The cost of living in Ottawa is considered average and still affordable for current residents and newcomers of all ages. When comparing the cost of living in Ottawa to other major cities around the world, Ottawa continues to rate reasonably, making Ottawa a welcoming city financially.
Numbeo, a well-regarded database of user-contributed data on cities worldwide, currently rates the cost of living in Ottawa index at 63.12. Numbeo ranks cities against a baseline of New York city which therefore has a cost of living index of 100. Out of 537 cities across the world, Ottawa is ranked 258th using its cost of living index.
Some housing markets in other major cities are so hot that they have even triggered government action. Luckily, Ottawa has avoided such heated markets, but real estate in the capital is not necessarily a bargain either. As the real estate market in Ottawa paces forward at a reasonable rate, properties continue to be fairly affordable and stable, avoiding the volatility of some other Canadian markets such as Toronto.
When looking at Ottawa real estate in more detail, the average residential home sale price in June 2018 was $449,200 according to the Ottawa Real Estate Board. This is an increase of 3.4% since June of 2017. Similarly, the the average condo sale price in June 2018 was $293,303, a 1.2% increase since June 2017.
Renting in Ottawa can range in price quite drastically, depending on your needs and preferred location. Similar to most large cities, rent becomes more affordable as you vear away from the city’s centre.
A one-bedroom apartment rental closer to the city’s centre is on average $1,267.50 CAD, and a 3-bedroom apartment (which could be rented by multiple people, perhaps students) rents for an average of $2,081.67 CAD. Rent in Ottawa is about 46% lower than Toronto and approximately 20% higher than Montreal.
Below is a short list of costs which help shape the cost of living in Ottawa:
Meal, Inexpensive Restaurant – $15.50
Meal for 2 People, Mid-range Restaurant, Three-course – $60.00
Domestic Beer (0.5 liter draught) – $7.00
Cappuccino – $3.68
Milk (1 liter) – $2.06
Loaf of Fresh White Bread (500g) – $2.65
Eggs (regular) (12) – $2.67
Gasoline (1 liter) – $1.23
OC Transpo Bus Transit Fare $3.50
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If you are seeking advice on buying a home in the Ottawa area, or have more questions for us, we are happy to provide you with helpful guidance and support. Email us at info@buyandsellottawa.ca or call us at 613-590-3036.