The high end of Ottawa’s housing market is garnering attention as a “sound financial investment,” according to a recent report from Royal LePage.
The median price of a luxury home in Ottawa rose five per cent year-over-year for the 12 months ending Jan. 31, coming in at $1.8 million. Meanwhile, the median price of luxury condos crested $1 million for the year, an increase of 3.8 per cent from the previous 12-month period.
Sixty homes were sold in the luxury segment this past year, relatively flat numbers compared to last year but more than double the 26 sales two years prior.
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Driven by strong employment in the region, Royal LePage expects the luxury market to continue its rise in the months ahead. The median price of homes is charted to grow 4.2 per cent year-over-year, while condos in this segment are slated for another 3.1 per cent annual growth.
“There is a strong sentiment among buyers that Ottawa’s luxury home market is a sound financial investment,” said Charles Sezlik, sales representative with Royal LePage Team Realty, in a statement.
“The lower end of the luxury market is very competitive. A good listing in a good location will not stay on the market long,” he added.
Elsewhere in Canada, the luxury condo market saw sizeable growth in Toronto and Montreal, with median prices rising 10 per cent and 8.4 per cent respectively this past year. The increase in luxury home price in those markets, meanwhile, were relatively on par with Ottawa.
Vancouver saw a drop in both luxury home and condo sale prices.
Royal LePage defines “luxury” differently in various markets. In Ottawa, it includes homes selling for more than $1,420,331 and condos at more than $890,253.