Housing prices in Ottawa will rise five per cent in 2022, Remax estimates
Ottawa's housing market is expected to remain a seller's market in the New Year, as supply levels remain a concern for the real estate market.
The Remax housing market outlook estimates housing prices in Ottawa will increase five per cent in 2022 to $679,915.
"Inventory levels have remained below two months since February 2019, leading to a seller's market. This is expected to continue in 2022," said the 2022 Canadian Housing Market Outlook Report.
"Supply is likely to increase slightly in 2022, but low levels are expected to remain a concern."
The report states housing prices increased 22 per cent in Ottawa in 2021 to $647,538. That's up from $529,649 in 2020.
"The region saw many move-over buyers from within Ontario and out-of-province in 2021," said Remax.
The Ottawa Real Estate Board has previously warned that supply is a major issue for the Ottawa real estate market. There were 1,960 new listings in October, just under the five-year average.
"It’s simply not enough. Inventory remains at a one-month supply for residential properties and 1.2 months for condominiums," said Debra Write, Ottawa Real Estate Board president, in a statement on Nov. 3. "The only way we will find balance in Ottawa’s market is to increase the housing stock exponentially.”
In Kingston, the average price of a new home is expected to increase 10 per cent in 2022 to an average of $639,141. Remax says out-of-town buyers from "larger, pricier regions" are expected to drive demand in 2022.
"Low housing supply along with the possibility of rising interest rates may slow activity and price growth in 2022," said the 2022 Canadian Housing Market Outlook report for Kingston, noting sales are expected to decline five per cent in 2022.
The average price of a new home in Kingston increased 23 per cent in 2021 to $581,037.
Across Canada, Remax anticipates housing prices to increase 9.2 per cent in 2022.
The Remax housing market outlook says market activity across Ontario is anticipated to remain steady in 2022, "with continued average price growth, although at widely varying degrees."
Remax says in larger markets like Ottawa, Brampton, Toronto and Mississauga, "There’s a possibility that more immigration could weigh on supply levels and prices."
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.