What’s your home worth? Ottawa-area real estate now vs. five years ago
If five years ago, you made a move to the towns of Arnprior or Almonte, that would be described as a very good move.
Since 2017, home values have risen 219 per cent in Arnprior. In Almonte, the five-year price increase is 160 per cent.
A home purchase in Carp, on average, was $595,000 a half decade ago. Today, that home would fetch more than $1.1-million. That’s an 87 per cent increase.
“Normally we couldn’t sell the outlying areas,” says Marnie Bennett, owner of Bennett Property Shop Realty.
Bennett has been in the business for more than 40 years and describes the pricing increases across the region as unprecedented and mind-blowing.
“A lot of it is perpetuated by the millennials. They’ve saved more money during the pandemic,” she said. “The low interest rates and definitely the ability to work remotely is driving all of this.”
Bennett says people are looking at owning larger lots and more property. And she says COVID has had another influence.
“We’re seeing a lot of intergenerational home-buying too because people are now worried about long-term care facilities and aging in place.”
Bennett says the Ottawa market and pricing, even with the staggering increases, are still attracting many Toronto buyers.
“If you look at the Toronto market, we’re getting a lot of Toronto buyers. The average price in Toronto right now is $1.8 million. $837,000 is the average price of a home in Ottawa. That’s a $1-million difference.”
In 2017 the average price of a home in Ottawa’s Alta Vista neighbourhood was $515,000. In 2022 that same house sold for an average of $983,662, a 91 per cent increase.
Travel east to the Orleans and Cumberland area and your five year increase in value is about 110 per cent.
Farther east in Hawkesbury, Ont., there was a 40 per cent increase in home values from February 2021 to this year.
Throughout this region there has been historically low inventory on the market. Bennett sees some hope of that changing.
“The number of new listings in February is 1,762, offering a glimmer of hope for buyers. Listings are up 12 per cent, year-over-year since February 2021.”
You may need to sit down when you read that 21 per cent of all residential homes sold in Ottawa are more than a million dollars.
If that makes first time buyers feel they have been totally priced out, Bennett says they shouldn’t be discouraged.
“Interest rates are still very low. We’re saying to people who may be baby boomers—‘Hey this may be time to cash out, maybe you have a cottage that you want to winterize or maybe some people are moving back, I don’t know, to the Maritimes.’ We are seeing that going on.”
CTVNews.ca Top Stories
BREAKING Another suspect arrested in Toronto Pearson airport gold heist: police
Police say another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Trump hush money trial: Play-by-play on Day 2 of Stormy Daniels testimony
Adult film star Stormy Daniels took the stand for a second time Thursday as former U.S. president Donald Trump's hush money case continues in Manhattan.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
Cyclist strikes child crossing the street to catch school bus in Montreal
A video circulating on social media of a young girl being hit by a bike has some calling for better safety and more caution when designing bike lanes in the city. The video shows a four-year-old girl crossing Jeanne-Mance Street in Montreal's Plateau neighbourhood to get on a school bus stopped on the opposite side of the street
B.C. wildfires likely to spread with weekend temperatures expected to soar, province says
Wildfire and emergency management officials in British Columbia are urging residents to be prepared for increased fire activity as temperatures are expected to soar above 30 C in parts of the province this weekend.
Wilfrid Laurier football player drafted despite only playing 27 games in his entire life
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.