Tuesday, November 19, 2013

Investing your capital in the Capital: Home ownership in Ottawa

Ottawa-Gatineau has earned the first-place ranking for best Canadian city as ranked by MoneySense magazine for 2011 and 2012, in fact, Ottawa has taken it a total of five times in the past six years. As far as cities go, we’re the one to beat.

For the 2013 results click here.

What is it that makes Ottawa-Gatineau so appealing? The MoneySense study ranks 180 Canadian cities, taking into account such diverse factors as arts and culture, crime rate, household income, medical doctors per capita, rates of employment and air quality. We had consistently good scores in nearly every category – including, believe it or not, better-than-average marks for weather!

Now, I know that not many of us have the luxury of choosing the city in which we live strictly according to the appeal of its image. (Hello, Honolulu!) Most of us have to work our jobs, families and pocketbooks into the equation. On top of that, a lot of us feel deep emotional connections to the places we live, and no study is going to determine whether we stay or go. We Ottowans already know firsthand what we love about our Ottawa Home.

However, if you’re toying with the idea of home ownership in Ottawa, it’s great to know that you’re about to buy in one of the most desirable markets in the country. It’s often been said that your Ottawa home is probably the biggest financial investment you’ll ever make – and you’ll want to make that investment in a place that will hold its value over time. 

While Ottawa home prices here are higher than many in smaller communities, they compare favourably with other large cities in Canada. According to MoneySense, this region has an average home price of $352,020. Given the enviable average household income in Ottawa ($98,980), this is pretty affordable. Contrast these prices with Vancouver, where it will take you $882,000 to net you an “average” home!

Here’s what I take away from the MoneySense study: whether you’re Ottawa-born and bred or a relative newcomer, you can feel confident about purchasing a home in Ottawa, the city you already call home.
Visit www.bennettpros.com for all your real estate needs.

No comments:

Post a Comment