Ottawa’s hot new homes market showed no signs of slowing in September, according to the latest numbers in the monthly market report prepared by PMA Brethour Realty Group for the Greater Ottawa Home Builders’ Association.
There were 669 new home sales in September, up 40 per cent over September 2018, thanks to ample supply, relatively affordable prices, a strong economy and more, says Cheryl Rice, president of PMA Ottawa.
“(This) is shaping up to be a stellar year for Ottawa new home sales,” she says. Despite a looming election, which would normally temper demand, “consumers have not slowed down… 2019 new home sales will exceed 2018 sales, and will also surpass 2017 sales, which we all remember was a banner year for Ottawa new home sales.”
Lots of choice
More than 250 new homes (townhomes, condo towns and singles) were added to Ottawa’s new home inventory in September, she says, along with the launch of Claridge Royale, a 222-suite high-rise condo project. “The new projects and products, combined with existing inventory, offer buyers incredible choice.”
For the year to date, sales are 4,808, up 26 per cent over last year when they were at 3,811. Housing starts also spiked in September, thanks to a flurry of multi-unit builds.
“Tight resale inventories continue to present an overall advantage for new home builders, while the election, which would normally temper demand, seems to have had little to no impact at all on new home sales,” says Rice. “A buy-now-rather-than-later mentality continues to prevail among consumers.”
The south end saw the largest market share of sales (39 per cent), followed by the west end at 29 per cent, while townhomes captured the largest percentage of total market share at 51 per cent. “Townhomes continue to be a very popular home type due to their affordability and broad appeal, including investors,” Rice says.
Claridge had the most sales in September with 18 per cent of the market share, which was helped in part by the launch of Claridge Royale. That was followed by the usual trio of Mattamy Homes, Minto Communities and Richcraft Homes, who ranged between 11 and 15 per cent.