Sales worth $1 million or more now account for nearly one in five Ottawa residential transactions – up from less than five per cent just two years ago, Engel & Volkers says.
Engel & Volkers
As the capital’s million-dollar market continues to boom, luxury real estate firms like Engel & Völkers are being kept busy
Over the last two years, the rapid increase in value across the Ottawa real estate market has seen every sector challenged, including the growing, sophisticated Ottawa luxury market.
The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.
Over the last couple of years, Ottawa real estate has been through a whirlwind of change. Notably, the rural property market has skyrocketed.
The spring real estate market is one of the most anticipated times of year in our industry.
Ottawa, once known as a “sleepy” city with a slow real estate market, has seen unprecedented growth over the past two years.
Her distinguished career has included publishing some of the country’s most iconic magazine brands, but now, Andrews is turning her attention to Ottawa’s hottest industry: Real estate.
Million-dollar home transactions in the nation’s capital used to be almost as rare as a unanimous vote in the House of Commons, but times have changed.
A new player arrived on the Ottawa realty scene Monday with the announcement that German boutique realty firm Engel & Völkers is open for business.