November 2021 new-home sales were the highest for the month in more than a decade, but the year-to-date total falls short of 2020 so far.
According to the latest monthly market report prepared by PMA Brethour Realty on behalf of the Greater Ottawa Home Builders’ Association, new-home sales in November were 639, up 54 per cent compared to November 2020, which saw 415 sales.
Sales in November were also up 40 per cent from October’s 456 sales. But for the year to date, sales are 4,629, down 18 per cent compared to last year, when there were 5,641 sales.
“November sales are typically low following the summer and early fall buying seasons, but since July of this year (the slowest month for new-home sales in 2021), new-home sales started to tick up, albeit at volumes below the five-year average,” says Cheryl Rice, PMA’s Ottawa president.
“Contributing to what could be considered an atypical November were new product releases at 15 different sites across the city and a new opening, Mattamy’s The Crown (of Stonebridge).
“New product tends to bring out the buyers, especially after a period when numerous projects were either permanently or temporarily sold out. With improved supply to meet demand and prices starting to stabilize, consumers who have waited to purchase a new home are entering the market at a good time.”
The south end captured the majority of sales (60 per cent) as did townhomes (58 per cent), reflected in part through releases in Barrhaven by both Mattamy and Caivan.
In fact, Caivan sold well over double the number of homes in November than it has been averaging all year, claiming second spot in market share behind Mattamy and ahead of Minto Communities, the two usual frontrunners in home sales.
Caivan released lots at The Ridge and also had strong sales at Fox Run in Richmond.
Despite November’s strong showing, Rice notes that the year-to-date total is the lowest it’s been in the past five years, showing a decline that started in 2020 due to the pandemic.
“We have yet to see what impact the Omicron variant will have on Ottawa new and resale home sales as we enter 2022, but time and time again our market has shown its resilience.”
