Much attention has been paid to the average price of a home in the Greater Toronto Area falling below $1-million in January, but of course, that includes all types of homes, from condos to semi-detached and detached (the latter remains the most expensive). The average cost of a detached home in Toronto and its surrounding suburbs is still more in the range of $1.37-million.
But let’s say you were taking a new job in a smaller city, such as Ottawa (there are a couple of by-elections upcoming): What can you get for less than the GTA’s average detached price in the nation’s capital today? Read on and scroll to the bottom to vote on which house you think is the best deal.
12 Apache Cres., Ottawa
Asking price: $1,249,900
The neighbourhood of Parkwood Hills on the west side of Ottawa (between the airport and the Trans-Canada Highway) is one of those classic postwar car-oriented inner suburbs where some streets have sidewalks and others – like Apache Crescent – just don’t. Listing agent Itai Olej of Tru Realty says the house is a little unusual because it’s a full two-storey in a community populated mainly by bungalows and split levels.
Even with four bedrooms, four bathrooms, a two-car garage and recently updated finishes inside, the price may still be a little steep in a slow market.
“Things aren’t moving. It doesn’t matter how great the house looks; it comes down to price,” said Mr. Olej, who recently fended off what he calls a lowball offer. But since the owners bought this home near the peak of the market five years ago, they may have to adjust their expectations.
120 Boteler St., Ottawa
Asking price: $1,185,000
Lower Town is a popular location for foreign embassies given its proximity to Global Affairs Canada, and Boteler Street has its share: On one end, there’s Saudi Arabia, further down Malaysia’s High Commission, beyond that the Republic of Korea and across the street from the restored heritage-designated home at 120 Boteler is the United Arab Emirates compound.
“Qatar is putting in an embassy, too,” said Nancy O’Dea, realtor with Engel & Völkers Ottawa, who is listing the three-bedroom house in the international neighbourhood.
Completely restored between 2007 and 2009, this three-bedroom home was first built in 1899, and while it’s not as big as an embassy, it’s packed with period charm. Ms. O’Dea said the local residential price is set in part by one of the most expensive condo buildings in the city (at 40 Boteler), which is highly prized with only 44 units and spectacular views.
27 Third Ave., Ottawa
Asking price: $1,295,000
There are parts of Ottawa where $1.3-million doesn’t always buy you a detached house, but it will give you one half of a former double (local parlance for a duplex) that’s been restored but also kept its period charm in the in-demand neighbourhood of The Glebe.
The chief attractions of the neighbourhood are the heritage flavour mixed with urban amenities (shops and cafés) while still being walkable to the capital’s centre, the Rideau Canal and attractions such as Lansdowne Park.
Listing agent Barry Humphrey with First Choice Realty said this Victorian double on one of The Glebe’s main avenues was split into two lots by a builder who did a complete gut modernization next door and did a lighter touch update to 27 Third Ave.
“In this neighbourhood, you can find semis that will run you – if they are going to be renovated – anywhere from around $1.3-million up to $1.5-million,” Mr. Humphrey said. He did sell a row house for $1.8-million, but that had a garage.
6980 Mansfield Rd., Mansfield, Ont.
Asking price: $1,349,900
Ottawa is unusual for having an urban boundary that covers huge chunks of rural land, and there are quite a few people who prefer to live outside the core on more private acreage.
Listing agent Sonat Try, with Re/Max Hallmark, calls this sprawling 4,300-square-foot custom-built four-bed, four-bath bungalow in Mansfield a mix of the two dominant home styles out here. It’s newish (built in 2005) and large, similar to some of the estate homes that go up in small batches on converted farmland, but it’s also got the breathing space of a solo build like many farmhouses.
It was originally listed last year with an attached property of almost 100-acres for $2.5-million. That proved a little much for the local market, so most of the land has now been severed and will be sold separately. The current pricing is a reflection of replacement cost: “We’re looking at what it costs to build something like this, to buy the land and custom build it,” Mr. Try said.
What city do you want to see in the next month's edition?
Each month in The Price Point, real estate reporter Shane Dingman will take a deeper look at a region in Canada and find out what the benchmark price gets you in various cities or neighbourhoods. Let us know which region you'd like to see in the next edition and it could be featured in a special reader section.