You’re right, affordability is a prime factor in purchasing home for Ottawa. The average is currently $290,000 (December 2008). Take note; the average price is an average of condos, rows, semi-detached and detached homes. Clearly this average price needs to be examined and viewed with insight. There are far more homes selling in the $250 to $300 range than at the $400 to $600 range and this overloading of moderately priced homes means the average is over weighted on the lower side by about two to one. Homes in Central Ottawa, Ottawa West, and Stittsville are popular and house values tend to begin at the $400 plus range.
Community location is another factor in planning where you wish to live.There are a number of neighbourhoods with good transportation and with many of the same characteristics such as schools, easy shopping, mature homes, trees and parks. Talk to me about community. School districts are very important if you children attend school.
In neighbourhoods such as Castle Hill, Copeland Park, Bel Air Hights, Skyline, Queensway Terrace North, and Britannia a 3-4 bedroom 3 bathroom with garage and garden can be found in the $270 K range. Alta Vista, and Faircrest Hights are also forgotten areas. So much depends on what criteria you have, where you work and recreational needs. Then again mortgage issues may be much more favourable than you think. Speaking with your bank and a mortgage broker clear the way to an effective home search.
I have had excellent service from a mortgage broker. They are very competitive! And also from a Banker. The company I work with; Keller Williams Ottawa Realty has recently partnered with Mortgage Brokers.com and with the Royal Bank of Canada. I can suggest specific contacts, just give me a call or email a request.I’d be happy to arrange a visit to any home when you are ready.
Best wishes, Martin