Ontario Isn’t An Easy Place To Buy A Home, But Ottawa Is
Ontario is not an easy place to afford a home. Almost every desirable spot in the province requires you to have deep pockets in order to buy a new home. That said there is a region in Ontario where owning a home is more affordable than most of metropolitan Canada. Any guesses? It’s no city other than the capital of Canada, Ottawa.
What Do Numbers Say?
As per data released by real estate marketplace Zolo, Situated within the borders of Ottawa are 50% of Ontario’s 10 most affordable spots. For the analysis, Zolo examined 97 cities in Ontario from small to large, and put them in order according to affordability. Zolo chucked into the analysis various elements such as population growth over the years, income levels, unemployment rates, and average home prices across the region.
Which Region Tops The List?
As per the study, Nepean, Carleton Place, Kanata, Rockland, and Ottawa all take the top 10 spots, with Napean being the most affordable city. The average price of a home in Napean is $572,388 while the average household income is $137000. That means the home price-to-income ratio in the region is 6.69 which is quite better than the rest of Ontario. What’s more, the unemployment rate is also below 5%.
If we talk about Carlton, the second most affordable place, the average home price is slightly lower at $555,174, however, the home price-to-income ratio is a bit higher.
What Do Ottawa Realtors Have To Say?
About Ottawa’s affordability, realtor Anita DeVries Bonneaun states, “Ottawa is not only a steady market, but it’s a very affordable market compared to other large metropolitan areas… Ottawa proper and the surrounding area are considered affordable places to live.”
Ottawa realtor Matthew Mercier-Burns says “Toronto buyers are our favourites, because they come in here and give us full asking… If they can get $1M to $1.2M for their townhouse in Toronto, and one in Ottawa for $750K all dolled up, they’re pretty happy.”
