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Existing home sales in Ottawa dropped 13.9% in May over the same period last year, based at least in part on climbing mortgage rates and tightening regulations that make it more difficult to obtain financing.
In all, 1,713 units were sold, down 140 units from April, though the average price of $334,360 was slightly above that of the previous month and 6.8% over May 2009, says a report issued by the Canadian Real Estate Association (CREA) Wednesday.
“May was the first full month in which sales activity was affected by these changes,” CREA President Georges Pahud said. “An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable.”
Even with the soft May — experienced in major markets across the country — home sales from January to May in 2010 are up 13.8% over the same five-month period last year.
“Supply and demand has become more balanced in a number of major markets,” CREA chief economist Gregory Klump said. “Home buyers now have more choice and are likely be in less of a rush to purchase than they were recently, so the amount of time it takes to sell a home is expected to rise in the coming months.”
The number of homes listed for sale in May was up 5.4% compared to the same time period last year.
http://www.ottawasun.com/money/2010/06/16/14417001.html
In all, 1,713 units were sold, down 140 units from April, though the average price of $334,360 was slightly above that of the previous month and 6.8% over May 2009, says a report issued by the Canadian Real Estate Association (CREA) Wednesday.
“May was the first full month in which sales activity was affected by these changes,” CREA President Georges Pahud said. “An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable.”
Even with the soft May — experienced in major markets across the country — home sales from January to May in 2010 are up 13.8% over the same five-month period last year.
“Supply and demand has become more balanced in a number of major markets,” CREA chief economist Gregory Klump said. “Home buyers now have more choice and are likely be in less of a rush to purchase than they were recently, so the amount of time it takes to sell a home is expected to rise in the coming months.”
The number of homes listed for sale in May was up 5.4% compared to the same time period last year.
http://www.ottawasun.com/money/2010/06/16/14417001.html
