Here's how many homes sold for $1 million in Ottawa in 2023

Marilyn Wilson Dream Properties announced this home on Manor Avenue in Rockcliffe Park sold for the fourth highest price in Ottawa history. (Christie's International Real Estate/website)

The number of homes sold for at least $1 million dropped in Ottawa in 2023, but a new report finds two properties sold for over $6 million for the first time in 10 years.

The 2023 year-end luxury real estate report from Engel & Völkers shows 1,263 residential properties sold for over $1 million in 2023, along with 39 condominium properties.  In 2022, 1,872 residential properties and condominiums sold for over $1 million.

"Ottawa's market conditions have gradually shifted, with a growing understanding of the new conditions around buying, selling and property value," the report says. "The mood was characterized by a wait-and-see approach, with 2022's market froth entirely dissipating. The market in 2023 lacked the urgency that once defined it."

May was the busiest month for home sales of over $1 million in Ottawa in 2023, with 201 residential properties and six condominiums selling for seven figures.

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Two properties sold for $4 million last year, while two properties sold for over $6.3 million in 2023. The report says two properties sold in Ottawa for over $6 million for the first time since 2014, "driving a 24 per cent increase in average prices for homes over $4 million."

In January 2023, CTV News Ottawa reported Marilyn Wilson Dream Properties sold a 13,961 sq. ft. home on Manor Avenue, which had seven bedrooms, six bathrooms and a double-attached garage.  According to Redfin, the home sold for $6.3 million, which was the fourth-highest price for a listed home ever sold in Ottawa.

The real estate website Redfin reported a property on Greenbank Road sold for $6.5 million in July. The listing calls the property "exciting investment and development properties with potential for 250,000+ square feet mixed-use complex in Nepean town centre."  The listing said it was a land assembly sale covering three properties, and the land is designated as mixed-use corridor and high density development "is encouraged."

The report says the Neighbourhoods to Watch in the $4 million range are Rockcliffe, Manotick and Rothwell Heights.

The two homes that sold for over $4 million in Ottawa in 2023 were located on Earlscourt Crescent in Manotick for $4.2 million, the most expensive home ever sold in Manotick, and a home on Clovelly Road in Gloucester for $4.5 million.

The Neighbourhoods to Watch in the $1 million to $3.99 million are the Glebe, Old Ottawa South and McKellar Park.

Looking ahead to 2024, Engel & Völkers says it's forecasting a "buyer's market from January to April, anticipating Ottawa's luxury real estate market will remain steady and robust."

"For buyers, the coming spring market may present strategic opportunities created by the most favourable conditions facing buyers in many years. Larger home inventories and longer sales cycles are tilting balance in their favour," the report says. "Sellers will face a difficult environment as listings will take longer to sell in a challenging market."

Ottawa's real estate market had its slowest year for home sales in 2023 since 2010. The Ottawa Real Estate Board reported 11,978 homes and condominiums were sold in Ottawa in 2023, down 11 per cent from 2022.