Home sales over $1 million have doubled in Ottawa
The number of homes sold for at least $1 million has doubled as a share of Ottawa’s housing market, a new report says.
The mid-year luxury real estate report from Engel & Völkers showed Ottawa home sales in the $1-3.99 million range have doubled in 2022, accounting for 18 per cent of the market compared to nine per cent the previous year.
However, the number of those sales dropped by 39 per cent last month, part of the Ottawa market’s overall cooling to more typical conditions. There were 171 sales in June, down from 269 in May.
Overall home sales were down 29 per cent in Ottawa in June year-over-year.
“After two years of consistent record-breaking price growth and shrinking inventory, the Ottawa market is returning to a more balanced pace,” the Engel & Völkers report said. ”The market will continue to balance and return to seasonal sales patterns for the remainder of 2022.”
Since 2020, Ottawa has seen a 53 per cent increase in the average home price. The report shows how many Ottawa properties have been pushed into the $1-3.99 million price point during the market’s record growth.
In 2020, home priced over $1 million accounted for just four per cent of the market. That more than doubled to nine per cent in 2021, and doubled again to 18 per cent this year.
The year began with continued growth but plateaued in March, with looming interest rate hikes and rising global instability due to the war in Ukraine.
Then decreases followed in the $1-3.99 million range: down 16 per cent month-over-month in April, then unchanged in May, followed by that 39 per cent drop in June.
“Houses are sitting on the market longer than they had in 2020 and 2021, and the interest rate hikes have caused homebuyers to re-think their budget,” the report says. “However, even if prices hold or drop, many homeowners have seen a significant equity increase in their properties.”
The average residential sale price in the $1-3.99 million range has not changed significantly. It was $1.32 million in January and $1.33 million in June.
“The plateau in this price point signals a return to normal market conditions,” the report says.
CTVNews.ca Top Stories
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
What Canadians think of the latest Liberal budget
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
Teacher shortages see some Ontario high school students awarded perfect grades on midterm exams
Students at a high school in York Region have been awarded perfect marks on their midterm exams in three subjects – not because of their academic performances however, but because they had no teacher.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
An Ontario senior thought he called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Her fiance has been in prison for 49 years. She's trying to free him before it's too late
Christine Roess is a retired consultant. Ezra Bozeman has spent the last 49 years in prison, serving a life sentence for a murder he says he didn’t commit. Against the odds, the two fell in love.