Queen Victoria chose Ottawa as the capital of Canada in 1857 for good reason; it’s ideally located on the south bank of the Ottawa River bordering Gatineau, Quebec. As Canada’s business center, its name fittingly comes from the Algonquin word adawe – to trade. The seventh coldest capital in the world comes alive in winter when the Rideau Canal freezes over and becomes the longest skating rink in the world at 7.8 km. With nearly half of its population under 35 years of age, Ottawa is one of the youngest cities in Canada and hosts more than 14 museums and 35 major festivals, including the famous Canadian Tulip Festival, held every May.
Optimism for Spring Grows as Market Stabilizes
Home prices were up 5% from last month, reaching $708,968 in February 2023, which is markedly lower than the GTA’s average price of $1,095,617. This could be a promising sign that demand is growing as interest rates are now holding steady and the spring market is maintaining relative balance. Adding to this sense of optimism, new listings were up 3% from January and took an average of 37 days to sell for homes and 43 days for condos, both down from last month.
Properties in Ottawa
The median list price for single-family homes in Ottawa was $688,500 in February 2023, compared to $679,800 in January 2023, trending up by 1.28% month over month.
The median list price of condos in Ottawa was $411,500 in February 2023, compared to $405,600 in January 2023, trending up by 1.45% month over month.
The median list price of townhomes in Ottawa was $487,400, compared to $470,800 in January 2023, trending up by 3.53% month over month.
Homes Currently Available in Ottawa
2151 Rice Avenue, $1,979,000
Property details:
- 4 beds, 5 baths, 8 parking
- Detached
- Walking and Transit score N/A
This unique, contemporary home sits on a prime corner lot and has expansive windows overlooking the Ottawa River. Whether you’re sitting by the cozy gas fireplace in the living room or relaxing in the built-in sauna, this home has every comfort that you desire.
View the listing here.
2357 Edwin Crescent, $629,900
Property details:
- 3 beds, 1 bath, 3 parking
- Detached
- Walking score 31/Transit score 63
This classic bungalow has been renovated to perfection. Featuring wide open concept spaces, lots of natural light, and gorgeous quartz counters, this home is ready for any family. Best of all, it’s within walking distance to several shops, restaurants, and parks.
View the listing here.
801 – 255 Bay Street, $464,900
Property details:
- 1 bed, 1 bath, 1 parking
- Condo apartment
- Walking score 95/Transit score 89
Living in this upscale, open concept condo will give you access to numerous shops, cafes, restaurants and Parliament. Offering premium views of the city, a spacious balcony, and modern upgrades, what’s not to love?
View the listing here.
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Why Ottawa?
Ottawa is a vibrant and stylish city with plenty of attractions to offer. With the most educated Canadian population, top-notch universities and research institutions, Ottawa is the perfect place to study, live and work.
Not only is Ottawa rich in culture, but it is also home to numerous national museums, galleries, parks and trails. Other key features of the city include the University of Ottawa, Carleton University, the National Arts Centre, the National Gallery of Canada, and multiple national museums.
The city provides excellent quality of life with its stunning natural beauty along the Ottawa River and its low cost of living, making it an ideal destination for anyone looking for a place to call home.
Sellers should work with an agent who has extensive knowledge of the neighbourhood, appropriate pricing points, and the ideal times to advertise their property. Even though real estate values change often, it is still a long-term investment. Connect with one of our agents today!
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