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Experts anticipate rising real estate costs next year

The price of real estate in Ottawa, which climbed to a new high thisyear, will continue to rise in 2011, a report released Tuesday stated.

The price of real estate in Ottawa, which climbed to a new high this year, will continue to rise in 2011, a report released Tuesday stated.

The average residential price in Ottawa, which rose from $304,080 in 2009 to $325,000 in 2010, is expected to rise to $340,000 in 2011, the report said. With the average price pushing past the $300,000 mark, the demand for condos has also been bolstered for the years ahead.


Virtually all 26 major centres surveyed have reported an upswing in average price, ranging from just under one per cent to 15 per cent this year.


“The past decade was truly unprecedented — never before have we experienced a run up that was as strong or lasted as long,” said Michael Polzler, executive vice-president, regional director, RE/MAX Ontario-Atlantic Canada.


In 2011, people can expect to see ample inventory levels, steady demand, and moderate growth, both in terms of sales and prices – all hallmarks of a healthy cycle, Polzler said.
Almost all markets, including Ottawa, are reporting an anticipated increase in housing values next year.

 
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