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At a certain point in our lives, we have to make the decision, should we rent a home or buy one? Needless to say, both of these options have their advantages and disadvantages. However, what matters the most is how you approach it and when you decide to make the choice. The argument that renting a home is just wasting money is very flawed, and more and more people realize this. Namely, as we discuss whether you should be buying or renting in Ottawa, you should have a clearer understanding of the general state of the market in the city. Whatever you end up choosing, ensuring your items arrive safely is very important. Therefore, you should consider hiring movers in Ottawa area to help you do this properly. There are many different factors that can affect the choice you have to make. Remember to take time and do things slowly.
The ages-long debate: Buying or renting in Ottawa?
Ottawa is the capital city of Canada. It is located on the southern bank of the Ottawa River in the southern part of Ontario. As it borders Gatineau, Quebec, the city of Ottawa represents the core of the Gatineau-Ottawa Census Metropolitan Area, as well as the National Capital Region. The entire metro area counts about 1.4 million people, which has increased by 1.07% since 2021. The city on its own has slightly more than 1 million residents. This makes Ottawa the fourth largest city in Canada. Ottawa also has one of the most educated populations in the entire country of Canada. Due to its vastness, living in Ottawa can also mean living in one of its outlier suburbs. If moving to the suburban parts is what you want, hiring Manotick movers can ensure safe relocation. Ottawa has an exciting period in the future according to some real estate studies.
The Ottawa real estate market
Much like many other cities and provinces, the Ottawa real estate market is also a subject of a rapid price increase. For example, all property types in Ottawa had a median price of $752.600. This is an increase from the 2021 price by 18%. A single-family home is worth around $837.800, while the average condo apartment goes for about $467.000.
On the other hand, renting a one-bedroom home in Ottawa would cost you around $1.650 a month, which is an increase of 2.22% since 2020. The average two-bedroom apartment would end up costing you about $2.030. This is an increase of 1.3% since 2020. Now, although these numbers might seem high, know that Ottawa is not even in the top 5 most expensive rent cities. The real estate market is still going to increase in value, so now might be the best time to make a decision.
What type of properties will you be able to choose from?
Ottawa is a big city. Because of this, it has many different neighborhoods. Some of these neighborhoods are closer to the city centers, while others resort to the city outskirts. Logically, the neighborhood, on top of the type of home you want to rent or purchase plays a vital part in the process. If you decide to get in touch with moving companies Brockville to relocate you to some of Ottawa’s neighborhoods, you should know what type of homes you can expect. So, you can expect detached homes, which is a standard single-family homes. You can also choose between a semi-detached home, which would mean that you would share a wall with another home. There are also townhouses, condo apartments, and plexes. Each home type will offer different possibilities and have different prices. It would also matter if you opt for a freehold home or a condominium.
Buying or renting in Ottawa – Purchasing a property
- Purchasing a home is a good long-term solution, but very expensive
- Many Canadians claim purchasing homes is one of the most stressful experiences they had
- The Ottawa market is booming, making homes more expensive
- Building home equity is not something that comes quickly
Condo prices in Ottawa have increased their value by 14%. Consequently, the average home price has risen by 17%. Although homeownership poses a serious move, it can be quite expensive. Most importantly, homeownership is not simply giving your money to the seller and moving into the home. There is a lot you have to do before you can finalize the deal. Therefore, purchasing a home grants you peace of mind for the future, but comes with a lot of expenses and responsibilities. Moreover, once you complete everything, hiring moving companies, or specialty movers, like furniture movers Ottawa will be essential for the process.
Renting a property
- Renting creates fewer upfront costs
- Less to no home maintenance responsibilities
- No home maintenance costs, as well as property taxes
- Allows you to be much more flexible in the future
The good thing is that Ottawa is not at the top of the list of most expensive cities for rent in Canada. However, it is there. Renting in Ottawa is not the cheapest, but it will pay off if you are someone that is making life-altering choices. Generally speaking, when talking about buying or renting in Ottawa, it all comes down to your current situation. Finances and life situations can come in the way of making the right choice at that moment. Nonetheless, renting is a much better option if you are someone that is looking to save money or amass wealth. Purchasing a home has a lot of responsibilities, but can also help you bring peace of mind.
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