George Prazmowski - Real Estate Sales Representative

Members of the Ottawa Real Estate Board sold 2,011 residential properties in March 2022 through the Board’s Multiple Listing Service® System, compared with 2,274 in March 2021, a decrease of 12 per cent. March’s sales included 1,493 in the residential-property class and 518 in the condominium-property category, The five-year average for total unit sales in March is 1,792.

The average sale price for a condominium-class property in March was $479,405, an increase of 10 per cent from 2021, while the average sale price for a residential-class property was $853,615, increasing 13 per cent from a year ago. With year-to-date average sale prices at $831,122 for residential and $467,915 for condominiums, these values represent a 14 per cent and 13 percent increase over 2021, respectively.

Just Released: Royal LePage’s Rent vs. Buy Report
Royal LePage Canada / 1 day ago

The Royal LePage Rent vs. Buy Report includes insights from economist and housing market analyst Will Dunning’s recent study on the financial benefits of home ownership versus renting.

The study uses price data for 278 scenarios (broken out by city and housing type) across the country and aims to answer the commonly-asked question ‘Is it better to buy or rent?’. The study, which assumes the buyer is able to secure a 20% down payment, found that it is more financially beneficial to buy a home in Canada than to rent an equivalent dwelling over the long term, in 91% of cases.

According to a Mortgage Professionals Canada report, close to half of first-time homebuyers that purchased a property in 2018 or later in Canada, had a down payment of 20% or more. The average down payment for first-time homebuyers in Canada is 21%.

Key findings from the release include:

For those able to secure a sufficient down payment, it is more financially beneficial to buy a home in Canada than to rent over the long term, in 91% of cases analyzed;

As of Q2 2021, on average the net home ownership cost was $769 per month less than the cost of renting an equivalent dwelling;

Even with a 10% decline in home prices over a ten year period, approximately half of homeowners studied would still see a positive rate of return on investment, while the other half would break even or see a modest loss.
Read the full press release here. rlp.ca/rent-vs-buy-summary

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