Ottawa’s housing market is firmly in sellers’ territory and home prices are expected to continue to climb in 2020, according to new data from real estate brokerage Re/Max.
The average sale price of a home in Ottawa was $393,978, an increase of 11.7 per cent year-over-year across the first 10 months of 2019, according to Re/Max. That’s the second-highest increase for all cities surveyed in Re/Max’s Canadian housing market outlook for 2020, behind only Niagara at 12.9 per cent.
Those prices are expected to appreciate even further in the new year. Re/Max is projecting a six-percent hike in Ottawa’s average sale price by this time next year, citing the newly opened light-rail transit system as driving up property values around the line.
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Buyers across Canada are adapting to the mortgage stress test and older millennials are entering their prime buying years, Re/Max says, fuelling demand in the Canadian housing market. The brokerage states that some 51 per cent of Canadians are considering buying property in the next five years, up from 36 per cent a year ago.