Ottawa’s real estate market will remain a ‘sellers market’ in 2021: Re/Max

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)” 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 7 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.

View original article here Source