Tuesday, March 22, 2016

Ottawa Market Update - February 2016

New home sales continue to trend upward in early 2016, as

February saw an increase of 17.9% in comparison to February

2015. New home YTD sales are 13% above the 5-year average of

570. This trend of growth has been observed since October 2015,

suggesting an increase of consumer confidence since the 2015 fall

elections. Minto led the way in February with 94 sales, followed by

Mattamy with 54. A contrast of January, as Mattamy and Minto had

101 and 51 sales respectively. Special inventory pricing and

incentives played a strong role for each builder.

Freehold towns continue to lead the market, with an increase

of 4% product share from last month, while singles decreased by

2%. Freehold Towns remain a popular choice for purchasers, due to

their comparative size and lower price per square footage than

singles. Townhomes represented the majority of February sales for

builders such as Minto (65%), Richcraft (66%) and Tamarack

(61%).

The Ottawa Resale market saw an increase of 7.2% from February

2015, receiving a boost of 46 sales during the extra day of the leap

year. With spring fast approaching, listings increased by 26.6 % and

inventory on hand by 10.7% since January. The average price for

residential properties stood at $384,632, a modest growth of 1.2%

from February 2015. Of the 1,509 YTD sales, 31.6% were in the

$300,000 to $400,000 price range.


Ariana Luna @ PMA Brethour Realty Group

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