$1 million homes account for 10 per cent of Ottawa's homes sold so far in 2025: report
Ottawa's luxury real estate market heated up in the first six months of 2025, with sales of million-dollar homes increasing 31 per cent this year.
Engel & Völkers released its 2025 Mid-Year Canadian Luxury Real Estate Market Report on Wednesday, showing 864 homes and condominiums were sold for over $1 million in the January to June period.
'In the first half of 2025, Ottawa's residential real estate market demonstrated signs of renewed strength following a tepid start to the year,' the report says.
'Market activity accelerated significantly in May, coinciding with a post-election boost in buyer confidence.'
The report shows properties selling for between $1 million and $1.99 million accounted for 10.8 per cent of all real estate transactions in the first half of 2025, up from 8.6 per cent in 2024. A total of 780 homes and 23 condominiums sold for between $1 million and $1.99 million in the January to June period.
Engel & Völkers says residential properties in the $1 million to $1.99 million price range saw a modest 2.2 per cent increase in average sale price year-to-date.
'Buyers remained cautious and increasingly price sensitive. Unlike the bidding wars of recent years, 2025 saw extended decision timelines and increased scrutiny of floor plans, renovation needs and neighbourhood trends,' the report says. 'Advisors noted a shift toward what they are calling 'micro-bursts,' pockets of intense activity in high-demand areas, where property valued, well-located homes attracted multiple offers.'
In the $2 million to $3.99 million range, the report shows sales jumped 73.5 per cent in the first six months of 2025 compared to 2024. Prices peaked in April, with 20 homes selling for just under $3 million.
One home sold for more than $4 million in the first six months of the year, with the sale price of $4.62 million in May.
Engel & Völkers says the Ottawa real estate market 'took off in the second week of May,' shortly after the federal election.
'With the spring market seemingly delayed this year due to the threat of tariffs and the election, it is expected that the spring market will continue into July this year,' the report said.
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