Ottawa is a very affordable place to live, compared to other major cities in Canada. The average home in Ottawa will cost you just over half of the average home in Vancouver!

Housing Costs

In Vancouver, the average home costs $536,000.
In Calgary, the average home costs $362,000.
In Toronto, the average home costs $344,000.
In Ottawa, the average home costs $291,000.

Since housing prices are so much lower in Ottawa, the income needed to support the average home in Ottawa is also much lower than in other areas of Canada.

Interest rates

The low prime rate and mortgage interest rates make home-ownership even more affordable.

Since 2005, the average prime rate has been 5.12%. March of 2009 saw prime drop to less than half of this – just 2.5%!

Mortgage interest rates are also at record lows. The 5-year closed rate is currently 5.45%, with special 5-year rates as low as 4.15%. 1-year posted rates are as low as 3%.

Unemployment Rates

Canada’s unemployment rate for March 2009 was 8.8%. Ottawa’s unemployment rate for the same period, however, was one of the lowest in the country at 5.1%!

To summarize, with our strong employment, low interest rates, and affordability, Ottawa is a great city to live, work, and play!

For more information, visit our Ottawa real estate website.