This Is The Cheapest Neighbourhood In Ottawa To Buy A Home But The City Is Still Booming

The Ontario housing market has exploded over the last couple of years, and the city of Ottawa is definitely no exception.

A report by HouseSigma and Bullpen Research & Consulting Inc. has looked into the best neighbourhoods to buy a home in Ottawa. The city has been separated into ten distinct neighbourhood regions where the median prices of homes have been examined in each.

It may surprise you that Nepean is where you can find the most cost-effective single-family detached home, with a median house price of $632,450. I guess it's time to relocate to the suburbs.

While the cheapest, home prices have still increased in Nepean. The median price of a home has gone up by 7.6% since the previous year. The biggest housing market jump has occurred in Stittsville, where the price for a single family home has increased by a whopping 26.8% from 2020 to 2021.

If you're hunting for townhouses, Nepean is also the most affordable neighbourhood to buy one. The median price for 2021 of $419,000 is tied with that of Ottawa East for the lowest cost. Ottawa Central is where you'll currently find the most expensive townhouses on average.

It's tough to know where to find affordable homes for sale when everything seems out of budget. If you're counting pennies you'll want to stay away from Ottawa West, where the median single family house price is $864,900, the most expensive in the city.

If you don't need much space, a one-bedroom condo is a more affordable option. The cheapest neighbourhood for one of those is Ottawa South with the median amount of $264,000. The most expensive neighbourhood to buy a single bedroom condo is Kanata.

The Ottawa housing market was very strong last year and prices continue to increase. For anyone looking to buy a home in Ottawa, or anywhere in the province, may the odds be ever in your favour.

This article's cover image was used for illustrative purposes only.