Ottawa’s luxury real estate market cooled off in 2024, as buyers remained cautious and sellers resisted lowering prices, according to a new report.
The 2024 year-end Luxury Canadian Real Estate Market report from Engel & Völkers shows 1,194 homes sold for more than $1 million in Ottawa in 2024. The report shows 1,191 homes sold for between $1 million and $3.99 million last year, down from 1,259 homes in 2023 and 1,592 homes in 2022.
“In 2024’s second half, Ottawa’s real estate market began recovering after a prolonged period of caution,” the report says. “By October, inventory levels stabilized at approximately 2.8 months of supply, marking an improvement over mid-year figures and reflecting growing confidence among buyers and sellers.”
The report says properties selling for between $1 million and $1.99 million accounted for 9 per cent of all home sales in Ottawa in 2024, with affluent buyers “gravitating towards walkable neighbourhoods” like The Glebe and Westboro-McKellar Park.
The report adds there was “unexpected strength” in the fall market.
“Despite the uptick, buyers remained cautious, often walking away from pending transactions due to inspection concerns or price disagreements,” the report says. “Sellers resisted lowering prices, contributing to longer listing times.”
The most expensive home sold in Ottawa in 2024 was the home on Old Sunset Boulevard, overlooking Dow’s Lake, which sold for $5 million in January 2024. Three homes sold for more than $4 million in Ottawa last year, while an off-market sale in the $4 million plus range was completed in September.
Engel & Völkers predicts residential properties worth over $1 million will see a five per cent increase in prices through the first six months of 2025.
CTV News Ottawa looks at what you can buy for $1 million homes in 9 Ottawa neighbourhoods.
Centrepointe
This four-bedroom, three-bathroom home on Summerwalk Place in Ottawa’s Centrepointe neighbourhood is listed for $1.074 million.
“Welcome to this remarkable home in one of the area’s most sought-after neighbourhoods!” says the listing on Realtor.ca.
“This spacious home boasts a thoughtfully designed floor plan, now enhanced with brand-new hardwood floors (2024) on both the main and second levels.”
The main floor features a family room with a centred fireplace, while there are four “generously sized bedrooms,” including a five-piece en-suite in the primary bedroom.
Glebe
“This exceptional four-bedroom, three-bathroom detached home is nestled on a rare double lot in the heart of the Glebe,” says the listing on Realtor.ca.
The home on Clarey Avenue is for sale at $1.385 million.
“Open concept living area is bathed in natural light, hardwood floors creating a warm and inviting atmosphere; A thoughtful addition, completed in 2015, enhances the home’s charm and functionality,” says the listing on Realtor.ca. “Step outside into your large, fenced-in private backyard, a perfect setting for outdoor activities or gatherings.”
Guildwood Estates
This four plus-one-bedroom, four-bathroom home on Bowman Road is on sale for $1.489 million.
“Step into a grand foyer with an impressive custom staircase, setting the stage for elegance,” says the listing on Realtor.ca. “A main floor office offers a perfect work space. The living room features a stunning stone fireplace and two sets of French doors opening to a landscaped backyard.”
The primary bedroom features an en-suite and patio doors to a private balcony. There is also a finished basement with a “stunning recreation room.”
Kanata
Listed at $1.38 million, this home on Ironside Court East in Kanata Lakes has four bedrooms and three bathrooms.
According to the listing on Realtor.ca, the home features a recently upgraded gourmet chef inspired kitchen overlooking an open concept two-storey family room with a Cathedral ceiling.
“Second level offers a primary bedroom with his and hers closet and upgraded five piece en-suite,” according to the listing.
“Tastefully decorated, this home checks all the boxes that an upscale Kanata Lakes community offers.”
New Edinburgh
This two-bedroom, two-bathroom condo on MacKay Street in Ottawa’s New Edinburgh neighbourhood is listed for $1.345 million.
“The spacious layout features two generously sized bedrooms and a versatile den that can be used as an office or guest room,” says the listing on Realtor.ca. “The primary bedroom offers views of a beautifully landscaped courtyard, providing a tranquil retreat, and includes a private en-suite bathroom.”
The living and dining area features a cozy gas fireplace, while “ample windows” throughout the unit allow for an abundance of natural light.
Orléans
“Welcome to your dream home,” says the listing on Realtor.ca.
This six-bedroom, six-bathroom home on Lakeridge Drive is listed at $1.299 million.
“This stunning six-bedroom residence features a finished walkout basement that leads to a picturesque pond, offering breathtaking views and serene outdoor living,” says the listing on Realtor.ca.
“The main level showcases an open-concept layout, ideal for entertaining, with elegant hardwood floors throughout, including the stairs, adding warmth and sophistication.”
Riverside South
This three-bedroom, 3.5-bathroom home with a covered backyard patio on Whooping Crane Ridge is listed for $1.199 million.
“The bright foyer leads to a sunlit open concept living room with two-story windows, soaring ceilings, and a cozy fireplace,” says the listing on Realtor.ca.
“Oak hardwood flooring adds elegance throughout the first floor. A den/office with French doors, a spacious dining room, and an additional family room provide ample space for gatherings.”
Stittsville
This five-bedroom, four-bathroom home on Eaglehead Crescent is on the market for $1.299 million.
According to the listing on Realtor.ca, the 3,300 sq. ft. home has a main-floor den, along with an open-concept living/dining area and a breakfast nook with double-patio doors leading to a fenced yard. The family room features a gas fireplace, and the five-bedrooms upstairs each has their own walk-in closet. The master suite boasts a “spa-like en-suite” with a double vanity, a soaker tub and a standup shower.
“This home has everything you need for comfortable living,” says the listing.
Wellington Village
This urban semi-detached home with three bedrooms and four bathrooms on Clarendon Avenue is listed for $1.399 million.
“This unique home was built by an award-winning architect for his personal use, with a careful blend of the sustainability features of the owner versus the market standard of construction,” says the listing on Realtor.ca. “Flooring is hardwood and laminate.”
