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
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Being harassed at work? What to consider when deciding what to do next
If you've been the victim of workplace harassment, it can be difficult to feel you're not alone - and even more difficult to know where to go with a complaint.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Half of Canadians support TikTok ban, with U.S. concerns 'trickling' north: poll
A new poll indicates 51 per cent of Canadians support banning the social media app TikTok, after a U.S. bill aiming to do just that passed in the House of Representatives.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
More unauthorized products for skin, sexual enhancement, recalled: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency recalled various items this week, including torches, beef biltong and unauthorized products related to skin care and sexual enhancement.