Ottawa Housing Market
Far removed from the hustle and bustle of Toronto, Ottawa is its own metropolitan core, with several million fewer inhabitants. This means less total demand and lower overall prices. The average home (across all categories) price as of time of writing is under $400,000, while in Toronto the average is $736,783.
A low vacancy rate of 1.7% means that most residents of Ottawa are homeowners, rather than renters. With a high quality of life and low unemployment, the future looks bright for the Ottawa real estate market.
Ottawa is the capital city of Canada. It stands on the south bank of the Ottawa River in the eastern portion of southern Ontario. Ottawa borders Gatineau, Quebec; the two form the core of the Ottawa–Gatineau census metropolitan area (CMA) and the National Capital Region (NCR). As of 2016, Ottawa had a city population of 934,243 and a metropolitan population of 1,323,783 making it the fourth-largest city and the fifth-largest CMA in Canada.
Founded in 1826 as Bytown, and incorporated as Ottawa in 1855, the city has evolved into the political centre of Canada. Its original boundaries were expanded through numerous annexations and were ultimately replaced by a new city incorporation and amalgamation in 2001 which significantly increased its land area. The city name "Ottawa" was chosen in reference to the Ottawa River, the name of which is derived from the Algonquin Odawa, meaning "to trade".
Ottawa has the most educated population among Canadian cities and is home to a number of post-secondary, research, and cultural institutions, including the National Arts Centre, the National Gallery, and numerous national museums. Ottawa has the highest standard of living in the nation and low unemployment. It ranked 2nd nationally and 24th worldwide in the quality of life index and is consistently rated the best place to live in Canada.