Million-dollar home sales account for 14 per cent of all homes sold in Ottawa in January
Million-dollar home sales helped heat up the Ottawa housing market to kick off the new year, as the lack of inventory pushed prices to "levels previously unseen."
The Ottawa Real Estate Board says 936 residential properties were sold in January, compared to 963 homes in January 2021. The January home sales were above the five-year average for total home sales in January of 840.
The average sale price for a residential class property last month was $771,739, up 14 per cent from a year ago.
According to the Ottawa Real Estate Board, homes selling for over $1 million accounted for 14 per cent of detached homes sold in January.
“Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration," said Penny Torontow, president of the Ottawa Real Estate Board.
"In 2020, they represented three per cent of residential sales, in 2021, they held 9 per cent of the market’s resales, and now in 2022, that number reflects close to 14 per cent of detached home sales.”
The Ottawa Real Estate Board says residential-class properties selling within the $650,000 to $900,000 range represented 47 per cent of all sales in January, compared to 31 per cent in 2021.
"But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more,” advises Torontow.
Overall, the Ottawa Real Estate Board says January's sales "were very strong for a traditionally slower month."
There were 661 residential-property class properties sold, down two per cent from 2021, while 275 condominiums were sold.
“This increased activity compared to previous years is not solely a pandemic phenomenon," said Torontow. "Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now – and the price increases will continue to reflect that until the housing stock grows.”
CTVNews.ca Top Stories
BREAKING Israel attacks Iran, Reuters sources say; drones reported over Isfahan
Israel has attacked Iran, three people familiar with the matter told Reuters, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.