For those considering moving to the nation's capitol, here is a brief guide to real estate in the area. It will help to inform you of the housing market and current market trends of real estate in the Ottawa area. The best way to examine these factors is to compare and contrast Ottawa with another large, metropolitan city in Ontario such as Toronto.
With a downtown area steeped in history, a bustling and growing multicultural community and beautiful rural surroundings, Ottawa real estate offers a lot at a great value. Similar to the fabulous condos for sale in other big cities, you will find a number of great neighbourhoods in the downtown core, such as Westboro, Hintonburg, the Glebe, Sandy Hill and the famous Byward Market area. And, like Toronto, the downtown core is filled with great options for townhouses and condominiums.
A middle-end condo overlooking the Ottawa River or Rideau Canal will come at premium cost, similar to Toronto or elsewhere. Much like the condos in Toronto, one can find a two bedroom, waterfront condo listings starting at around $300,000. However, in Ottawa, there is also a premium market for condos that overlook historic sites, the rolling green spaces and waterways like the Rideau Locks. For example, a two bedroom condo overlooking the War Museum and beautiful Lebreton Flats will list for over $400,000.
Outside of the city's core, prices drop dramatically. A quality two bedroom condo in areas such as Richmond, Vars or Morrisburg start for as little as $200,000. This is similar to condos outside of Toronto, which typically start at $240,000, that are only a half-hour commute from the downtown or cottage country.
As with most cities, Ottawa's real estate in surrounding areas, cottage and farm country, can range from humble bungalows to large estates. One can find a three bedroom home in Morrisburg or Apple Hill for as little as $130,000. With Peterborough, Kingston or other real estate, three bedroom homes typically close around the $180,000 area. Larger estates in Ottawa's areas like the Glebe, around Rockcliffe Park and along the Ottawa River usually cost from $800,000 and up. Many thanks, Davidson's Jewellers of Ottawa
In some cases, you will be able to capitalize on houses or cottages around the city that are facing foreclosure. These properties need to be sold and you are doing the owner a great service in helping them to find a new owner. As with any city, a little investigating can bring great savings and opportunities. As well, if you are looking for a condo in downtown Ottawa, consider all of the government workers who live here seasonally or may need to find a subletter or buyer for their unit as quickly as possible.
Ottawa is a great location for any home buyer. With a little investigation and effort, you will find the right neighbourhood with the right property at the right price for you and your family.