Realtor Ottawa

A Realtor's Guide to Ottawa's Economy

Being Canada’s capital city it shouldn't come as a shock that Ottawa is one of the most, if not the most, desirable places to live in the whole of the country. Those in real estate know this, but some people may not be aware of the reasons why Ottawa is such a desirable place to reside. In this article we will examine one of the major reasons why Ottawa has become what it is today - its economy. It is important to delve into the history of this so as to really appreciate the economical heritage of this great city.

On the lookout for a realtor in Ottawa? We have just the company for you: http://www.realtorottawa.com

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Both the public service and high-tech industries are the primary employers in Ottawa. The federal government is the largest employer, employing over 115,000 people from across the region. Second to that is the aforementioned technology industry, with Ottawa's 1800+ tech companies employing 64,000 people, which has led to the nickname, 'Silicon Valley North'. Some global brands have offices and their regional locations based in Ottawa - these include, but are not limited to: Adobe, IBM, Nokia and 3M. The third-largest employer in Ottawa is the health sector, which employs nearly 20,000 people - with four major hospitals and several smaller specialised ones it is not hard to see why the number of health-sector based staff is so high. Another boost to the economy and jobs is the National Defence Headquarters, which is the main command centre for the Armed Forces of Canada. 

Other facts that show the power of Ottawa’s economy (and why it is such a hit with realtors)

- The city is recognised as having a high standard of living and low unemployment rates.

- Ottawa has the third highest standard of living of any large city in the whole of the Americas and is ranked 16th in the world.

- It has exemplary cleanliness, which is exemplified by it being the second cleanest city in Canada and the third cleanest across the globe.

- It has the highest GDP growth rate compared to other Canadian cities (0.3% higher). 

- It has a huge tourist trade that attracts over 7 million tourists every year, who go on to spend over 1 billion dollars.

- Ottawa has the third highest income of all of Canada’s major cities ($40,000+).

- It offers a wide diversity of jobs, with business, administration, sales, service and finance being the most popular. 

- Real estate, finance and insurance account for over 10% of Ottawa’s GDP.

From of all the above it is easy to see why Ottawa’s economy is thriving and why it is such a great place to live. With so many job opportunities in so many sectors, high desirability, low unemployment, exceptional cleanliness and a high average income level it is not surprising to see so many people wanting to move from all across Canada and the world to enjoy the life this wonderful city has to offer. Whilst the heart of the city may be expensive, there are numerous areas within the metropolitan of Ottawa that offer better value for money. That’s not to say you shouldn’t invest in property in the centre (there will always be demand for it), it may be wise to consider other areas if you’re on a budget or perhaps want a slightly better return on your investment. The best advice we can offer here is to speak to a real estate expert (such as the one linked to at the top of this page) to discuss what your best options are regarding a property purchase in the Ottawa area.