RE/MAX Housing Outlook 2019 (Ottawa)
In 2018, Ottawa’s seller’s market was dominated by young families and couples. First-time buyers are expected to dominate the market in 2019.
Rising interest rates and the stress test were significant factors to Ottawa’s housing market, and this is expected to continue in 2019. The current three months of inventory is expected to remain stable going into the new year.
In the luxury segment, and emerging trend is buying the property for the land and tearing down to make way for a new build.
• The RE/MAX average residential sale price expectation for Ottawa in 2019 is an increase of four per cent.
• Rising interest rates are expected to affect the Ottawa’s housing market. Buyers feel panicked as rates continue to increase, with some holding off on purchasing because they can no longer afford it.
• The condo market is likely to remain popular amongst retirees.
• The rental market will remain aggressive.