GOHBA / PMA Brethour Ottawa New Home Sales Report
Nearly 400 new homes sell in October, up 40 per cent from last year
November 19, 2024
OTTAWA, ON — The latest Ottawa New Home Market Report reveals that 391 new homes were sold in October 2024, reflecting a significant 40 per cent increase compared to October 2023. This figure also marks a roughly 22 per cent rise from September, when 320 new homes were sold.
“Pent-up demand has been building for two years now, and the increase in October sales shows that more and more, buyers are getting off the sidelines,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders' Association. “For most of 2024 we’ve seen this steady growth in sales which bodes well as we head into 2025.”
Year-to-date sales have now reached 3,048, showing a roughly 37 per cent increase compared to the same period last year when 2,222 new homes sold.
October’s sales total of 391 new homes continues the positive trend from September, increasing further from the 320 sold last month.
Source: PMA Brethour Realty Group
Annual sales for October are nearing the high levels reported in 2020 and 2021. The 391 new homes sold this October are just below the 456 sold in 2021 and well above of the low of 104 reported in 2022.
Source: PMA Brethour Realty Group
Year-to-date sales for 2024 stand at 3,048 new homes sold, marking substantial growth from the same period in 2023.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN OCTOBER?
Once again, the south end of Ottawa led in new home sales, remaining at 48 per cent of the total, followed by the west end at 30, while the east end rose to 21 per cent and central Ottawa fell slightly from two to one per cent.
Source: PMA Brethour Realty Group
WHAT TYPES OF HOMES SOLD IN OTTAWA IN OCTOBER?
In terms of product type, townhomes saw a rise to 60 per cent, followed by single homes at 27 per cent. Condo towns represent nine per cent of sales, while condo apartments rose slightly to four per cent.
Source: PMA Brethour Realty Group
“Housing demand has always been cyclical. We were in a low part of the market in 2022 through 2023, but throughout 2024 Ottawa's new home market has been slowly but consistently ticking upwards,” said Burggraaf. “Ottawa has arguably the best performing market in Ontario – I’m very optimistic that will continue into the new year.”
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