Loans, Credit, Mortgages and Financing in OttawaBy Caitlin in Geo
Ottawa is the capital city of Canada and has the country’s fourth largest population. Ottawa is world renowned for its beaut; it’s one of Canada’s prettiest cities and is home to some spectacular architecture including the gothic style buildings on Parliament Hill, the Rideau Canal and the National Gallery of Canada. Ottawa is often touted as one of the country’s best places to live and is visited by millions of tourist every year.
- The city of Ottawa was originally named Bytown after the engineer who oversaw the construction of the Rideau Canal, Colonel John By. The city was incorporated in 1855 and renamed Ottawa.
- The name Ottawa comes from the Algonquin word for trade, adawe.
- Ottawa is one of the youngest cities in Canada, almost half the population is under the age of 35.
- Ottawa is one of the most educated cities in the country as it has more PhD’s, engineers and scientists per capita than any other Canadian city.
|Average Family Income||$94,230|
|Average Price of House||$366, 145|
|Provincial Income Tax||5.05% on the first $40,922 of taxable income|
|9.15% on the next $40,925|
|11.16% on the next $68,153|
|12.16% on the next $70,000|
|13.16 % on the amount over $220,000|
|Provincial Sales Tax||8%|
Ottawa Housing Market
Right now is a great time to purchase a house in Ottawa, mortgage rates are low and because of slow sales over the past year prices have remained affordable. Compared to other housing markets in the rest of Canada (specifically Vancouver and Toronto), Ottawa is definitely a buyers’ market and a great place to invest in real-estate.
How to be a Responsible Consumer
Protecting yourself from consumer fraud, credit scams and identity theft should always be a priority and by learning how to be a responsible and conscientious consumer you’ll be able to arm yourself with the information you need.
- Keep an Eye on Your Credit Report. Your credit report contains all your financial and personal information. Including your employment record, credit card use, previous and present debts and marital status, this is all extremely valuable information that you need to make sure is always up to date.
- Maintain a Healthy Credit Score.Maintaining a healthy credit score will give you the financial freedom to pursue all your life goals. A high credit score will make applying for loans all the more easy and could potentially afford you more favourable interest rates.
- Responsibly Manage Your Credit, Debts and Loans. Always pay your bills on time, especially credit card and loan payments. Only borrow money that you need and can afford to pay back. And if you’re having difficulty keeping up with your bills get in contact with your lender or creditor right away.
Consumer Protection in Ottawa
Consumer Protection Ontario works with both consumers and sellers to help regulate the marketplace solve any issues that might arise, investigate complaints and enforce legislation. For all the information you need on consumer issues in the city of Ottawa contact Consumer Protection Ontario for visit their website.
Consumer Protection Branch, Ministry of Consumer Services
5775 Yonge Street, Suite 1500
Toronto, Ontario M7A 2E5
Toll Free: 1-800-889-9768
Phone (TTY): 416-229-6086
Phone (TTY) 2: 1-877-666-6545
Protecting Your Personal Information
Always keep all of your personal information private; never share more information than you need to. Keep an eye out for strange charges on your credit accounts or errors on your credit report. If you think you might be the victim of identity fraud or a credit scam get in contact with the two major Canadian credit reporting agencies (Equifax and TransUnion).
Equifax Canada Inc.
TransUnion of Canada