Ottawa's Luxury Home Market is Growing
Over the past few years the Ottawa Real Estate Market has seen an increase in the number of homes and condos that sell for a million and up.  Used to be that only happened in Rockcliffe, but now we're finding homes of this calibre in at various locations throughout the city.

Sales of Million Dollar Homes in Ottawa for 2008

In 2008, in Ottawa according to the MLS® statistics, there were 51 homes that sold having a list price of more than $999,000.  The most expensive one went for $4.775,000, and the lowest one sold for $995,000.  The average sale price to listing price was 94%.  This means if you intend to list a house in the million dollar range there are perhaps 51 buyers out there in a given year that might be available to buy it.  There were 148 listings in the million dollar price range which did not sell in that time frame, 37 cancellations, 20 withdrawn listings and 91 that just expired.  This means that only 56 out of 204 listings in this price range sold.  That's a success ratio of only 27.5 percent. 

That's not a high ratio of sales to listings which means you're if you're trying to sell you're competing for a very small market.  That means that you really need to have good exposure - especially web exposure as buyers in this price range are very likely to be coming from elsewhere.  (How did you get to this site?)

Sales of Million Dollar Condos in Ottawa in 2008.
In 2008 according to the MLS® statistics there was only 1 condo that sold in Ottawa that had a list price of over $999,000.  The sale price was $1,100,000 and the list price was $1,299,000. ghest price one was 1.2 million dollars.  There were 10 other listings which were expired without selling and one was cancelled.   

In 2009 - This week's million dollar home opportunities in Ottawa.
There are currently around 92 homes and 7 condos in the million plus price range in Ottawa as of July 2nd, 2009.  Want to get a glimpse - click on the links below.  (Note you must be logged in to view the links)
 

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