The Real Deal New York

Here’s how much it costs to live in Justin Trudeau’s neighborhood

The Canadian capital has its arms open to foreign RE investors
February 04, 2018 05:38PM

Prime Minister of Canada Justin Trudeau. (Credit Alex Guibord/Flickr)

Move to Rockcliffe Park in Ottawa and your could technically call yourself a neighbor to the Prime Minister of Canada, or, if you don’t actually plan on living in the quiet capital, the neighborhood is your best investment bet in the country, according to Mansion Global.

The average home sold for $1.5 million last year and rented for between about $8,000 per month to $20,000. Compared to last year, the price of single-family home increased more than 7 percent. The reason for the area’s high demand could be explained by the high ratio of diplomatic and elected officials, about 150, to normal citizens, about 700.

“It’s the premiere place to live,” said Marilyn Wilson of Dream Properties/Christie’s International Real Estate to Mansion Global. But “Ottawa is the city to look to for investing” as well, she added.

The city has no restrictions on foreign buyers, unlike Toronto or Vancouver where restrictions were imposed to limit an influx of foreign real estate investment.[Mansion Global]Erin Hudson