2021 YEAR END REAL ESTATE MARKET UPDATE FOR STITTSVILLE
STITTSVILLE HOUSING MARKET 2021 IN REVIEW
Homes sold in Stittsville 2021
Stittsville is continuing to expand in size and desirability. It has become Ottawa’s fastest-growing community. We now have a population of 40,000 with a projected growth of 50% in the next 15 years. As a Realtor who works with many out-of-town clients relocating to Ottawa, it is interesting how many people have Stittsville as their number one neighbourhood. Especially my military clients. People are drawn to the sense of community, amenities, style of homes, and relatively affordable home prices. Although that affordability is being challenged right now. Prices have been rising much higher than that of income. Let’s take a look at some of the key indicators that are having an impact on our local market.
STITTSVILLE MARKET APPRECIATES ABOVE OTTAWA AVERAGE
Stittsville’s real estate prices are appreciating at a rapid rate. Some neighborhood price increases in 2021 are quite a bit higher than the Ottawa real estate market average. The information on the next page will give you neighborhood insights. With supply at historically low levels in Stittsville, this upward trend will continue. In the near future, the average detached home in our community will be $1,000,000. If you want to know the value of your home feel free to get in touch.
KEY INDICATORS
 Our Country’s Population Growth in 2021 |
G7 Population Growth 2021
Canada has had the highest population growth in the G7 and also the lowest per capita stock of housing. Quite simply we have a housing supply crisis. This is one of the many reasons why our market prices have escalated so quickly. We can look at all the new developments and cranes in and around our community but it is not enough to have an impact on price gains in 2022. Ottawa in particular has been a sought-after city for new immigration due to its high quality of living. |
 Historic Ottawa Freehold & Condo Inventory Since 2004 |
Inventory
As mentioned above. The very core of the price increases is the basic economic principle of supply and demand. In Ottawa we simply do not have enough housing for everyone right now. This is putting upward pressure on prices as buyers compete for what becomes available. |
 Historic Canadian Inflation Rates Since 1995 |
Canada’s Inflation Rate
Prices are rising rapidly everywhere. One interesting stat is that container ship costs have gone up 500% since 2019. Those costs get passed along to the consumer. Housing, cars, equipment, lumber, and especially food. COVID has brought about so many unique challenges that will have lasting impacts on our economy. One of them will be that the cost of goods and services will continue to rise. This will have an impact on what buyers will be able to afford. |
 Variations in Bank of Canada Interest Rates Since 2000 |
Bank of Canada Overnight Interest Rate
Right now interest rates are the big equalizer. The low rates are making the high prices relatively affordable. How long can these rates stay low? Central bankers are in a tough position. They could decide to act because prices are rising so fast and are not in sync with incomes. If the Bank of Canada should go this route they would also risk causing a housing market downturn. My prediction here is that rates will rise and help slow our market. This will happen in the late summer.
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NEIGHBORHOOD HIGHLIGHTS
[1] All stats are based on MLS sales from January 1, 2020– December 31, 2020 vs January 1, 2021—December 31, 2021.
[2] Excludes condominiums, homes on leased land and homes under construction.
[3] All data courtesy of the Ottawa Real Estate Board MLS® System. The above information is believed to be accurate but warranted.
WE GO ABOVE AND BEYOND FOR OUR CLIENTS
We are so pleased that we were able to host our Annual Santa Party this year. It was so great to be able to thank our clients by finally being able to hold an event again. We also continued a new annual tradition with our 2nd Annual Stittsville Food Bank Fundraiser, we partnered again with Maverick’s Donuts Stittsville who generously donated their holiday 6-pack donuts for us to sell in support of the food bank. The team matched each donation and raised $2,000 again this year! Our mission is to create a raving fan service experience for every client and bring value long after our clients have bought or sold real estate. If you have any real estate needs in 2022 give us a call.
Ottawa Real Estate Information
Average sales prices are for 2021 based on MLS sales.
Combined is for all property classes. Arrows are gains from 2020.
