Ottawa’s million-dollar real estate market heats up in 2025

A for sale sign displays a sold home in a development, in Ottawa, on July 6, 2015. (THE CANADIAN PRESS/Sean Kilpatrick)

Ottawa’s million-dollar real estate market saw a significant boost in 2025, and home prices are expected to increase again this year.

A new report from Engel & Völkers says there was a nearly 40 per cent increase in homes sold worth more than $1 million in 2025, including a 33 per cent increase in homes sold between $1 million and $1.99 million last year.

“The turning point arrived in late spring, when improving affordability, steady rate cuts and rising consumer confidence aligned to lift market activity,” said the 2025 Year-End Canadian Luxury Real Estate Market Report.

“By early summer, Engel & Völkers affiliated advisors were reporting consistent showings and a deeper pool of qualified buyers.”

According to Engel & Völkers, 1,533 homes sold for between $1 million and $1.99 million in Ottawa last year, while 115 homes sold for between $2 million and $3.99 million. Six homes sold for $4 million in 2025.

Engel & Völkers said the highest sale price in Ottawa last year was $5.6 million.

According to Redfin, a home on Grandview Road sold for $5 million and a home on Clemow Avenue sold for $4.3 million in December.

“Ottawa’s luxury market has matured into a stable, informed environment,” John King, a License Partner with Engel & Völkers, said.

“Prices are steady, buyers are discerning and value is increasingly defined at a street-by-street level. Strategic pricing and trusted guidance matter more than ever, bringing clarity around true value, which is essential for both buyers and sellers.”

According to the report, new listings for homes selling between $2 million and $3.99 million were “particularly robust,” with new listings up 76 per cent. The report notes sales in the $2 million to $4 million price range increased from 69 sales in 2024 to 115 in 2025.

• The latest news on real estate, the housing market in Ottawa, mortgage rates and rentals.

Engel & Völkers says million-dollar home sales will see a five per cent increase in average sale prices in 2026.

“The market is expected to continue stabilizing, supported by Ottawa’s strong employment base, an expanding professional workforce and ongoing infrastructure and transit improvements,” the report said.

“Developers continue to face financing constraints and construction delays, suggesting limited new inventory in the near term — conditions that could place upward pressure on prices over the next 12 to 18 months.”