January 23, 2019 3:13 pm

Ottawa remains affordable for most homebuyers, real estate report says

In a report released Wednesday, real-estate brokerage Zoocasa says homes in Ottawa remain in the realm of affordability.

Global News
A A

Ottawa remains well in the realm of affordability for most home buyers in the area, according to a report released on Wednesday by real estate brokerage website Zoocasa.

According to the report, which cites statistics released by the Ottawa Real Estate Board, home sales in the city have grown by 12.6 per cent over the last two years.

READ MORE: B.C. could launch a money-laundering inquiry right now, experts say

In 2018, 13,418 residential class homes, which includes detached and semi-detached houses, and 4,058 condos, which includes townhouses, changed hands.

The values of these homes have had gains, up 5.1 per cent to $446,611 for detached and semi-detached homes, and 3.2 per cent to $278,316 for condos year after year.

WATCH: Matt Lee looks at technology changes and trends in the Real Estate broker world


Story continues below

While property sales and prices have increased, the housing market still remains pretty slim in Ottawa. According to the report, a shortage of listings in Ottawa has driven up prices, though the homes still remain, for now, in the realm of affordability.

READ MORE: Is too much of your wealth tied up in the housing market?

Contrary to that, the report’s author, Penelope Graham, says there are still many choices for prospective Ottawa homebuyers.

“The findings reveal a market brimming with choice for prospective buyers, with home prices well aligned with incomes in nine out of 10 markets across the region,” wrote Graham in the report.

“That offers a diverse array of home types and price entry points, from chic condos in Ottawa South to spacious lots and detached homes in Kanata, Nepean and Orleans.”

Most affordable neighbourhoods

The report also breaks down prices in the city by neighbourhood and uses the median family income in Ottawa, $85,981, according to Statistics Canada, for a baseline of affordability.

For those families who don’t meet the average income mark, a family income minimum to buy a home is provided for each of the neighbourhoods.

READ MORE: 2018 a record year for Montreal real estate: survey

Topping the list for 2018 was Orléans while Centretown/Ottawa West was at the bottom.

Suburban neighbourhoods, apart from Stittsville, round out the top of the list while the closer you get to the core, the more expensive it becomes to buy a home.

Here’s how each neighbourhood in the city ranks by affordability:

  1. Orleans
  2. Barrhaven
  3. Nepean
  4. Kanata
  5. Ottawa East
  6. Ottawa South
  7. Stittsville
  8. Ottawa West
  9. Downtown
  10. Centretown

 

In a report released Wednesday, real-estate brokerage Zoocasa outlined the affordability of housing in the city of Ottawa.

Infographic by Zoocasa

While these numbers do seem large, they are a fraction of the cost of a similar home in Toronto. Ottawa broker for Zoocasa, Jonathan Amodeo, believes this is a great market for not only seasoned homeowners, but first-timers as well.

“If you have a steady income and access to credit, it’s possible for most first-time buyers to become homeowners in Ottawa, which is in stark contrast to Canada’s largest housing markets,” Amodeo says.

© 2019 Global News, a division of Corus Entertainment Inc.

Report an error

Comments

Want to discuss? Please read our Commenting Policy first.