Experts say that the local economy is built for the ever-intensifying work-from-home trend, largely comprised of public sector workers and IT, which are perfect occupations for remote work.
High demand and ultra-low borrowing costs have triggered a tsunami of home-buying, which drained inventories across this local market.
It was a perfect storm for the Ottawa real estate market, resulting in record activity in 2021.
Sales in both the freehold and condo categories slumped in December: the residential-property class tumbled 15 per cent, to 601 units, and the condominium-property class dropped 10 per cent.
OREB figures show that the average sale price for a residential-class home surged at an annualized rate of 18 per cent to $709,980.
” Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming.
Presumably, we will see more of the same with the market performing as well as it can with the current housing stock.
According to Canada Mortgage and Housing Corporation , housing starts climbed 27 per cent year-over-year to 1,386 in November.
That being said, prices are still projected to rise in Ottawa, the RE/MAX 2022 Canadian Housing Market Outlook predicted.
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