GOHBA / PMA Brethour Ottawa New Home Sales Report
Consistent performance year-over-year for May new home
June 18, 2024
OTTAWA –The latest data from the Ottawa New Home Market Report reveals consistent performance in the housing market for May. The 361 recently reported new home sales represent a 6.5 per cent increase from the 339 recorded in May 2023. There was, however, a higher jump of 14.6 per cent when compared to April 2024, when 315 new home sales were reported.
“We hope that these numbers signal a continued increase – slow but steady – in the supply and demand for new homes in Ottawa as the year progresses,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders’ Association. “While we’re not far off a high of 402 new homes sold in May 2021, year-to-date sales are less than 50 per cent of what we saw in 2021.”
Year-to-date sales are now at 1,539, up 33 per cent compared to this time last year when the number of sales stood at 1,155. This year-over-year increase indicates sustained interest in new homes, though it remains important to observe ongoing market conditions to understand future trends.
Newly released data shows 361 new home sales were reported in May 2024, up 14.6 per cent from April 2024.
Source: PMA Brethour Realty Group
Looking at the five-year average for May 2024 figures are getting closer to the high of 402 new home sales reported in 2021, following a drop in 2022.
Source: PMA Brethour Realty Group
As for year-to-date figures, 2024 sales are still well below highs reported from 2020-2022. However, sales appear to be climbing following a drop to just 1,155 in 2023.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN MAY?
Once again, the south end of Ottawa led in new home sales, accounting for 50 per cent of the total, followed by the west which rose to 29 per cent in May, the east end at 19 per cent, and central Ottawa with two per cent.
Source: PMA Brethour Realty Group
WHAT TYPES OF HOMES SOLD IN OTTAWA IN MAY?
In terms of product type, townhomes represent half of new home sales at 50 per cent, followed by single homes at 34 per cent. Condo town sales rose to 16 per cent, while condo apartments remained at one per cent.
Source: PMA Brethour Realty Group
“While current figures show positive momentum, affordability and inventory levels will be key factors to watch in the coming months,” said Burggraaf.
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
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