Great Time to Buy Ottawa Real Estate
What is Fueling This Growth Nationwide and in Ottawa?
The trend that the RE/MAX 2022 Housing Market Outlook is picking up on is interprovincial relocation. We see this often in Ottawa where there is an abundance of jobs that are worth relocating for. We have such a strong government and military sector in Ottawa that people are often moving in and out of the city which will continue to fuel inventory as well as the demand for favourable neighbourhoods. RE/MAX asked brokers nationwide for their opinion based on trends they were seeing in their markets.
- Migration between provinces is expected to continue in 2022, potentially impacting local Canadian real estate conditions, according to 53 percent of RE/MAX brokers (20 out of 38)
- 49 percent of Canadians believe the housing market will remain steady in 2022 and view real estate as one of the best investment options over the next year
- Some of the highest outlooks are anticipated for Atlantic Canada, with Moncton and Halifax projecting average residential sales prices to increase by 20 percent and 16 percent respectively in 2022
- 95 percent of regions (36 out of 38) surveyed are likely to remain seller’s markets in 2022
Despite the global pandemic, many Canadians still feel confident in the real estate market. According to a Leger survey conducted on behalf of RE/MAX Canada, 49 percent of respondents believe Canadian real estate will remain one of their best investment options in 2022 (59 percent of homeowners vs. 34 percent non-homeowners which included renters, those not looking to buy, and those currently looking to purchase). Additionally, 49 percent of respondents are confident the Canadian real estate market will remain steady next year.
If you want to make a move to Ottawa this year, let's talk and let's make it happen! Reach out via the contact form below. We look forward to talking to you.