Even though housing prices have been going up in Canada for years, there’s at least one major city in the country that’s still considered affordable, according to a new study.
The nation’s capital, Ottawa, was named the world’s third cheapest to relocate to in 2023 by CIA Landlords Insurance, a U.K.-based insurance company that released the study.
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Researchers based their findings on the per-square-metre cost of a house in major cities. Ottawa came in at about $7,000 per square metre. Extrapolated, a three-bedroom home of around 111 square metres to 123 square metres (1,200 square feet to 1,300 square feet), the cost would range from $770,000 to 840,000.
Athens in Greece, the birthplace of democracy, was named the world’s cheapest city as a place to relocate. The cost per square metre there was determined to be around $3,700.
Brussels in Belgium came in second — costing about $5,650 per square metre — came in second, ahead of Ottawa.
Next came fourth-place Madrid, Spain ($4,831 per square metre), which was followed by Lisbon, Portugal ($4,881 per square metre); Canberra, Australia ($5,151 per square metre); Rome, ($5,937 per square metre); Moscow, ($6,139 per square metre); Wellington, New Zealand, ($6,212 per square metre); and Washington, D.C., ($6,427 per square metre).
