Can You Afford the Average Home in Ottawa?

Let’s be real. The cost of living in Ottawa keeps going up. Groceries, gas, and especially housing are more expensive than ever. Right now, the average home price in Ottawa is about $723,000. But what does that really mean for buyers?

Let’s break it down into two real-life scenarios.

Scenario 1: 5% Down Payment

• Purchase price: $723,000

• Down payment: $47,300

• Mortgage with insurance: ~$675,700

• Bi-weekly mortgage payment: $1,990 ($4,300/month)

• Property taxes + car payment: ~$1,100/month

• Total monthly cost: ~$5,400

👉 Household income needed: $160,000/year

Scenario 2: 20% Down Payment

• Purchase price: $723,000

• Down payment: $144,600

• Mortgage amount: ~$578,400

• Bi-weekly mortgage payment: $1,480 ($3,200/month)

• Property taxes + car payment: ~$1,100/month

• Total monthly cost: ~$4,200

👉 Household income needed: $130,000/year

The Bottom Line

With 5% down, you’ll need a higher income and steeper payments. With 20% down, your monthly costs drop by about $1,200, and the income required is $30,000 less.

The challenge? Saving $144,600 for a down payment is tough when everyday costs are rising. That’s why many buyers start smaller, look into first-time buyer programs, or create a long-term savings plan.

Buying a home in Ottawa is possible, but it’s all about finding the right strategy for your budget and lifestyle. If you’re ready to explore your options, let’s connect—I’d be happy to help.