September 2017 home sales in Ottawa were all over the map, with new homes sales down, resale numbers up, and the new homes industry poised to have its best sales year since 2011.
New home sales slid 15.2% in September compared to the same month last year (424 sales versus 501), according to industry analyst PMA Brethour Realty Group.
That decline runs counter to the sales growth that normally occurs at this time of year.
Context is crucial
“(It) is important to note that last year’s September sales were extraordinary, with a 62-per-cent increase over the previous five-year average,” says PMA Ottawa president Cheryl Rice in a statement.
She also points out that despite a year-over-year decline, sales this September were 33-per-cent higher than the current five-year average of 373.
And while September sales were also down from August numbers, Rice says that’s not unusual. “Since 2012, we’ve seen similar decreases from August to September of six and seven per cent, suggesting a seasonal trend.”
A promising year for new and resale homes
PMA reports that after enjoying several months of strong sales performance, Ottawa new home builders are seeing a slow tapering off in contracts signed but that sales continue to exceed five-year averages. That should result in the predicted banner year.
Sales this year have been strongest in the south and west of Ottawa, with the two areas accounting for well over two-thirds of all new home sales.
The resale market saw a 1.6-per-cent increase in September over the same month last year. That may not sound like a lot, but keep in mind that 1,365 resale properties were sold in September compared to a five-year average for the same month of 1,250.
Who and what still rule
In keeping with historical trends, Minto and Mattamy captured more of the new home market in September than any other builder. Each company claimed over 19 per cent of the market.
Richcraft, Tamarack and Claridge followed, respectively, in unit sales.
Single-family homes and townhomes continued to rule the new homes roost in September, each capturing 42 per cent of the market. Condo apartments and towns made up the balance of the new home market.
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