These Ottawa neighbourhoods have the fastest-growing home prices

A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick

A recent report shows a major jump in housing prices in suburban Ottawa.

A report by housing app company HouseSigma, which recently launched in the Ottawa area, shows Stittsville, Kanata and Orléans have seen significant annual growth in 2021 compared to 2020. Stittsville experienced a jump of 26.8 per cent in single-detached and semi-detached home prices to $799,000 in 2021. Median prices in Kanata climbed 22.4 per cent to $769,900 and Orléans saw a 19.8 per cent increase to $658,900 in 2021.

“The residential real estate market in Canada has experienced explosive growth over the last 18 months, fueled by low interest rates, changing preferences and needs related to working at home, and increased investor activity,” the report’s introduction says.

Despite a 7.2 per cent spike in prices, Nepean has the lowest median price for a single family detached home, according to the report, at $632,000. Nepean and Ottawa East have the most affordable median price for townhouses at $419,000, while the cheapest condos can be found in Ottawa South, at $264,000 for a one-bedroom and $285,000 for a two-bedroom.

The most expensive single-family homes (single-detached and semi-detached) are in Ottawa West, with a median price of $865,000. This is an increase of 14.6 per cent from the 2020 median of $755,000, the report states. One-bedroom condos in Kanata are the priciest at $450,000, with Centretown taking the top spot for two-bedroom condos at $579,000. The most expensive townhouses are in central Ottawa, at $680,000.

“The Ottawa market was very strong in 2021 and the January 2022 data shows significant price inflation year-over-year,” the report concludes adding that while detached single-family homes remain the most popular, the condo market remains strong.

”The data in this report shows very strong price growth for condo product and with as many as four rate hikes by the Bank of Canada potentially in the cards for 2022, and the potential for government policy changes aimed at further cooling the market, like a speculators tax, new stress test rules, or bans on foreign buyers there could be volatility in the market, and there could be less mortgages funds available, keeping more buyers in the condo market.”

In March 2022, the average price of a home in Ottawa rose above $850,000, according to the Ottawa Real Estate Board, up 13 per cent from a year ago.

TOP 10 AREAS OF OTTAWA BY ANNUAL GROWTH

1. Stittsville: 26.8 per cent ($799,000 median price)
2. Kanata: 22.4 per cent ($769,900 median price)
3. Orléans: 19.8 per cent ($658,900 median price)
4. Ottawa South: 16.7 per cent ($699,900 median price)
5. Barrhaven: 16.7 per cent ($699,900 median price)
6. Ottawa West: 14.6 per cent ($864,900 median price)
7. Ottawa West Centretown: 14.0 per cent ($797,000 median price)
8. Ottawa East: 12.0 per cent ($699,900 median price)
9. Nepean: 7.6 per cent ($632,450 median price)
10. Ottawa Central: 1.2 per cent ($860,000 median price)

A map showing the 10 areas in Ottawa evaluated by HouseSigma and their ranking in annual growth in 2021. (housesigma.com)