The Ottawa new homes market is continuing the torrid pace set last year with January sales that were up 30 per cent over the same month last year, according to the latest report prepared by PMA Brethour Realty on behalf of the Greater Ottawa Home Builders’ Association.
There were 448 sales for the month, compared to 344 sold in January 2019, well above the five-year average of 371.
“The high demand for housing in Ottawa in 2019 has rolled into 2020, and new home builders have been satisfying some of the demand with new openings and product releases, at a time when there is insufficient resale inventory,” says Cheryl Rice, who is president of PMA Ottawa.
The situation has led to a “now-or-never mentality” that we also saw last year, she says, and resulted in numerous instances of builders being temporarily sold out in their developments.
“Several builders released new single (homes) in January, as well as towns, and buyers are snapping them up before higher spring prices come into effect,” says Rice. “High demand has consumed new home inventory at several projects across the city and PMA expects to see upcoming releases reactivate those sites.”
South end proves popular
The south end grabbed the lion’s share of the market at 42 per cent, while the west and east ends both saw a 23-per-cent share and the central area captured 12 per cent.
Mattamy Homes had an exceptionally strong month, registering more than one-quarter of all new home sales — 121, or 27 per cent. The next closest in market share were Minto Communities (12 per cent) and Richcraft (10 per cent).
“Mattamy had incredible condo townhome and condo apartment sales in Wateridge Village — affordable product types that appeal to price-conscious buyers,” says Rice. “The builder also had a strong performance in their Half Moon Bay project, with sales crossing three product types: singles, townhomes and condo townhomes.”
Mattamy had the busiest projects in terms of sales in the east (Summerside South), centrally (Wateridge Village) and the west (Blackstone South). Mattamy was topped in the south end by Caivan Communities (The Ridge) and Glenview Homes (Flagstaff), but only because its Half Moon Bay sales were split into singles and towns; when combined, Half Moon Bay saw the most sales among projects in the south end, too.
The only official project launch for January was The Creek in Kemptville, by Urbandale Construction. The project had been unofficially open since late last year.
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Ottawa’s new home developments
The Creek launches in Kemptville
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