Million-dollar-plus 'luxury' home sales booming in Ottawa

Ottawa

2022/01/28

A total of 1,766 homes sold for at least $1M in Ottawa in 2021, ↑ > 2X YoY. That translates to ↑ 135.5%, the highest increase among Canada's five largest cities last year.Recent data from Royal LePage showed the city's aggregate home price ↑ 17.2% YoY in Q4 2021 to $740K. The aggregate price of an Ottawa home is forecast to ↑ $800K this year, bringing the cost of the avg house ever closer to the luxury mark.According to Re/Max, the currency of homeownership has clearly taken on a new dimension in 2021. Factors into the surges in 2021: demand-induced robust economy and historically low-interest rates that make borrowing money for a home cheaper than ever.