The proportion of Ottawa homes selling for more than $1 million has doubled to nearly one in five this year, according to real estate firm Engel \u0026amp\u003B Völkers, but the market is expected to cool off this summer.
The segment of the market between $1 million and $3.99 million grew to 18 per cent in 2022, from nine per cent in 2021, as a COVID-19 “buying frenzy” produced record price hikes, the company said in a mid-year luxury real estate market report this week.After peaking in March, sales have plateaued, the company said, signalling “normal-leaning market conditions” which held steady through June.
New listings are up, house are taking longer to sell than in 2020 and 2021 and interest rate hikes are making would-be buyers reconsider their budgets.Article content Average residential prices in the category appear to have levelled off at about $1.32 million in January and $1.33 million at the peak in March and in June. But average home prices have risen 53 per cent in Ottawa in the past two years, putting more of them into the $1-million-plus category.
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