Ottawa's real estate market will remain a 'sellers market' in 2021: Re/Max
A for sale sign displays a sold home in a development, in Ottawa, on July 6, 2015. (THE CANADIAN PRESS/Sean Kilpatrick)
OTTAWA -- Ottawa home prices are expected to rise seven per cent in the new year, with the hottest neighbourhoods being Orleans, Barrhaven and Kanata-Stittsville.
In its "Ottawa Housing Market Outlook (2021)" report released this week, Re/Max says Ottawa's housing market currently favours sellers, "thanks to low housing inventory and high demand."
"These conditions are expected to persist in 2021."
Re/Max reports the average sale price of a home in Ottawa was $524,956 in the first ten months of this year, up 19 per cent from 2019.
Ottawa's luxury home market has seen a "large spike" in demand this year, largely driven by move-up buyers.
Toronto saw a 12 per cent increase in the average home price in the first 10 months of this year, Vancouver home prices increased 11 per cent and Kitchener-Waterloo home prices jumped 18.9 per cent.
In Eastern Ontario, Re/Max reports home prices in Kingston increased 11 per cent in the January to October period, while home prices jumped 15 per cent in Cornwall.
"Looking ahead to 2021, RE/MAX expects Ottawa homes to see average prices increase seven per cent to approximately $561,702 across all property types," said Re/Max.
"Inventory levels are expected to improve in 2021, causing days on the market to increase as well."
Re/Max says upcoming developments in Orleans, Barrhaven and Kanata/Stittsville are expected to keep those areas in highest demand in 2021.
"Unlike pre-COVID buying, buyers are now less concerned with longer commute times in order to find a property that meets their priorities," said Re/Max.
The Re/Max "Housing Market Outlook" for 2021 predicts the average cost of buying a new home in Cornwall will increase 10 per cent in 2021, and 10 per cent in Kingston.