Ottawa one of the least expensive places to live in ON

It’s good news for potential homeowners in Ottawa. A nationwide study conducted recently by CENTURY 21 Canada revealed Ottawa is one of the least expensive cities to live in Ontario, with the price per sq. ft. (PPSF) of a condo at $442.

By comparison, the PPSF of a condo in downtown Toronto rose more than 10 per cent in the last year to $903 from $819 last year, making it Canada’s second most expensive city for homes after Metro Vancouver.

Toronto continues to top Ontario home prices, while prices rose and fell turbulently in GTA suburbs and other communities in the province.

“It has been an unpredictable year in Ontario housing prices, with the price per sq. ft. rising and falling from community to community and even suburb to suburb,” says Brian Rushton, executive vice-president of CENTURY 21 Canada. “Much like in Canada’s other major centres, prices fall rapidly once you are outside the downtown core of Toronto, and homes in those communities remain relatively affordable. Even with an increase of almost five per cent, Ottawa remains one of the least expensive places to live in Ontario.”

Meanwhile, the PPSF for a detached home in Ottawa rose to $225 from $215 last year, the PPSF for a detached house in Markham and Richmond Hill each fell 24 per cent to $449 and $445 respectively, and condos in Peterborough rose to $255. House prices in Guelph were more stable, rising 4.5 per cent to $380 PPSF for a detached house.

CENTURY 21 Canada’s annual survey of data on the price per sq. ft. (PPSF) of properties gathers and compares sales data from its franchises across Canada from Jan. 1 to June 30 of each year. By looking at the price per sq. ft. at the same time each year, the firm is able to get a good idea of how prices have changed over time for similar properties. This year’s survey looks back 20 years in some markets to 1998 prices, as well as comparing 2017 prices with this year’s results.