The hot pace of new home sales in Ottawa continued in June, according to the latest report on the local new homes market.
There were 568 sales, up 34 per cent compared to June of last year when there were 422, according to the Greater Ottawa New Home Market Report prepared by PMA Brethour Realty Group for the Greater Ottawa Home Builders’ Association.
That adds to a year-to-date total of 3,095 sales, which is up 20 per cent compared to last year when sales were at 2,562.
“There has been an upward trend in sales so far this year, compared to the previous year,” notes Cheryl Rice, president of PMA Ottawa. “Ottawa’s fundamentals, including population growth and employment — not to mention the booming high-tech sector — continue to be strong, and the increase in new home sales is largely attributable to the fundamentals underlying economic growth.”
Expected to continue
Provided there is a consistent supply of new homes to meet demand, Rice expects the strong performance to continue through the year, notwithstanding traditional seasonal slowdowns.
“New openings and releases in June alone amounted to an estimated 344 new homes,” she says. “New products offer buyers more choice — in location, home type and price. When demand is there, these choices help drive up new home sales.”
Townhomes remained a popular choice in June, capturing almost 50 per cent of sales, which Rice attributes to availability and affordability. Buyers are getting a home that has similar square footage to a single for a smaller mortgage, making townhomes an affordable option for many, she says.
Southern popularity
And the south end dominated in sales, seeing 36 per cent of the market share, versus 24 per cent in the west end, 28 per cent in the east end and 13 per cent centrally.
“Ottawa South, which offers an excellent supply and choice of products, continued to gain,” says Rice, adding that the south end’s market share soared 66 per cent above June 2018 numbers.
The top five builders in June by market share continued to be Mattamy (27 per cent), Minto 17 (per cent), Claridge (11 per cent), Richcraft (11 per cent) and Caivan (7 per cent).
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