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
Poilievre will do 'anything to win,' must condemn Alex Jones endorsement: Trudeau
Prime Minister Justin Trudeau is ramping up his attacks on Conservative Leader Pierre Poilievre as he promotes his government's federal budget.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Ottawa injects another $36M into fund for those seriously injured or killed by vaccines
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
All Alberta wildfires to date in 2024 believed to be human-caused: province
There are 63 wildfires burning in Alberta's forest protection area as of Wednesday morning and seven mutual aid fires, including one in the Municipal District of Peace.
Video shows suspects waving weapons, smashing glass in Toronto jewelry store robbery
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
Ex-SNC executive sentenced to prison term in bridge bribery case
The RCMP says a former SNC-Lavalin executive has been sentenced to three and a half years in prison in connection with a bribery scheme for a bridge repair contract in Montreal.
What Canadians think of the latest Liberal budget
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.