Ottawa rises in rankings of top real estate markets

Home price

Ottawa is the fourth-best Canadian city in which to buy a home in 2020, according to an annual ranking.

MoneySense, a personal finance website, ranks cities based on factors such as price appreciation, relative value, the ratio of average income to housing prices and the strength of the overall economy. Ottawa’s ranking rose five spots from 2019 to land behind Guelph, London and Victoria.

A hot local real estate market has seen Ottawa home prices rapidly appreciate in recent years. However, MoneySense’s statistics suggest the city remains relatively affordable among top markets, based on the ratio of home prices to average annual income.

The MoneySense report comes roughly a week after a separate report by the Canada Mortgage and Housing Corp. predicted local real estate prices would decline slightly in 2021 before starting to appreciate again the following year.

Gatineau ranked 16th in the MoneySense ranking.