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
BREAKING Another suspect arrested in Toronto Pearson airport gold heist: police
Police say another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Trump hush money trial: Play-by-play on Day 2 of Stormy Daniels testimony
Adult film star Stormy Daniels took the stand for a second time Thursday as former U.S. president Donald Trump's hush money case continues in Manhattan.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
Cyclist strikes child crossing the street to catch school bus in Montreal
A video circulating on social media of a young girl being hit by a bike has some calling for better safety and more caution when designing bike lanes in the city. The video shows a four-year-old girl crossing Jeanne-Mance Street in Montreal's Plateau neighbourhood to get on a school bus stopped on the opposite side of the street
B.C. wildfires likely to spread with weekend temperatures expected to soar, province says
Wildfire and emergency management officials in British Columbia are urging residents to be prepared for increased fire activity as temperatures are expected to soar above 30 C in parts of the province this weekend.
Wilfrid Laurier football player drafted despite only playing 27 games in his entire life
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.