Posted Monday, July 15, 2002
Ottawa existing home sales lose steam in June
By Leo Valiquette, InBusiness Media Network
Ottawa's residential resale market slacked off in June, following a trend that persisted across the country as the market retreats to normal levels following a stellar pace earlier in the year, the Canadian Real Estate Association said Monday.
About $245.44 million worth of real estate changed hands in Ottawa in June, up 13 per cent from the same month last year, but down 22 per cent from May.
The gain from last year was driven by higher prices, as the actual number of units sold was down by three per cent to 1,212. In May, 1,547 units were sold.
Average selling prices demonstrated a similar trend. The average price for a home listed for sale in June was $202,504. That's 16 per cent more than in the same month last year, but a slight decrease from the average price of $203,422 noted in May.
The number of new listings also pulled back to 1,863. That's down 2.2 per cent from June of 2001 and nine per cent from May.
Pierre Beauchamp, CEO of CREA, said the overall market is still vibrant despite the slowdown in activity. Activity in the second half of the year is expected to remain healthy, but short of the record levels set in recent quarters.
"Persistently strong job growth and consumer confidence in combination with attractive mortgage rates,” will maintain the market, he said.
Last week, the Canada Mortgage and Housing Corp. reported that Ottawa housing starts for June also slacked off from the month before as supply finally catches up with demand following the wild building surge of the past couple of years.
The actual number of starts fell more than 50 per cent to 539 from 1,145 in May. Compared to June 2001, the tally was down 12 per cent from 615.
In its national monthly report, CREA said existing home sales fell 4.6 per cent to 22,589 in June on a seasonally adjusted basis from May's levels.
For the second quarter, total home resales across Canada totalled 71,710 units, down 13.3 per cent from record levels hit in the first three months of the year.
Ottawa existing home sales lose steam in June
By Leo Valiquette, InBusiness Media Network
Ottawa's residential resale market slacked off in June, following a trend that persisted across the country as the market retreats to normal levels following a stellar pace earlier in the year, the Canadian Real Estate Association said Monday.
About $245.44 million worth of real estate changed hands in Ottawa in June, up 13 per cent from the same month last year, but down 22 per cent from May.
The gain from last year was driven by higher prices, as the actual number of units sold was down by three per cent to 1,212. In May, 1,547 units were sold.
Average selling prices demonstrated a similar trend. The average price for a home listed for sale in June was $202,504. That's 16 per cent more than in the same month last year, but a slight decrease from the average price of $203,422 noted in May.
The number of new listings also pulled back to 1,863. That's down 2.2 per cent from June of 2001 and nine per cent from May.
Pierre Beauchamp, CEO of CREA, said the overall market is still vibrant despite the slowdown in activity. Activity in the second half of the year is expected to remain healthy, but short of the record levels set in recent quarters.
"Persistently strong job growth and consumer confidence in combination with attractive mortgage rates,” will maintain the market, he said.
Last week, the Canada Mortgage and Housing Corp. reported that Ottawa housing starts for June also slacked off from the month before as supply finally catches up with demand following the wild building surge of the past couple of years.
The actual number of starts fell more than 50 per cent to 539 from 1,145 in May. Compared to June 2001, the tally was down 12 per cent from 615.
In its national monthly report, CREA said existing home sales fell 4.6 per cent to 22,589 in June on a seasonally adjusted basis from May's levels.
For the second quarter, total home resales across Canada totalled 71,710 units, down 13.3 per cent from record levels hit in the first three months of the year.
