OTTAWA HOUSING AFFORDABILITY COMPARED TO THE REST OF CANADA

 Housing affordability is a major concern for Canadians. Every candidate for Prime Minister during this past election was interrogated on the issue and how they would tackle it. Without a doubt, this is a nationwide issue but most of the noise seems to be coming from Toronto and Vancouver. Where does Ottawa sit compared to the rest of Canada?

According to Century 21, Ottawa ranks highly amongst cities in Canada in housing affordability. A study conducted by Century 21 found that Ottawa’s average price per square foot of a detached home came in at $215, compared to Toronto coming in at $819 and West Vancouver coming in at $1210. 

​RBC’s second-quarter housing trends and affordability analysis found that Ottawa’s percentage share of income a household would need to cover ownership costs has reached  41.7%, a 25 year high. This is consistent with the theme throughout the rest of Canada that prices have been steadily becoming stronger, but that percentage is still relatively low throughout the rest of Canada. Toronto’s came in at 66.3%, while Vancouver and Montreal came in at 79.5% and 44.5% respectively. 

Is it an easy time for homebuyers in Canada? Not exactly. But statistics keep pointing toward Ottawa. Ottawa shows to be a more affordable option compared to other major cities in Canada with the value of homes on the rise. 

An investment in Ottawa is a safe bet during confusing times. 

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