Gatineau real estate still cheaper than Ottawa

Ottawa housing prices are still high, but just across the river in Gatineau, prices remain more affordable. CTV’s Dave Charbonneau reports.

Ottawa housing prices are still high, but just across the river in Gatineau, prices remain more affordable. The difference might convince some Ottawa residents to consider moving.

Sacha Gaudet has been renting for years. He hopes to someday buy a house in Ottawa but says he might have to settle for Gatineau.

“Obviously, it’s really expensive right now, so we’ll see about that in the future,” Gaudet said.

Gaudet says Gatineau is a more affordable option compared to Ottawa.

“Because prices are way cheaper. I don’t know the exact number, but I would say like it’s probably like 30 per cent cheaper to move in Gatineau instead of Ottawa,” he said.

Gatineau real estate agent Tracy Escander says the market across the river is still competitive, especially for homes under half a million dollars.

“I would say between four and eight offers at a time for homes that are half a million and under,” Escander said. “The average median pricing in April last year was about $500,000 for a single detached home. And today it’s, approximately $312,000, the median pricing for condos. So, it’s come down quite a bit.”

Despite lower home prices, Escander says buyers from Ottawa sometimes hesitate due to tax differences, but the savings on a home can make up for it.

“There’s some skepticism from the buyers that are coming from Ottawa with regards to the amount of taxes that they have to pay on this side,” she said.

In Ottawa, the average cost of a house is going down. Last year, the average price was $719,000, but it’s now $703,000, according to Jesse Bigras, a real estate agent who works in both provinces.

Bigras says prices in Quebec and Ottawa are moving in opposite directions.

“In Quebec, it’s going up and Ontario is going down. The average time on the market is also slower here. So, houses do stay on the market for much longer,” Bigras said.

Bigras also says that the National Capital Region is unique in Canada for having two neighbouring cities with such different real estate markets.

“We have a lot of federal employees that do work in Ottawa, but they can’t necessarily afford the houses here. So, they have to go to Quebec, where prices of homes are cheaper. They’re usually ready to do the commute, especially if they can save a few hundreds of thousands of dollars on the price of their home,” he said.

For renters like Gaudet, Gatineau is starting to look like a good alternative to Ottawa’s expensive market.

“There’s great options. Gatineau is really close to Ottawa too, so it’s not that big of a deal,” Gaudet said.