Where will the Real Estate Market in Ottawa head in 2020?
Almost more of 2019. Prices in 2019 went up by 8.4%, unit sales increased by 6.6%. We expect to see 2020 unit sales increase by 4-6%.
Prices won’t escalate as much in 2020.
ReMax is predicting a 6% increase, and Royal Lepage is predicting a 4.5% hike. We’ll go with that! Average house prices will break through the $500,000 mark with the average being predicted for 2010 is $516,200, by Royal Lepage.
We have a minority government supported by centre-left to left wing big spenders, so the financial taps will continue to flow.
Canadas major banks are predicting the TSX to go up to a range of 17,700 to 18,500. (currently at 17,000)
We hope inventory levels increase. (especially for condo inventory)
I don’t see how we can have another year of such scarcity especially with condominiums. There were times in 2019 when there were only 4 to 6 weeks of inventory for sale. It can’t get worse than that.
Going into 2020 we still expect that there will be a lot of competition for certain types of home, especially those between $200,000 up to $400,000 in the areas of Orleans, Kanata and Barrhaven and area close to the new LRT line.