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The traditionally strong spring home sales market is anything but this year, at least as far as new homes are concerned.
That’s according to the latest numbers from industry analyst PMA Brethour Realty Group. Its monthly report for May shows new home sales plummeted almost 25 per cent from May 2014, as well as being down almost 12 per cent from April. Typically, sales will jump from April to May, but there were just 341 sales in May compared to 387 in April and 453 in May 2014.
And for the year to date, sales are off by more than 1,000 — to 1,644 from 1,799 last year.
“May was a surprisingly disappointing month,” says Patrick Meeds, who heads PMA’s new home division. While sales were predicted to be lower than last month and lower than May of last year (when builders Mattamy and Minto had large releases), “there was an expectation of sales from a delayed spring market,” he says. “However, this did not materialize to any great extent.”
One positive for the month was the continued strength of the resale market, he says. “As this continues, a homeowner’s confidence to finalize their decision to move from a used to a new home greatly increases. This should provide a small, but necessary, increase in new home sales as we wrap up the spring market.”
The Ottawa Real Estate Board reports 1,926 sales for May, an increase of 7.7 per cent over the previous year and higher than the five-year average for the month of 1,812. It was the best May since 2009, board president David Oikle says in a release.
“Properties are moving consistently and inventory remains plentiful; labelling the Ottawa market as a buyers’ market and allowing for average sale prices to remain very stable,” he says.
There were 342 condos sold, with an average price of $266,940, and 1,584 other homes, at an average of $411,791. Homes between $300,000 and $400,000 made up the hottest segment, he says.
Meanwhile, housing starts in Ottawa are also down, trending at 3,829 units in May compared to 4,508 units in April, according to Canada Mortgage and Housing Corp. (CMHC). The trend is a six-month average that is adjusted each month to remove seasonal ups and downs to offer a more accurate month-to-month comparison while projecting what the starts will be for the year.
The national housing market watchdog said new home construction fell to 330 units in May, down from 906 starts in May 2014.
The poor month for construction adds to a low year for Ottawa home builders, who have begun construction on 1,243 homes during the first five months of 2015. During the year-ago period, housing starts totalled 1,933.
“Starts activity trended lower in May driven by a significant drop in apartment starts as builders are scaling back on condominium apartment starts,” CMHC market analyst Anne-Marie Shaker says in a release. “Tepid demand conditions due to weak employment in the (city) coupled with a high number of completed and unsold condominium apartments compared to historical averages is causing this scale back.”
With files from Vito Pilieci
查看原文...
That’s according to the latest numbers from industry analyst PMA Brethour Realty Group. Its monthly report for May shows new home sales plummeted almost 25 per cent from May 2014, as well as being down almost 12 per cent from April. Typically, sales will jump from April to May, but there were just 341 sales in May compared to 387 in April and 453 in May 2014.
And for the year to date, sales are off by more than 1,000 — to 1,644 from 1,799 last year.
“May was a surprisingly disappointing month,” says Patrick Meeds, who heads PMA’s new home division. While sales were predicted to be lower than last month and lower than May of last year (when builders Mattamy and Minto had large releases), “there was an expectation of sales from a delayed spring market,” he says. “However, this did not materialize to any great extent.”
One positive for the month was the continued strength of the resale market, he says. “As this continues, a homeowner’s confidence to finalize their decision to move from a used to a new home greatly increases. This should provide a small, but necessary, increase in new home sales as we wrap up the spring market.”
The Ottawa Real Estate Board reports 1,926 sales for May, an increase of 7.7 per cent over the previous year and higher than the five-year average for the month of 1,812. It was the best May since 2009, board president David Oikle says in a release.
“Properties are moving consistently and inventory remains plentiful; labelling the Ottawa market as a buyers’ market and allowing for average sale prices to remain very stable,” he says.
There were 342 condos sold, with an average price of $266,940, and 1,584 other homes, at an average of $411,791. Homes between $300,000 and $400,000 made up the hottest segment, he says.
Meanwhile, housing starts in Ottawa are also down, trending at 3,829 units in May compared to 4,508 units in April, according to Canada Mortgage and Housing Corp. (CMHC). The trend is a six-month average that is adjusted each month to remove seasonal ups and downs to offer a more accurate month-to-month comparison while projecting what the starts will be for the year.
The national housing market watchdog said new home construction fell to 330 units in May, down from 906 starts in May 2014.
The poor month for construction adds to a low year for Ottawa home builders, who have begun construction on 1,243 homes during the first five months of 2015. During the year-ago period, housing starts totalled 1,933.
“Starts activity trended lower in May driven by a significant drop in apartment starts as builders are scaling back on condominium apartment starts,” CMHC market analyst Anne-Marie Shaker says in a release. “Tepid demand conditions due to weak employment in the (city) coupled with a high number of completed and unsold condominium apartments compared to historical averages is causing this scale back.”
With files from Vito Pilieci
查看原文...
