Ottawa’s 2013 Half Year in Real Estate Review of Sales
by Dave Williams
So far this year there have been 7654 real estate sales, 6099 of which were free hold homes and 1555 were condos.
These 7654 Sales represent 93.4% of 2012’s first 6 months of sales (8192), 98.5% of 2011’s first 6 months of sales (7770), and 92.2% of 2010’s first 6 months of sales (8301).
Winner 2010 with more 1st half sales than any other year!
You’ll notice (before we talk about condos) there has at most been an 8% drop in sales since the HST changes and government regulations meant to slow down the real estate market nationally.
The 6099 Home Sales represent 93.8% of 2012 levels, 100.7% of 2011 levels (take that 2011) and 94.1% of 2010 sales levels.
Always representing the largest segment of the market, freehold home sales have remained consistent over the longterm.
The 1555 Condo Sales represent 92.2% of 2012 sales levels (1687), 90.7 % of 2011 levels (1715) and a 15% drop to 85.4% of 2010 sales levels (1822).
No one likes condos anymore, or at least that is what the numbers seem to indicate. Ottawa is in the midst of a condo construction boom, and as most builders maintain their own sales force I strongly believe that most of the decline in condo sales are really just new construction purchases that don’t show up on the MLS stats. Don’t abandon hope yet, and stay tuned for tomorrow we’ll take a look at the prices of homes in Ottawa.