You’ve read the headlines. Young adults are putting off the decision to purchase a home. They’ve been priced out of the market. They’re struggling to pay down student debt. And many of them have accepted the idea that they may have to rent for the long-term.
The good news is, some Canadian cities are much better for young, first-time buyers than others. And Ottawa is one of them. Here are three reasons why this city’s Millennial homebuyers are in a good position.
It’s Affordable
Across the country, Canadians are talking about real estate prices in Toronto and Vancouver. These markets are highly competitive, making it difficult for Millennial homebuyers to enter them.
A generation ago, affording a house was feasible young buyers. In 1995, the average price for a detached home in Vancouver’s west side was $520,000. That same year, the average for a detached was under $210,000 in Toronto. Fast forward to last year. In Greater Vancouver, the average price for a detached home peaked at $1.5 million—and a recent statistic puts Toronto’s average at over $1.2 million (that’s after a recent 4 per cent drop).
Looking at what’s happened to the real estate market in Canada’s priciest markets, it’s no wonder Millennials are still living with their parents in record numbers.
In Ottawa, the pressure is less intense. According to a recent statistic, the most active price point in the city’s residential market is in the $300,000 to $449,900 range. Buyers with median incomes are far more likely to be able to purchase homes here (it’s worth noting that the median income in Ottawa is over $80,000, which is above the national average).
For most Millennial homebuyers who are ready to enter the market, buying in Toronto or Vancouver simply isn’t possible. Ottawa is a place where many can afford a condo or starter house in a convenient central location.
It’s a Great Place to Settle Down
Millennials are starting to put down roots. The places they choose to establish their careers and buy their first homes should be affordable. But that’s not all. These communities should be safe, with stable, well-paying jobs and future economic opportunities. They should provide the amenities necessary to help young people establish a good work/life balance.
Ottawans know what a great city we live in, and now we have comprehensive data to back us up. According to an annual Money Sense study, our city is the best place to live in Canada. Factors such as our growing economy, well-planned transit system, and superior access to health care were all taken into consideration.
Our city enjoys a low crime rate, and our middle class is well paid. We’re also home to some of the nation’s best restaurants, markets, and art and cultural institutes.
Put simply, Millennial homebuyers couldn’t ask for a better place to settle down than Ottawa.
It’s Family-Friendly
Millennial homebuyers are in their twenties and thirties now, which means many members of this generation either have young children or are planning to do so soon. Ottawa is an incredible place to raise a family, and not just for the reasons we’ve already gone into.
First off, our city has a great educational system, and many of our schools receive top rankings from the Fraser Institute. But the family-friendly nature of Ottawa goes beyond schooling. This is a city where you’ll find fun activities for kids in every season—from skating on the Rideau Canal in the winter to splashing around at the Calypso Waterpark in summer.
Perhaps most importantly, family is in the fabric of our communities. When the weather’s nice, wander around central neighbourhoods like Westboro or the Glebe. You’ll see families enjoying themselves in the heart of the city.
Starting a family doesn’t have to mean moving to the suburbs (though we have plenty of great suburban neighbourhoods, from Kanata to Stittsville). Millennial homebuyers, who frequently state a preference for living in urban neighbourhoods, may find the perfect balance in Ottawa’s central, family-friendly communities.
Looking to buy your first home in Ottawa? We’d love to help. Get in touch by calling us at 613.590.3036, sending us an email at info@buyandsellottawa.ca, or scheduling a meeting.