I describe Ottawa market is a local upper middle class market. That is why I believe the 500k celling is a under-estimate. The two examples of Westboro and Mooney Bay is still belonging to my definition of upper middle class. The rich people in Ottawa lives in Rockcliffe, Glebe, Island Park and Crystal Beach, which I don't think those should include in meaningful comparision in this board where the target is middle class range.
My there cents too:
(1) I believe your two examples, but go to mls, check how many houses are over 500,000 and how long these house are staying in the marketing. In westboro, island park...civic hospital and near areas u will find most are over 500,000, because house under 450,000 has been sold in a second!
I only pays attention in westboro (around) area, and my founding:
the most house under 350,000, conditional sold before showing, under
450,000, dependent on condistions, locations, above 500,000 (finally u can offer 490,000), stay very long, but alwats has exception. we can not use 1 or 2 exception case. The celling of 500,000 just my calculation based on the average income in Ottawa, maybe will up after yearly inflation.
My friend bought a house here 570,000 (his family income is just 100,000/year. how come? he plan to rent out 2 units of total 3 units.
this is also the way the working-class-people in Vancouver used: lost own life style. I donot think the gov employees in Ottawa will use this way to promote the house price here ottawa.
(2) contracter: contracters working for gov donot necessary get high pay! Actually some of them get low pay, no benifit, gov just donot hir them (some of my whites friends are extremely happy after being 3-5 years contracter).
(3) the car: if no enough money, hard to afford millins house and 600,000+ car, I am not talking the people who rent a apportment and run a fancy car with all money, that is not rich, it is fan.
just discusion, for your reference, because u said u never go to Van.
