GOHBA / PMA Brethour Ottawa New Home Sales Report
Rise in new home sales continues in February
March 14, 2024
OTTAWA – The latest data on new home sales confirms that the momentum witnessed at the start of the year continues in February. The most recent Ottawa New Home Market Report shows 280 new homes were sold last month, compared to 160 in February of the previous year, marking a notable 75 per cent increase.
“It’s great to see new home sales continue to rise to start off the new year,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders’ Association. “Sustained growth in sales is critical if we want to build enough housing for our growing population. We need to get to 2020-2022 numbers, where we saw approximately 1,000 year-to-date sales."
This surge in sales reflects a promising trend, with year-to-date figures for 2024 increasing a remarkable 101 per cent to 554 new home sales, compared to 275 for the same time frame in 2023. The figures signify some resurgence in the market, getting closer to the robust sales trends observed during the pre-pandemic years of 2020-2022.
Newly released data shows 280 new home sales were reported in February 2024, on track with the figures reported one month prior.
Source: PMA Brethour Realty Group
Looking at the five-year average for February, the data shows a peak of more than 650 new home sales in 2020 and 2022. Following a steep decline in 2023, sales are increasing once again at 280 this year.
Source: PMA Brethour Realty Group
As for year-to-date figures, 2024 has returned to the halfway point from the highs reported in 2020 and 2022.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN JANUARY?
Ottawa’s south end saw the majority of new home sales at 48 per cent, followed by the west end, which rose to 37 per cent, the east end with 13 per cent, and central Ottawa with three per cent (rounded percentages).
Source: PMA Brethour Realty Group
WHAT TYPES OF HOMES SOLD IN OTTAWA IN JANUARY?
In terms of product type, more than half of new home sales were for townhomes at 56 per cent, followed by single homes at 30 per cent, condo towns at 13 per cent, and condo apartments at one per cent.
Source: PMA Brethour Realty Group
“February 2024’s new home sales figures underscore the resilience of the market and its ability to adapt to changing economic landscapes,” Burggraaf added.
MEDIA CONTACT
For additional questions, or to set up an interview on new home statistics, please contact:
Jason Burggraaf
Executive Director
Greater Ottawa Home Builders’ Association
W: 613-723-2926 x 224
C: 613-983-3060
jason@gohba.ca
ABOUT THE GREATER OTTAWA HOME BUILDERS’ ASSOCIATION:
The Greater Ottawa Home Builders’ Association has been the proud voice for excellence in the home-building community since 1951, and represents over 415 companies in new home construction and professional renovation. Our industry accounts for 37,000 jobs across Ottawa, with $2.5 billion in wages and $5.0 billion in economic investment. Contact Jason Burggraaf, Executive Director, at jason@gohba.ca.
ABOUT PMA BRETHOUR REALTY GROUP
PMA Brethour Realty Group provides specialized services to the building and development industry across Canada, including a full range of sales, marketing, and research services for new homes, resorts, condominiums, and retirement communities on behalf of their builder/developer clients. In partnership with GOHBA, PMA Brethour publishes the Greater Ottawa New Home Market Report, offering the most current, accurate, and reliable market data available on Ottawa’s local housing market. Contact Cheryl Rice, President, at cherylr@pmabrethour.com