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Friday, May 27, 2016
Ottawa home sales are hot, hot, hot (April)
Ottawa home sales are heating up with both resale and new home purchases up significantly in April, prompting industry analyst Andrew Brethour to predict we’re in for “a hot, hot summer.”
New home sales jumped a whopping 23 per cent over 2015 (477 versus 387) and almost 19 per cent over March, when 401 homes sold, according to the latest report from PMA Brethour Realty Group.
And while the resale market increase was lower – 1,714 sales versus 1,567 or a nine per cent bump – the Ottawa Real Estate Board (OREB) notes that the results are the second-highest April on record.
“(It’s) a spring spectacular market,” says Brethour. “Amazing confidence is being shown by the consumer.”
That confidence is reflected in results for the year as a whole, with new home figures from each month showing higher results than in the past two years and year-to-date sales up 17 per cent over last year (1,527 versus 1,303).
Minto in particular had a great month, capturing 25 per cent of the market share with 120 sales, helped in part by its relaunch of the upscale Mahogany project in homes in Manotick and strong sales at Avalon Encore homes in Orléans.
The ArtHaus condo/hotel/Arts Court development downtown, which saw its first full month of sales in April, also proved popular, with builder DevMcGill selling one-third of the 91 units available.
On the resale side, OREB reported 264 condo sales in April, averaging $261,017 (down 1.8 per cent over April 2015), and 1,450 other residential properties, averaging $403,603 (up 0.2 per cent).
Listings were up, reaching 3,644 or a 13-per-cent jump over March, and inventory levels were healthy heading into what is normally the most active month of the year in May, board president Shane Silva says in a release.
Brethour attributes all the activity to strong employment and income growth combined with continuing record low interest rates prompting buyers to take advantage of great housing value that has been created by over four years of underperformance.
“Ottawa is a very balanced market,” he notes, “but a snap back in demand has caused a very active spring.”