Overall, Ottawa is about middle of the road in terms of vacancies and rent prices – that is, it isn’t as hard to find an apartment in Ottawa as it is in the western provinces. There may be fewer vacancies, but the rent is cheaper than it is in Toronto.
Cheap rent combined with all of the great amenities and attractions already found in the National Capital Region, Ottawa remains a very attractive destination for apartment renters in Ontario.
Average Monthly Rental Rates
- Bachelor Apartment – $671 / Month
- 1-Bedroom Apartment – $827 / Month
- 2-Bedroom Apartment – $995 / Month in comparison to Vancouver ($1,123), and Toronto ($1,095).
- 3-Bedroom Apartment – $1,227 / Month
The average condo price in Ottawa in 2017 was just more than $269,000, which was an increase of 3.4 per cent over 2016. Compare that with the Greater Toronto Area’s average condo price of $512,478 – essentially double – and there’s an opportunity for “young buyers” to get into the Ottawa market.
Money Sense magazine named Ottawa as the “No. 1 Place to Live in 2017”. There is national recognition that Ottawa offers one of the best living environments in Canada. Buyers who are looking to cash out of inflated markets such as Toronto and Vancouver are coming to Ottawa.
You can live very well in Ottawa. The choice to move to Ottawa from the Vancouver and Toronto markets is driven by affordability, a desire to upsize by people who are priced out of their local markets or a desire to cash in on their home’s equity.
Foreign buyers also have their eyes on Ottawa. The National Capital Region is seeing more and more international buyers who are now priced out of the Vancouver and Toronto markets come to Ottawa.