Ottawa Home Prices Kinda Dropped, But Still Got That Sticker Shock 🏡📉

The Deets

Alright, fam, let's get into this real estate sitch in Ottawa. So, like, to cop a house in Ottawa right now, you still gotta be making bank. The number dropped a tiny bit, like $280, so now you "only" need to pull in $134,020. The houses themselves are still boujee, averaging around $629,800. That’s a slight decrease but not enough to make a real difference.

Other cities are going through it too. Vancouver and Hamilton saw the income needed to buy a place drop too, while places like St. John’s, Halifax, Montreal, and Toronto are getting even more expensive. The real reason: home prices went up and down while mortgage rates stayed stagnant.

But hold up, there's more tea to spill! The government's tryna give us a lil' somethin' somethin' with a tax cut. They're talking about cutting the income tax rate from 15% to 14.5% this year, then to 14% next year, if it all goes through. The PBO (that's the parliamentary budget officer, btw) estimates the average family could save like $280 next year. But some folks might save way less, especially if they aren't making that much.

Of course, not everyone's vibing with this. The Conservatives are saying the tax cut ain't hitting hard enough. They wanted to go even lower, but hey, politicians gonna politick. The whole tax cut thing is gonna cost a grip, though. Like, $64 billion over five years, allegedly.

The tax cut’s set to drop on July 1, but it’s not official yet.