GOHBA / PMA Brethour Ottawa New Home Sales Report
August sees strong year-over-year growth despite monthly dip
September 20, 2024
OTTAWA — The latest data from the Ottawa New Home Market Report shows that 230 new homes were sold this past August, a 36 per cent increase compared to the 169 homes sold in August 2023.
“The August sales reflect strong year-over-year growth, showcasing the resilience of Ottawa's housing market,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders' Association. “The overall upward trend year-to-date demonstrates continued demand for new homes, even in the face of evolving market conditions.”
Year-to-date total sales stand at 2,344 — an impressive 35 per cent rise from the same period last year, when sales reached 1,736, signaling that the market is slowly but steadily rebounding. Despite fluctuations in monthly numbers, the sustained growth indicates increasing buyer confidence and a gradual return to pre-pandemic activity levels in Ottawa's new home market.
Newly released data reveals 230 new homes were sold in August 2024, a slight decrease from the 254 sold in July.
Source: PMA Brethour Realty Group
While well below the high of August 2020, when 708 new homes were sold, the five-year average for this month shows sales are up following a dip during the two previous years.
Source: PMA Brethour Realty Group
As for the year to date for 2024, sales are beginning to rebound, reaching 2,344 new homes sold following just 1,736 for the same period in 2023.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN AUGUST?
Once again, the south end of Ottawa led in new home sales, accounting for 41 per cent of the total, followed by the west end at 31 per cent, while the east end rose to 26 per cent and central Ottawa saw two per cent.
Source: PMA Brethour Realty Group
WHAT TYPES OF HOMES SOLD IN OTTAWA IN AUGUST?
In terms of product type, townhomes represent 50 per cent, followed by a slight drop in single homes at 28 per cent. Condo town sales remain unchanged at 13 per cent, while condo apartments rose to eight per cent.
Source: PMA Brethour Realty Group
“Although we saw a slight dip in sales compared to July, the market’s steady recovery from last year’s lows shows increasing buyer confidence,” Burggraaf added. “The slow, but consistent, growth in demand for new homes hopefully puts us on track for a strong finish to 2024.”
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