Thursday, December 26, 2019 / by Alanna Wright
Seller’s market conditions expected, prices to rise by 6%.
RE/MAX is forecasting conditions favouring sellers for the Ottawa housing market in 2020. The average residential sale price is expected to rise by six percent, thanks to existing market momentum, despite the region experiencing greater market stability in the past. Low inventory and a strong buyer pool should put upward pressure on prices going into 2020.
Demand for properties will be driven by move-up, first-time and move-over homebuyers, with Kanata and Orleans being the neighbourhoods to watch in 2020, particularly due to the fact that the LRT is expected to eventually expand to those regions.
Ottawa is currently experiencing a seller’s market due to its low inventory. While the city is generally affordable, higher prices and low inventory is putting pressure on the market, affecting first-time homebuyers. The up-and-running LRT has resulted in surrounding development, particularly high-rise condominiums. Condominiums and townhomes tend to see the most activity in the region, due to their relative affordability compared to other property types.
If you are interested in listing a property or buying in the coming months, we'd love to meet and chat with you about the local market!
Click to read the full RE/MAX Housing Market Outlook Report