Ottawa Real Estate Trends and Information
The city is home to 6 unique neighborhoods and 11 historic townships when it comes to Ottawa real estate. If you're interested in homes for sale in Ottawa, here's a rundown of the city's demographics:
- 230,640 families
- The median age is 39
- Median monthly rent is $1,490
- $79,634 median family income
- 33% rent and 67% own their homes
- Median monthly mortgage is $2,664
- 64% of residents have a college education
MLS Ottawa Listings & Updates
According to Ottawa Citizen, as of August 2021, Ottawa has seen a drop in home prices for the fourth month in a row. Here's what the fall looks like:
- In March, the average home price peaked at $759,000
- As per July's sales, that average is now down to $685,400
Due to the dip in prices now is the time to strike for budding homeowners in Ottawa. Sellers should wait for the prices to rise again before putting homes on the market. The multiple offer craze of the past few months has cooled down.
Ottawa Real Estate: Neighborhood Evaluation
There are many neighborhoods to choose from in Ottawa. Each has its advantages for different types of homeowners. In general, Ottawa is a youthful and safe city with lots of good options for housing. Tech workers will benefit from nesting in Kanata, the leading tech hub of Ottawa. The neighborhood is very urban and boasts all the amenities of living in the heart of a big city. You won't need to venture far to find something exciting to do in Canada. Conversely, residents that want to escape the city should consider Constance Bay. It's 20 minutes away from downtown and has a relaxed, waterfront vibe. There are seasonal cottages here as well as four-season homes. If you aren't a fan of a long commute, then Centretown is ideal. While prices are high, everything that you need is within walking distance homeowners with children will enjoy Carleton Square. It's a quiet, peaceful suburban neighborhood ideal for raising a family. It's close to Carleton University, which is excellent for students.
Top Selling Points for Homes for Sale in OttawaOttawa is a friendly, safe, and exciting city to call home. If you're on the hunt for houses for sale in Ottawa, here are some of the main selling points.It's one of the safest cities in Canada. Ottawa consistently ranks as one of the safest cities to live in Canada. Secure areas include West Carleton and Barrhaven.There are excellent schools. If you're raising children in the city, you'll be happy to know there are many highly rated schools in the area.There's a booming economy. Residents of Ottawa enjoy a high standard of living. There are lots of well-paying government jobs as well as a prevalent tech industry.
Commercial Property in Ottawa
Ottawa has a vibrant commercial real estate market as well. The blossoming tech scene and public sector provide ample opportunities for investors. Currently, the retail market has seen some recovery in early 2021. According to this report by Cushman and Wakefield, retail vacancy is at 3.6%, which is an improvement. In the second half of 2020, vacancy was at 5.2%. Office marketplaces are also making a comeback. Their vacancy dropped from 19.9% last quarter to 12.5%. This dip in vacancy is due to workers returning to traditional office environments. Apartment complexes have also seen some strong sales in the 3rd quarter of 2020. Industrial properties are enjoying a record low vacancy. That's due to the pandemic causing a rise in demand for e-commerce warehouses.
FAQ About Ottawa Housing Market
Q: What are some surrounding cities to Ottawa, ON ?
A: The closest cities in proximity include Navan, North Gower, Manotick, and Metcalfe.
Q: What's the safest area in Ottawa, ON ?
A: According to Henderson Security, West Carleton is the safest area in all of Ontario. The report states that there are 1,274 crimes per 100,00 people. It's an ideal area to raise a family.
Q: Which neighborhoods have the most affordable homes ?
A: Ottawa's most affordable neighborhoods are:
- Orleans: Avg. home price: $370,689
- Barrhaven: Avg. home price: $387,052
- Nepean: Avg. home price: $407,081
Q: What fun things are there to do in Ottawa ?
A: Ottawa is famous for all the exciting activities you can do in the city. Winter is a fun time filled with skating, skiing, hiking, and more. Summertime is when you can go fishing, canoeing, and swimming. There are also lots of museums, breweries, and fabulous restaurants.
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