Ottawa home prices expected to rise 9 per cent in 2022: Royal Lepage

After a record-breaking year, Canadian home prices are expected to continue rising in 2022, with Toronto, Vancouver and Halifax projected to see the largest increases. (Royal LePage)

Ottawa home prices are expected to increase nine per cent year-over-year in 2022 as more first-time homebuyers choose to move to the region.

The annual market forecast from real estate firm Royal Lepage predicts the aggregate price of an Ottawa home will increase to $806,600.

"More than ever, local first-time buyers and newcomers to Canada are choosing to buy in Ottawa, as the region offers more green space and greater affordability than other major cities,” said Jason Ralph, broker and president at Royal LePage Team Realty.

Aggregate price refers to the “weighted average of the median values” of single-family homes and condominiums in a given area.

Ralph said he believes demand will continue to remain strong in Ottawa next year, although the frenzied pace of the market is slowing.

Ottawa home prices have jumped 20.7 per cent this year, part of a national price jump of 21.4 per cent from 2020.

The median price of a detached single family home in Ottawa is expected to rise nine per cent to $946,100, while the median price of a condominium is forecast to increase six per cent to $446,300.

Overall, Canadian home prices are expected to rise by 10.5 per cent in 2022, with Toronto, Vancouver and Halifax projected to see the largest increases.