A Guide on Ottawa’s Housing Market Projections in 2021

The current Ottawa housing market is a seller’s paradise, thanks to low inventory and a high demand. These conditions are expected to continue through 2021, with a persistent trend of low inventory across several Ontario housing markets. This puts upward pressure on house prices, as millennials begin to enter their home-buying years and baby boomers, who are looking to downsize, add more buyers to an already saturated market. Not only are houses selling for a higher price, but they are also selling much faster than ever before.

Key Outlooks for Ottawa’s Housing Market in 2021

The areas where the biggest growth occurred is no longer in the central urban areas, but rather in less-dense cities and family-oriented neighborhoods. Many of these suburban markets have been significantly impacted by out-of-town buyers, with Canadians under the age of 35 seeking more space. Here are some other major outlooks for Ottawa’s housing market in 2021:

• Move-Up Buyers are the Driving Force: Move-up buyers, or families, are expected to accelerate the Ottawa housing market in the coming year. These buyers are also driving up the luxury housing market, which has seen a huge spike in demand since the spring.
• Space is a Hot Commodity: The pandemic has drastically shifted buyer’s must-haves. A desire for more space has been the most common trend across the Ottawa housing market, with buyers seeking outdoor living areas, as well as additional square footage. Factors that impact this trend include remote work and lower housing prices in suburban neighborhoods.
• Housing Shortage Continues: With an ongoing and widespread housing shortage continuing into 2021, this may present some challenges for homebuyers. However, if you are looking for a home, there are still many pockets around the city that offer affordable options.

Looking to Buy or Sell in 2021? Contact Marc-Andre Perrier and the Century 21 Action Power Team

If you are looking to buy or sell your home, Marc-Andre Perrier can help you navigate the ever-changing Orleans and Ottawa housing market. Along with Marc-Andre, the team at Century 21 can offer you expert advice in both residential and commercial real estate, getting you the best deal possible. My team and I handle all the critical details, while simplifying the buying and selling process, so you can make the right decisions based on your housing and lifestyle needs.

Based on 2020 sales, Orleans ranks as one of the top 3 most in-demand neighborhoods in Ottawa. Contact us to learn more about how we help you buy or sell your home today.