Cost of living increases 17 per cent in Ottawa, home prices up 53 per cent: report
![For sale A common refrain Millennials heard from their Boomer parents is that buying is always better than renting. That advice is now out of date. (Luke Sharrett, Bloomberg/Getty Images)](/content/dam/ctvnews/en/images/2024/1/19/for-sale-1-6733367-1705675455300.jpg)
The cost of living increased more than 17 per cent in Ottawa between 2017 and 2022 as the cost of the basics soared for families, while home prices jumped more than 50 per cent over the past five years, according to a new report.
Real estate website Zoocasa.com released a new report this week looking at how the cost of living has risen compared to real estate prices in Ottawa and 14 other cities across Canada over the five-year period. The report looks at the average home prices in 2019 and 2024, and the Market Basket Measure (MBM) in 2017 and 2022. The MBM is the amount of money a family of four would need to have in disposable income to enjoy a basic standard of living, and Statistics Canada cites the MBM as the official measure of poverty in a city.
- Sign up now for our daily CTV News Ottawa newsletters
- The information you need to know, sent directly to you: Download the CTV News App
Zoocasa.com says the cost of living for an average family of four increased 17.5 per cent in Ottawa, from $46,123 in 2017 to $54,177 in 2022.
The report shows Ottawa's benchmark housing prices jumped 53.5 per cent, from $404,900 in 2019 to $621,600 in 2024.
"While housing remains one of the most expensive essential living costs, the prices of other goods and services have also experienced significant increases," the report says, adding the cost of living still lags behind home price surges.
Calgary has the highest MBM in Canada, with a family of four requiring $55,771 in income to cover living basics, followed by Vancouver ($55,727) and Toronto ($55,262).
The report notes in 13 out of 15 cities, home price increases outpaced increases to the cost of living. In Regina, home prices increased 8.7 per cent between 2019 and 2024, while the cost of living increased 16 per cent over five years. In Edmonton, the cost of living jumped 18 per cent while home prices increased 9 per cent over five years.
"With home prices rising at a rate much faster than the cost of living, many Canadians are finding it increasingly difficult to find affordable housing options," Carrie Lyseno, CEO of Zoocasa, said in a statement.
"We need to see a shift in Canadian property options in order to help bridge the gap between income levels and housing costs."
With files from CTV News Toronto's Phil Tsekouras
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6903244.1716897063!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
BREAKING Scotiabank suffers direct deposit outage on pay day
Scotiabank has acknowledged technical difficulties affecting direct deposits as clients report missed payments Friday morning. On Friday morning, the bank's client services phone line was playing an automated message assuring customers that work was underway to rectify the outage.
BREAKING Canada Soccer head investigating 'systemic ethical shortcoming' amid spying scandal
Canada Soccer chief executive officer Kevin Blue said he was investigating a potential 'systemic ethical shortcoming' within the program but has not considered pulling the women's soccer team from the Paris Olympics due to a drone spying scandal.
Suspected train sabotage, bad weather dampen spirits ahead of Paris opening ceremony
The Paris Olympics are getting off to a rough start, with suspected acts of sabotage targeting France's flagship high-speed rail network.
Elon Musk's estranged daughter calls out his 'entirely fake' claims about her childhood
Vivian Jenna Wilson, Elon Musk's estranged daughter, publicly refuted several recent anti-trans statements her Tesla CEO and X owner father has made about her.
'She led it the whole way': 18-year-old B.C. woman leads hikers to safety in Jasper National Park
As fire threatened people in Jasper National Park, Colleen Knull sprung into action.
'Catastrophic' situation 'cannot continue': Open letter from Trudeau, other PMs calling for Gaza ceasefire
Prime ministers of Canada, New Zealand and Australia released a letter renewing calls for an “urgent ceasefire” in Gaza on Friday morning.
Arson attacks cause chaos before start of Olympics in Paris, thwarting athletes' travel
Arsonists attacked the French high-speed rail network early Friday, paralyzing travel to Paris from across the rest of France and Europe for some 800,000 people, including Olympic athletes heading to the grand opening ceremony of the Games in the evening.
Saskatchewan First Nation lifts 17-year long water advisory
After 17 years, residents of Star Blanket Cree Nation can breathe a sigh of relief when turning on their taps.
Latest updates on wildfires in Jasper National Park: Rain, cooler weather limiting spread
Cool and wet weather is making a difference in Jasper National Park.