If you know your home-buying budget because you’ve talked to a bank or mortgage broker about your goals and financial situation, you’re on the right track to becoming a homeowner. The next step is to get an idea of what that actually translates to in the current market.
While you should speak to an experienced local Realtor about your specific situation to get an accurate idea of what YOU could find in the market, here is a basic breakdown of how far your budget will really get you in today’s market based on recent transactions.
Up to $500,000
If your budget goes up to $500,000, you’ll be most successful in the condo market, especially if you’re looking at a home closer to the city’s core.
The good news is that most neighbourhoods have condo options within this price range, and you can easily find relatively new buildings in excellent condition. Looking at the higher end of a $500,000 budget, you’ll find many units with 2 bedrooms, 2 bathrooms and parking. The price is definitely dependent on the neighbourhood in terms of unit size, so you need to research which neighbourhoods offer the best bang for your buck if you’re looking for a larger unit.
If you’re hoping for a detached or semi-detached home, your options may be limited, and it’s best to look in areas further away from the city’s core. Places like Vanier, Overbrook/Castle Heights, & Kemptville will have more inventory, including detached homes.
If you’re looking at the freehold market, with a budget of $500,000 or less, you’ll be limited in terms of home size, location and upgrades. Expect homes around 1000-1500 square feet that require updates and renovations to meet today’s standards.
$501,000 – $800,000
Within this price range, you will still find a lot of condos, particularly in the downtown area, but you’ll have many more options for detached homes in this range.
Condos within this price range will be relatively easy to find, and depending on what end of the budget you’re looking at, you’ll find 2+ bedroom spaces with ample square footage, parking and amenities.
The good news is that the average price for single-family homes in Ottawa is within this range. As of November 4th, 2022, the average sold price of a detached home was $677,873.
Again, you’ll have to look in typically more affordable neighbourhoods, as there are some areas in Ottawa where homes start at $1 million. Some neighbourhoods to keep in mind are Vanier, Castle Heights, Gloucester, & Napean. (see our list below for more neighbourhoods in this range).
$801,000 – $1,000,000
With a budget of this size, you can look in any of your desired neighbourhoods.
If you’re working with this budget, you’re likely looking at detached homes in desirable neighbourhoods.
On the lower end of this budget, you’re looking at neighbourhoods like Vanier, Riverview Park, Orleans, Gloucester, Nepean & Barrhaven.
On the higher end of this budget, you’re looking at neighbourhoods like Westboro, Osgoode, and Metcalf.
Again, the size & type of the property is dependent on the neighbourhood. In neighbourhoods with higher average sales prices, you’ll find your options are more limited.
Median List Prices By Neighbourhood (based on current listings)
Rockcliffe Park – $3,000,000
Greely – $1,300,000
Manotick – $1,400,000
Sandy Hill – $1,300,000
Alta Vista – $1,200,000
$800,000 – $1,000,000
Westboro – $1,000,000
Osgoode – $899,000
Metcalf – $876,000
$500,000 – $800,000
Stittsville – $794,000
Elmvale Acres – $714,000
Findlay Creek – $707,000
Hintonburg – $704,000
Vanier – $700,000
Napean – $676,000
Gloucester – $667,000
Barrhaven – $650,000
Riverside South – $627,000
Castle Heights – $622,000
Kanata – $620,000
Downtown Ottawa – $529,000