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Resale homes in Ottawa sell at record pace, record prices
Kristin Goff
The Ottawa Citizen
Wednesday, May 08, 2002
Ottawa's hot housing market is showing no signs of cooling off as sales of existing homes hit a record for the fifth consecutive month in April.
Average prices of resale homes, meanwhile shot past $200,000 for the first time.
"There are buyers out there and it doesn't appear to be letting up," said Bob Dennis, president of the Ottawa Real Estate Board, which released the latest figures yesterday.
Even though five-year mortgage rates have crept up by nearly a third of a percentage point since mid-March, there's little sign buyers are losing interest, he said.
Rising rents and low mortgage rates have encouraged many first-time buyers to get into the market this year, but sales are strong across the board, including those for higher-priced homes.
Sales hit 1,541 in April, blasting through the previous record for April of 1,271 set in 2000. Last year's sales in April were 1,202.
Even more dramatic has been the jump in housing prices, which have climbed $22,000 or about 12 per cent in the past six months. That includes a price jump of nearly $2,500 between March and April, when the average price of all resale homes hit $201,917. That's up 13 per cent from a year earlier.
The rush of buyers and rising prices makes this housing market Ottawa's hottest in at least two decades and perhaps much more, said Mr. Dennis, who has been involved in the industry for nearly 30 years.
While sellers continue to hold the edge in housing deals, there was one encouraging sign for buyers. The number of new listings coming on to the market increased modestly in April, offering a bit more choice than last winter, when new listings barely kept up with sales.
New home sales also hit a record in April, according to a separate report from Corporate Research, which tracks sales contracts signed with builders.
Its figures show contracts for 633 new homes were signed in April, a record for the month and up 14 per cent from March.
The monthly survey also reported many builders increasing their prices by amounts commonly ranging from $3,000 to more than $10,000 on new townhomes and singles. The Corporate Research report, which is prepared for the Ottawa-Carleton Home Builders' Association, doesn't include an average price for new home sales.
Kristin Goff
The Ottawa Citizen
Wednesday, May 08, 2002
Ottawa's hot housing market is showing no signs of cooling off as sales of existing homes hit a record for the fifth consecutive month in April.
Average prices of resale homes, meanwhile shot past $200,000 for the first time.
"There are buyers out there and it doesn't appear to be letting up," said Bob Dennis, president of the Ottawa Real Estate Board, which released the latest figures yesterday.
Even though five-year mortgage rates have crept up by nearly a third of a percentage point since mid-March, there's little sign buyers are losing interest, he said.
Rising rents and low mortgage rates have encouraged many first-time buyers to get into the market this year, but sales are strong across the board, including those for higher-priced homes.
Sales hit 1,541 in April, blasting through the previous record for April of 1,271 set in 2000. Last year's sales in April were 1,202.
Even more dramatic has been the jump in housing prices, which have climbed $22,000 or about 12 per cent in the past six months. That includes a price jump of nearly $2,500 between March and April, when the average price of all resale homes hit $201,917. That's up 13 per cent from a year earlier.
The rush of buyers and rising prices makes this housing market Ottawa's hottest in at least two decades and perhaps much more, said Mr. Dennis, who has been involved in the industry for nearly 30 years.
While sellers continue to hold the edge in housing deals, there was one encouraging sign for buyers. The number of new listings coming on to the market increased modestly in April, offering a bit more choice than last winter, when new listings barely kept up with sales.
New home sales also hit a record in April, according to a separate report from Corporate Research, which tracks sales contracts signed with builders.
Its figures show contracts for 633 new homes were signed in April, a record for the month and up 14 per cent from March.
The monthly survey also reported many builders increasing their prices by amounts commonly ranging from $3,000 to more than $10,000 on new townhomes and singles. The Corporate Research report, which is prepared for the Ottawa-Carleton Home Builders' Association, doesn't include an average price for new home sales.
