There’s no denying that home affordability in Ottawa is facing new challenges. In Mid-Q3, buyers needed an average income of $137,400 to purchase a typical home, which was priced at $637,700. That’s a significant threshold, and it’s important to understand what’s driving it. With average mortgage payments reaching $3,291 per month, it’s more essential than ever to budget carefully and plan ahead.
The standard affordability calculation—assuming 10% down, a 25-year amortization, $4,000 per year in property taxes, and $150 a month for heating—gives a clear framework for what buyers are up against. Interestingly, with 5-year fixed mortgage rates holding steady in this period, it’s the home prices themselves, not borrowing costs, that have become the main factor shaping affordability.
With nearly a decade guiding clients through these kinds of shifts, I know how important it is to have a transparent, strategic approach. Understanding the real numbers is the first step in building confidence and clarity for your next move.
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