Ottawa existing home sales were fairly flat over the 2010-2014 period. However, buyers in 2015 took advantage of an increase in the number of homes for sale, lower mortgage rates and competitive pricing in some segments of the resale market according to CMHC report of Fall 2015. Year-to-date sales volume to the end of August were 4.3% higher than the year before, and prices continued to increase at 2% per year.
Prices of Resale vs New Build homes
To date in 2015, the increase in existing home sales has been mostly driven by single detached 2 storey homes. According to CMHC an existing single detached home sells at $83,000 lower than a newly built single detached home, plus they are usually located in an area within a shorter commute to the central core.
Condominium apartment sales have risen 3.4% this year as buyers took advantage of a 6% increase in listings to bid down prices slightly. Resale condominiums are becoming more attractive to buyers because of their lower price advantage and larger square footage versus the newly built condominiums.
Gerry Osika, Broker, MBA