Location can play a big role in the price of buying your new home.
Real estate prices in the central areas of Ottawa are higher than in the suburbs like Barrhaven, Kanata, Orleans and Stittsville, according to data from Bennett Property Shop Realty.
“The more central you are, the more expensive you are,” Taylor Bennett, Broker with Bennett Property Shop Realty, told CTV Morning Live this week.
Bennett appeared on CTV Morning Live to discuss the average price for different styles of homes by location within the Ottawa Real Estate Board area.
Most expensive residential property areas
Rockcliffe – $2,526,429
McKellar Heights – $1,255,631
Glebe/Old Ottawa South and East – $1,173,216
Westboro – $1,084,088
Wellington Village – $1,071,313
Least expensive areas in the Ottawa area
Arnprior – $532,959
St-Albert/Casselman – $492,666
Plantagenet – $474,580
Cornwall – $463,889
Hawkesbury – $362,445
“For all you retirees or people working from home that don’t need to be in the city, those are areas you certainly want to be targeting,” Bennett said.
Most expensive condominium areas
Glebe/Old Ottawa South and East – $897,483
Westboro – $638,525
Wellington Village – $510,758
Little Italy – $506,686
Downtown Ottawa – $478,807
Least expensive condominium areas
Arnprior – $280,714
Britannia Heights – $300,390
Copeland Park – $302,786
Beacon Hill – $327,740
Carleton Heights – $362,445
“Condominium market really comes down to your lifestyle. Some people will be driven by price, but condo fees are another major factor,” Bennett said. “Your most affordable areas, not too far from downtown.”
Bennett also looked at the average price for the various styles of homes for sale in different neighbourhoods of Ottawa.
Detached 2-level
Glebe-Westboro – $1,178,696
Kanata/Stittsville – $927,200
Nepean – $903,786
Barrhaven/Riverside South – $876,878
Orleans/Gloucester – $799,268
Bennett says Orleans/Gloucester and Barrhaven/Riverside South give buyers looking for a detached home “more bang for your buck.”
“There’s also newer homes, especially in the Barrhaven-Riverside South location, so not only are they less expensive, but they’re a little bit newer as well so there’s a little less upkeep as the time goes by,” Bennett told CTV Morning Live.
Detached bungalow
Kanata – $873,904
Barrhaven/Riverside South – $866,292
Orleans/Gloucester – $844,326
Glebe-Westboro – $776,498
Nepean – $721,431
Townhouses
“Townhouses across Ottawa, they’re disproportionally represented here in Ottawa. We have more townhouses than any other style of home,” Bennett said.
Glebe-Westboro – $791,500
Kanata – $635,906
Barrhaven/Riverside South – $608,292
Orleans/Gloucester – $593,665
Nepean – $578,339
Bennett says the central area of Ottawa is where the older properties are.
“As you get to some of the more suburban areas, a little bit newer, they are maybe a little bit cheaper. They may be, in some cases, a little bit smaller as well. Of course, money speaks. If your budget is only a certain amount, you’ve got to go to a certain area.”
Most affordable style
Stacked townhouse
Glebe-Westboro – $576,263
Barrhaven/Riverside South – $441,116
Orleans/Gloucester – $405,718
Nepean – $391,284
Kanata – $390,798
“One of the main reasons why Barrhaven has some of the most expensive stack townhouses in Ottawa is due to their age,” Bennett Property Shop says. “They are much newer and have more creative floor plans than their older counterparts found in Kanata.”
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
