The median price of a two-bedroom apartment in the City of Ottawa has jumped to $1.1 million, according to real estate website Zillow.com, which looked at data from the city.
The average price for a three-bedroom home in the city, meanwhile, is $1,300, up from $937 a year ago.
But for some, there’s no comparison.
In fact, a two bedroom apartment in downtown Ottawa costs as much as a five-bedroom condo.
“There’s nothing that compares to a two or three-bedroom house,” said Andrew Kocher, a property developer who owns two properties in the area.
“The difference is in amenities, amenities that really are a bonus.”
While the average price of an apartment in Ottawa is higher than in Toronto, the difference is offset by a larger amount of affordable housing in the capital.
The city is home to more than 2,000 affordable housing units, and more than half are single-family detached homes, according a 2014 study by the Association of Canadian Real Estate Boards.
In addition to apartments, condos are also on the rise, rising by more than 1,500 per cent between 2010 and 2014.
Some of the priciest properties in Ottawa are located at the end of the city’s main drag, at the intersection of King and King streets.
(CBC) The city has an affordable housing shortage, according the city of Ottawa, which has been working to increase the number of units available in the downtown core.
But the city is trying to find solutions that are both affordable and sustainable, said Paul DeSantis, the city planning and housing spokesperson.
In 2016, the City announced plans to create 25,000 more affordable housing properties in six phases, beginning in 2021.
That included the development of affordable condominiums, and the creation of 1,000 new single-room occupancy hotels.
“We’re creating more affordable, more sustainable housing, and we need to do that now, before the housing market gets too much further away from the core of the City,” said DeSantes.
The government is also investing $2.4 million in the construction of the Ottawa Riverfront Park, a park on the riverfront with more than a million square feet of land and a swimming pool.
In September, Ottawa unveiled a proposal to redevelop the historic Bloor Street Bridge, a span that spans the river between Ottawa and Kingston, to create more affordable rental housing, as well as more public space.
The project is being built at a cost of $5.4 billion.
In May, the province announced it was giving $3.4-billion to help build more affordable homes, including $2 billion in affordable housing for seniors.
The federal government has also invested $1 billion in projects across the country.
But it is spending far less than the federal government, and it has limited resources to support more housing projects.
The number of new rental units built across the province each year has fallen by nearly 40 per cent from a year earlier, according that provincial report.
But some cities are seeing rapid growth in the number and affordability of housing units.
For example, Calgary’s vacancy rate has increased by almost 15 per cent, while Vancouver’s rate is now at more than 13 per cent.
The province is also working on new housing rules, including requiring a minimum number of affordable units in new buildings.
For those cities that do not yet have a housing plan, the government will continue to invest in housing in areas that have the greatest need.
“What we’re doing is putting in place a new policy and a new framework that will ensure that our communities have the opportunity to build the most affordable housing that they can,” said Mayor Naheed Nenshi.