While visiting and touring The ByWard Market are certainly enjoyable, living there is truly an experience. Before making the step of purchasing a home, one should certainly be more educated as to the life embraced there.
- Homes Available
- Parking and Transportation
- Commercial Properties
- Dominant Industry
- Food and Drink
Live – The Average Homeowner
The heart of Ottawa runs rampant with both professionals and students who live, work, and play in The ByWard Market. In a predominantly university educated, single neighbourhood, average household income is, well, average for young professionals – about 60k per year. This allows for only about 25% of the Market residents to easily own their own home. Nearly 12% of all dwellings in The ByWard Market require major repairs; with 78% of homes being built between before 1985, many new homeowners are intimidated by the maintenance and care required with this purchase.
Purchasing a home in The ByWard Market can range from about 200K for an apartment to nearly 600K for a condo. Similarly, townhouses are going for about 250K while a house can be over 500K. That in mind, the average asking price of a property is about 350K. A household with an income of 70K per year is likely able to afford a highly coveted property in Ottawa’s ByWard Market. Residents of The ByWard Market designate about 30% of their income to housing, which is a little higher than average, but affordable based on neighbourhood living expenses.
Over 60% of available homes in The ByWard Market are single units in a high rise building. These units range from 200K to 580K depending on the age of the building, the size and features of the unit, and the amenities within the building. One must not forget about taxes or condo fees, which can be as high as 10K per year. The newest condo in the area of the Market is Claridge Plaza, built by Claridge homes. While still under construction, over half the units of all four phases are already sold.
The other 40% of homes for sale in The ByWard Market are generally multi-unit or townhouses. From 250K to 500K, the lower tier having only one bathroom and one bedroom, property tax is significantly lower, while incidental and maintenance fees are difficult to budget for a new homeowner.
Parking presents an entirely new decision for a homeowner in The ByWard Market. Most purchased properties involve a parking opportunity, whether for an additional yearly fee in a condo or a garage in a townhouse. With easy access to the transit way, many residents choose not to utilize their parking space individually, but rather rent it to those working locally. In fact, over 55% of residents do not drive, carpool, or use public transit but instead walk, bike, skate, or board.
The majority of residents are able to avoid both public transportation and owning a vehicle as all amenities are within walking distance. Grocery stores, schools, libraries, financial institutions, and health institutions are at maximum a twenty minute walk.
Work – Commercial Space is Prominent in The ByWard Market
Why leave the classy neighbourhood of the Market for work? While most commercial properties are for rent, the few properties for sale are pricey, but worth the investment. About 40K can secure a small bistro or coffee shop of about 400SQFT, while a single unit building, around 3000SQFT can be over 200K.
The commercial aspect of The ByWard Market is primarily occupied by the service industry. Above many storefronts nestle offices and studio space, allowing for many to work conveniently close to home.
Play – Foodies, Clubbers, and Outdoor Enthusiasts
After a day of work, settling into The ByWard Market is ideal. Restaurants, Cafes, grocery stores, sports centres, trail systems, parks, and all three of Ottawa’s water ways within walking distance allow for one to enjoy their evenings and weekends in any way they please.
Food and drink are always readily available throughout the Market. Whether you enjoy the culinary delights of daytime Ottawa, all night shawarma, or prefer to indulge your kitchen with one of the two 24 hour grocery stores, one can always find what is desired. Considering the available night life, packed with live shows, late night films, pubs specializing in Scotch or locally brewed beer, and even dance clubs, many a night residents of the market may find themselves drawn into their community until late hours, afterward utilizing the all-night amenities.
All of these amenities are fully staffed with French-English employees. Over 20% of residents in the market consider themselves to be Francophone, not to mention the short jaunt many living in Gatineau take for both work and play.
For those more active under the sun, the constant stream of street performers amidst grocery stalls, formidable restaurants, and specialty dessert houses keep one entertained on the walk through the Market.
When escaping the hustle and bustle, many find solstice along the shores of the Rideau River, the trails along the Ottawa River, or the extensive number of parks throughout the heart of Ottawa. A beautiful view from Major’s Hill Park, a dog friendly Cathcart Park, or a stroll through Bingham Park, part of Ottawa’s Walking District ensure a taste of tranquillity every day.