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.
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. 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.
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