Ottawa Mortgage Rates
Buying a home in Canada's capital city? Afford more with the best mortgage rates in the Ottawa area by using RateSupermarket.ca.
|Best Fixed Mortgage Rates||Best Variable Mortgage Rates|
|2.85%||Get Rate »||2.84%||Get Rate »|
|2.47%||Get Rate »||2.50%||Get Rate »|
|2.69%||Get Rate »||2.25%||Get Rate »|
|Fixed Mortgage Rates provide you with the security of never going up over your term. The most popular fixed mortgage rate term is five years.||Variable Mortgage Rates go up and down with the current prime rate. As they carry a higher risk, they generally offer a lower rate.|
Canada's Capital City
As the Capital of Canada, Ottawa is home to Parliament Hill, the Rideau Canal and cold winters. Here are some more fun facts about Ottawa:
- With a population of 1.2 million, Ottawa is Canada's fourth largest city
- Ottawa is the third cleanest city in the world
- Home to Carleton University, University of Ottawa and Algonquin College
- Ottawa hosts the Canadian Tulip Festival, Bluesfest, Fringe Festival, Ottawa International Jazz Festival and more each year
- Ottawa has the highest-educated workforce in Canada
5 Things You Need To Know About Buying In Ottawa
- Ottawa is much more affordable than some larger Canadian cities – the average home price is around $360,000
- On average, the price of an Ottawa home went up 3.6% from last year. While this is still significant, it is lower than other Canadian cities
- It takes an average of 82 days for a home to sell in Ottawa
- In Ottawa, the $300,000 - $399,000 price range has the highest concentration of properties sold, followed by the $500,000 - $749,000 range (the latter increased 27.4% in 2014 alone)
- Ottawa is a safe, clean city and offers a variety of neighbourhoods, with a wide mix of housing and apartment options
Frequently Asked Question: Given that Ottawa is home base for the Canadian government, what is the job market like there?
Ottawa's unemployment rate is typically lower than the Canadian average, and this can be attributed to the large concentration of "creative" or knowledge-based occupations (e.g. science, engineering, computer science, arts, design, etc). Ottawa also boasts the highest-educated workforce in the country. This being said, Ottawa is an officially bilingual city, and as such many government jobs do require that candidates be fluent in both English and French.
Ottawa Housing Statistics
Being such a clean, safe city, Ottawa is an excellent destination for homeowners. With access to so many museums, parks and cultural events, the nation's Capital has earned its reputation as one of the nicest places to live in Canada. Moreover, the price is right! Ottawa has remained an affordable place to live, and can be a great compromise for those looking for an urban lifestyle on a budget.
|Property Prices: Moderate||Quality of Life Index: High|
|Cost of Living: Moderate||Traffic Index: High|
Buying Property in Ottawa – Important Links
Knowledge is power when it comes to making the most of your money, and this old adage is especially true when talking about mortgages. RateSupermarket.ca recommends the following resources to get you started on your mortgage journey in Ottawa:
Get Ottawa regional housing statistics from the Canada Mortgage and Housing Corporation
Ever wonder what everyday items will cost you in Canada's capital? You can compare the cost of living around the world here.
Get all the information you need about Ottawa public transit on the OC Transpo website.
For many families, nearby schools are a big factor in home buying decisions. Learn more about the Ottawa-Carleton District School Board and school locations here.
As the nation's capital, Ottawa is a very ethnically diverse city, with many new immigrants arriving each year. Are you new to Canada? Ottawa has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.