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 2007.
In 2007, in Ottawa according to the MLS® statistics, there were 42 homes that sold having a list price of more than $999,000.  The most expensive one went for $3,3 million dollars, and the lowest one sold for $960,000.  The average sale price to listing price was 93%.  This means if you intend to list a house in the million dollar range there are perhaps 40 buyers out there in a given year that might be available to buy it.  There were 74 listings up to prices as high as $10 million which did not sell in that same time frame, 19 cancellations, 6 withdrawn listings and 49 that just expired.  This means that only 42 out of 116 listings in this price range sold.  That's a success ratio of only 36.2 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 2007.
In 2007 according to the MLS® statistics there were 3 condos that sold in Ottawa that had a list price of over $999,000.  The highest price one was 1.2 million dollars.  There were two additional listings in the price range which were also listed but did not sell.  In previous years the system records 1 sale in 2006, and 1 in each of 2001, 2003 and 2005. 

This week's million dollar home opportunities in Ottawa.
There are currently around 47 homes and 4 condos in the million plus price range in Ottawa.  Want to get a glimpse - click on the links below.  (Note you must be logged in to view the links)

If you're seeing this red text then you are not currently logged in. Only registered logged in users may view the links. You can register for free and get instant access using the Create New Account link in the left margin under the login box.

Brisk Real Estate Resales Heat up June - from the Ottawa Real Estate Board at http://orebweb4.oreb.ca/news_release.shtml

Ottawa, July 10, 2007: Members of the Ottawa Real Estate Board sold 1,651 homes in June through the Board's Multiple Listing Service® system, compared with 1,855 in May 2007. There were 1,600 sales in June 2006.

Affordable homes, hot condo market warm up chilly April - from the Ottawa Real Estate Board at http://orebweb4.oreb.ca/news_release.shtml

Ottawa, May 8, 2007: Members of the Ottawa Real Estate Board sold 1,554 homes in April through the Board's Multiple Listing Service® system, compared with 1,305 in March 2007. There were 1,439 sales in April 2006.

Future Real Estate prices in Ottawa? Not Boom or Doom but Much Ado About Nothing says the CIBC researchers: Canadian House Prices Not Based on Demographics Alone April 18th, 2007 - The CIBC Canadian Real Estate Report is predicting that Housing prices will double in the coming 20 years!  It generated much press last week.  In Ottawa that would mean that in April 2027 the average sale price for a property would be $548,000!   In other words housing prices will increase 5% a year!  CIBC really went out on a limb on this prediction!!!  The Ottawa MLS® average sale price has increased an average 4.5% per year in the previous 20 years so a 5% prediction is a safe bet!  Of interest, the report debunks the boom and bust theorists who have predicted a demographic influenced bust in housing prices between 2011 and 2015. 

Spring Market already beginning to Bloom! - from the Ottawa Real Estate Board at http://orebweb4.oreb.ca/news_release.shtml

Ottawa, March 6, 2007: Members of the Ottawa Real Estate Board sold 1032 homes in February
through the Board's Multiple Listing Service® system, compared with 764 in January 2007. There
were 982 sales in February 2006.

Record Breaking Year for Homes Sales in Ottawa - from the Ottawa Real Estate Board at http://orebweb4.oreb.ca/news_release.shtml

Ottawa, January 9, 2007: Members of the Ottawa Real Estate Board sold 682 homes in December through the Board's Multiple Listing Service® system, setting a new record of 13,783 residential sales for 2006. The previous record was 13,152 in 2004. There were 615 sales in December 2005.