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 hom.