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
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Full parole granted to man convicted in notorious 'McDonald's murders' in Cape Breton
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Incident on Calgary's Reconciliation Bridge comes to safe resolution
Nearly 20 hours after a man climbed and remained perched on top of the Reconciliation Bridge in downtown Calgary, the situation came to a peaceful resolution.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.