GOHBA / PMA Brethour Ottawa New Home Sales Report
July figures: steady rise following peak of 2020
August 15, 2024
OTTAWA –The latest data from the Ottawa New Home Market Report indicates a continued upward trend in year-over-year new home sales for July, with a total of 254 homes sold. Although July sales typically see a decrease from June, the year-to-date numbers indicate a market that continues to gain strength, albeit slowly.
“The July sales figures reflect ongoing market recovery and growing consumer confidence,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders' Association. “Despite the slight dip from June, the year-over-year increase is a promising sign of sustained demand for new homes in Ottawa.”
Looking at the broader picture, 2024 continues to outpace last year. With 2,114 total sales between January and July, figures are up 34.9 per cent compared to 2023, when sales were at 1,567 for the same period — a strong indicator for the housing market.
Newly released data reveals that 254 new homes were sold in July 2024, representing a 23.5 per cent decrease from the 332 sold in June.
Source: PMA Brethour Realty Group
The 254 new homes sold in July 2024 is slightly above the five-year average for the month. While still well below the peak of 670 homes sold in July 2020, it indicates a recovery from the low of 82 homes sold in 2022.
Source: PMA Brethour Realty Group
As for the year-to-date for 2024, sales are showing a stronger rebound, reaching 2,114 homes sold following just 1,567 in 2023.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN JULY?
Once again, the south end of Ottawa led in new home sales, accounting for 46 per cent of the total, followed by the west end at 31 per cent, while the east end rose to 22 per cent. Central Ottawa saw no home sales in July.
Source: PMA Brethour Realty Group
WHAT TYPES OF HOMES SOLD IN OTTAWA IN JUNE?
In terms of product type, townhomes represent more than half of new home sales at 59 per cent, followed by single homes at 31 per cent. Condo town sales dropped slightly to 10 per cent, while condo apartments fell to zero.
Source: PMA Brethour Realty Group
“While July saw a typical summer slowdown, the overall upward trend in new home sales reflects a positive market outlook,” Burggraaf added. “The increase in year-to-date sales compared to last year underscores the resilience of Ottawa's housing market and suggests continued strong performance in the months ahead.”
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