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
'Terrifying': Manitoba resident speaks on wildfire and evacuation
As a pair of wildfires burn near Flin Flon and The Pas, a number of Manitobans are being told to evacuate their homes.
Canucks' Zadorov fined $5,000 for post-game crosscheck on Oilers' McDavid
A Vancouver Canucks defenceman has been given the highest possible fine under the NHL's collective bargaining agreement after a scrum broke out at the end of Game 3 against the Edmonton Oilers Sunday night.
Steve Buscemi punched in the face while walking in N.Y.C.
Hollywood actor Steve Buscemi has been treated for injuries after being punched in the face while walking in New York City.
DEVELOPING Michael Cohen takes the stand as testimony in Trump hush money case enters 4th week
The star prosecution witness in Donald Trump's hush money trial is set to take the stand Monday with testimony that could help shape the outcome of the first criminal case against an American president.
Air quality advisories issued in 5 provinces, 1 territory
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
Jerry Seinfeld speech prompts pro-Palestinian demonstration at U.S. university graduation ceremony
A tiny contingent of Duke University graduates opposed pro-Israel comedian Jerry Seinfeld speaking at their commencement in North Carolina Sunday, with about 30 of the 7,000 students leaving their seats and chanting "free Palestine" amid a mix of boos and cheers.
Just how bad are ultraprocessed foods? Here are 5 things to know
Many foods fall under the category of ultraprocessed foods, depending on their exact ingredients. This type of food has been studied a lot lately, and the results aren’t great.
No refund for travellers who cancelled flight already scrapped by airline: regulator
Four years on, the controversy over whether airlines owed refunds to passengers after cancelling hundreds of thousands of flights during the pandemic continues to simmer, aggravated by a sluggish, opaque complaints process.
opinion Harry and Meghan's Nigerian adventure: Traditional attire to warm welcomes
For her latest column on CTVNews.ca, royal commentator Afua Hagan writes about Prince Harry and Meghan Markle's recent visit to Nigeria, calling it a 'deeply meaningful campaign' that was about aligning their ongoing efforts to foster mental-health awareness and promoting the Invictus Games.