When you’re looking to buy a house, one of the first things to consider is of course the number of bedrooms you’ll need. Coming up with your budget is another obvious step, and the determining factor in your house hunt. The question then becomes how much space can you afford, and where?
A recent study by Point2Homes took the national average home price (~$500K) and analyzed how many bedrooms it would buy you in the country’s 50 largest cities. So, just how much house can you get in Ottawa for the benchmark price?
Here in the capital, $500K will buy a generous 3.3 bedroom! This actually turns out to be exactly in line with what the average home price will buy nationwide. What’s more, the local selling price in Ottawa is currently around $380K, quite cheaper than the national average. Only about 6% of what’s selling in Ottawa is close to the $500K average.
Considering that the national average home price will not buy you 3 bedrooms in half of the country’s 50 largest cities, Ottawa home buyers are very well placed. In the 6 most expensive cities in Canada, having a budget of $500K won’t even guarantee 2 bedrooms.
Somewhat predictably, the national average price will buy the least amount of space in Vancouver. Ontario cities display the widest price range — from Richmond Hill’s expensive 1.9 bedrooms to Windsor’s spacious 4.3.
If you’re house hunting in Ottawa, then you’re fairly well placed. With an active job market and a high average income, the $380K average house price is relatively achievable for most Ottawa home buyers.
