The average price for a luxury home in Ottawa increased two per cent in the first eight months of the year, as sales activity increased in the $2 million plus range for a new home.
The 2024 Royal LePage Luxury Market Report shows the average sale price for a luxury home in Ottawa was $2.442 million in the January to August period, up from $2.395 million in the same period in 2023.
Ottawa’s real estate market saw a 13 per cent increase in sales activity for homes over $2 million in the first eight months of the year.
“Last year was sluggish for the Ottawa luxury market as clients took a wait-and-see approach,” Charles Sezlik, sales representative of Royal LePage Team Realty, said in a statement.
“We turned a corner this March, resulting in a strong spring and many properties trading hands in the first half of 2024. As a result, we have seen a modest uptick in luxury home prices. Supply has been on the rise thanks to the completion of more luxury builds, in addition to a renewed sense of confidence among sellers.”
The Royal LePage report says properties selling for over $2 million this year have an average of 4.6 bedrooms and 4.4 bathrooms.
Sezlik expects the luxury market will see “consistent activity” through the fall, “followed by a seasonally typical upswing” next spring.
Ottawa was one of four Canadian cities to see an increase in the average price for a luxury home sold in the first eight months of the year. Halifax saw an 8.6 per cent increase in the cost of a luxury home, while Winnipeg saw a 4.9 per cent increase and Toronto reported a 3.9 per cent increase.
The Royal LePage survey lists a different minimum threshold price for a luxury home, depending on the market. The minimum threshold for a luxury home ranges from $5.5 million in Vancouver and $4.75 million in Toronto to $2.5 million in Montreal, $1.75 million in Calgary, $1.5 million in Halifax and $1 million in Quebec City and Winnipeg.
Here is a look at the most expensive homes sold in Ottawa so far in 2024 (according to Redfin.ca)
- $5 million – Old Sunset Boulevard at Dow’s Lake. Home has 3 bedrooms and 2.5 bathrooms.
- $4.257,800 – James Bell Drive in Manotick. Home has four bedrooms and 4.5 bathrooms.
- $4 million – James Cummings Avenue. Home has three bedrooms and three bathrooms.
- $3.898 million – Red Castle Ridge. Home has five bedrooms and six bathrooms.
- $3.750 million – 112 Lisgar Road. Home has four bedrooms and 3.5 bathrooms.