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.
Firm says it now expects the aggregate price of a home in Ottawa will be up 10 per cent in the fourth quarter of 2022 compared with a year earlier, down from its previous forecast of 13 per cent.
Realtors and lawyers say they have noticed buyers looking at what options they have to get out of a purchase because conditions have shifted dramatically from the previous highs and frenzied pace.
Builders began work on more than 10,000 new housing units in the capital last year – but that flurry of new construction still wasn’t enough to keep up with city's population growth, agency says.
As Ottawa’s housing market continues to break records, local broker Danny Dawson has hit a number of his own real estate milestones that are worth celebrating.
Firm is now predicting the aggregate price of a home in Ottawa will jump 13 per cent in the fourth quarter of 2022 compared with a year earlier, up from its earlier forecast of nine per cent.
Detached home sales topping the million-dollar mark accounted for 14 per cent of local transactions in January – up substantially from 2020, when they made up just three per cent of all deals.
A total of 1,766 homes sold for at least $1 million in Ottawa in 2021, more than double the previous year’s tally of 750 such “luxury” transactions, the firm says.
Builders started work on 393 new dwellings in the region last month, a steep drop from the 1,074 starts recorded in December 2020.
Median price of a single-family detached home in the capital rose 20 per cent year-over-year to $876,600 in the quarter, while condo prices increased 11.5 per cent to $417,700.