The price of homes in Ottawa continues to rise at the end of 2021, and could extend into 2022.
As reported by the Ottawa Real Estate Board, the average condo sale price for November was $432,099, while the average residential home sold for $716,922. In both cases, the price was 19 percent higher than the November 2020 average.
As a result of the steady prices from October to November, according to OREA President Debra Wright, home prices steadily rose on a month-to-month basis.
Ottawa home prices are expected to rise five per cent more next year, RE/MAX reported in its 2022 Canadian housing market outlook. It is less than the 14 percent reported for Mississauga, Toronto,Brampton, and elsewhere in Ontario.
Although sales volume was above the November average of 1,348 units over the past five years in November, it was still over the five-year average for the month. Nearly 4,500 tenants have been found new apartments by OREB agents so far in 2021, compared with 3,120 deals at this point last year.
What could this mean for Ottawa housing? Could citizens make the move like most Torontonians? Could we see another housing crisis? What are your thoughts?