventory.
Ottawa Is Close To Major Cities And Top Vacation Spots
Ottawa is located on the banks of the Ottawa River, in the Eastern portion of Southern Ontario and right on the Qu