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5 Things You Need to Know About Buying in Ottawa
5 Things You Need to Know About Buying in Ottawa: Ottawa is a beautiful city with much historical significance. The national capital region is home to a wide variety of diverse, thriving neighbourhoods that see growth each year. There are many schools and businesses with countless job opportunities and friendly people to surround yourself with. This makes it a wonderful place to settle down; we’ve outlined some points that are great to know if you’re considering making the move to Ottawa.
Over the last three years we’ve seen record breaking real estate price increases across the entire country. Unfortunately for homebuyers, Ottawa has followed the same trend and become a more expensive housing market than in past years. Although you can find many homes for much less, $751,014 is reportedly the average cost of a home in the national capital region (2022). $746,146 is the average cost of a home in Canada, putting Ottawa slightly above the national average.
The average price of a home in Ottawa has been increasing, which is something both prospective homebuyers and seasoned homeowners have to consider. Either the home you own will likely appreciate in value, or the home you’re looking to buy will do the same. While property values may fluctuate and even possibly be lower in the short term, we can see that overall real estate prices have always increased long term. This means that Ottawa is a great market to be in the long term so get started right away with your Team Realty REALTOR®.
Depending on where you are in Ottawa, the environment and lifestyle can change drastically. Ottawa is a moderately large city that is fortunate to have a lot of space surrounding it filled with charming smaller, suburban communities. These are a much more affordable option than the central/downtown Ottawa market.
If you’re considering buying a home just outside of the city in an effort to save a bit of money, you’ll just need to consider the cost of driving into the city whether for work or for pleasure. With the rising fuel costs, it is important to include it into your financial calculations, but many people find that the quiet and serene Ottawa valley is absolutely worth a little extra travel time.
Like most cities, Ottawa has many pockets of higher value homes throughout the city. If you want to be in a very central location, you’ll find yourself paying a fairly large price tag even for homes that require renovations and maintenance. Where Ottawa differs from a lot of other markets is that because the city is so spread out, it has many secondary markets throughout where you can find great gems without going too far from your favourite neighborhoods.
In Canada, especially Ottawa, the climate is notorious for swinging from cool and dry to hot and humid at the drop of a hat. Buildings contract, expand and settle with the varying temperatures. While homes in Ottawa are built to withstand this harsh climate, it requires a bit more care and maintenance.
Some examples are any plumbing, drainage or HVAC systems you have are affected by the changing temperatures and conditions. These require regular checkups and maintenance no matter when the appliance was installed, or when your house was built. Most Ottawa homeowners would agree that the extra maintenance is well worth it to live in such a beautiful and diverse city.
Located mostly in a valley alongside the Ottawa River, parts of the city has had a few instances of flooding over the years. This mainly affects properties directly along the River in the spring when the snow melts. That being said, there has been a lot of maintenance and repairs done over the years to prevent this from happening in the future.
Luckily most inland properties don’t need to worry about this as the rainwater drainage system throughout the city is actually quite effective even when dealing with melting snow and ice.
Now, you know.
After reading this blog, we hope you’re able to make educated assessments based on the information we’ve provided. Now that you’re aware of the common quirks that come with an Ottawa home, you’re a lot more prepared to care for one. Ready to get into the market? Make sure to contact your Team Realty REALTOR® to get started!
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