In 2010 - This week's million dollar home opportunities in Ottawa.
There are currently around 118 homes and 7 condos in the million plus price range in Ottawa as of July 29th, 2010.  Want to get a glimpse - click on the links below.  (Note you must be logged in to view the links)
 

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Ottawa's Luxury Home Market is Growing
Over the past few years the Ottawa Real Estate Market has seen an increase in the number of homes and condos that sell for a million and up.  Used to be that only happened in Rockcliffe, but now we're finding homes of this calibre in at various locations throughout the city.

Sales of Million Dollar Homes in Ottawa for 2009

In 2009, in Ottawa according to the MLS® statistics, there were 53 homes that sold having a list price of more than $999,000 verses 51 in 2008.  The most expensive one went for $3,150,000 and was listed at $3,335,000 verses the highest in 2008 at $4.775,000, The lowest one sold for $900,000 having been listed at $999,000.  The average sale price to listing price was 92%.  This means if you intend to list a house in the million dollar range there are perhaps 52 buyers out there in a given year that might be available to buy it.  There were 172 listings in the million dollar price range which did not sell in that time frame, 32 cancellations, 14 withdrawn listings, 68 that just expired and 58 that were still active.  This means that only 53 out of 225 listings in this price range sold.  That's a success ratio of only 23.5 percent. 

That's not a high ratio of sales to listings which means you're if you're trying to sell you're competing for a very small market.  That means that you really need to have good exposure - especially web exposure as buyers in this price range are very likely to be coming from elsewhere.  (How did you get to this site?)

Sales of Million Dollar Condos in Ottawa in 2009.
In 2009 according to the MLS® statistics there were only 2 condos that sold in Ottawa that had a list price of over $999,000 verses 1 in 2008.  The sale price for the highest one was was $1,100,000 and the list price was $1,195,000. There were 51 other listings which didn't sell for a success ratio of  3.8%.