Ottawa's overall real estate market may be in a holding pattern, but the city's luxury and upper-mid-range segment, properties priced above $1 million, is telling a different story. Sales in this tier accelerated through 2025 and into 2026, driven by a buyer profile that is less sensitive to mortgage rates and more responsive to value.
Who's Buying Above $1 Million in Ottawa
The typical buyer in Ottawa's seven-figure market is not a speculative investor. They tend to be dual-income households with significant equity from a previous home, executives and professionals in the private sector, and tech workers concentrated in Kanata North whose compensation packages include equity and stock options.
This cohort is less affected by mortgage stress test rules (they often have large down payments or buy with minimal financing) and responds more to perceived value than to rate movements.
Where They're Buying
The Glebe continues to command some of Ottawa's highest prices, with well-restored Victorian and Edwardian homes regularly trading above $1.5 million. Westboro's detached market has firmly crossed the million-dollar threshold for most listings. Rockcliffe Park remains the unquestioned prestige address, with many properties trading in the $2 million to $5 million range.
Maybe most interestingly, the western portion of Old Ottawa South and properties backing onto the Rideau River in Manor Park are attracting million-dollar buyers who want established neighbourhoods without Rockcliffe prices.
What This Means for the Broader Market
The relative strength of the luxury tier is good news for confidence, but it doesn't directly address the affordability crisis facing average Ottawa households. The divergence between the upper and lower ends of the market, with one active and one sluggish, is a structural feature of the current correction rather than a sign of broad recovery.
Source: CTV News Ottawa / Ottawa Real Estate Board data
