Real Estate Forecast 2022 – Why Ottawa Remains a Top Choice For Homeowners
Real estate in Ottawa is so great for so many reasons. Not only is the capital city a beautiful one filled with breathtaking scenery, extraordinary views, lively green space, and the ravishing Rideau River, it also is one of the most affordable major cities in the country, with a little something for everyone. Whether you are looking for a high-rise condo, modest single-family home, luxury property, or rural living, the city has you covered with an array of diverse communities with excellent access to amenities, transportation, culture, and activities nearly everywhere you go. This is why it is no surprise that despite the slowing frenzied pace, that the real estate market continues to be strong and Ottawa remains a top choice for homebuyers in 2022.
Our very own Jason Ralph was able to weigh in on this stating “More than ever, local first-time buyers and newcomers to Canada are choosing to buy in Ottawa, as the region offers more green space and greater affordability than other major cities”. This is in part due to the neighbouring suburbs short commute to the downtown core, as well as the growing high-tech community in Kanata North and business-hub in Barrhaven. Ottawa is no longer a sleepy city. It is alive, active, and continues to grow with new developments being built and new businesses popping up all of the time.
In 2022, Royal LePage Market Survey Forcast is expecting to see both the aggregate price of a home as well as the median price of a single-family detached property in Ottawa increase by about 9.0 percent. The median price of a condominium is forecast to increase by just 6.0 percent. This comes in under the double-digit increases that are forecast for homes in Canada. These increases are a result of the demand for homes that continues to grow, with a supply that can not keep up.
As we are gearing up for the spring season, we encourage all of our buyers and sellers to start early and plan accordingly. Get in touch with your lender, secure your pre-approval, and speak with your Royal LePage Team Realty agent to ensure that you are ready to move when the time is right, or when the home of your dreams pops up on MLS. We are looking forward to continuing to serve our community as the number one full-service brokerage, and can’t wait to get you started on your next journey in real estate.
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