GOHBA / PMA Brethour Ottawa New Home Sales Report
January brings a rise in new home sales!
February 20, 2024
OTTAWA – Newly released data on new home sales in January reveals a significant increase, surpassing the figures recorded in the same period of 2023 by an impressive 140 per cent. The most recent Greater Ottawa New Home Market Report shows 276 new homes were sold last month, compared to just 115 in January of the previous year.
This growth is undoubtedly a promising sign for the market, indicating renewed interest and activity among buyers. However, it's important to note that despite this surge, sales in January 2024 still fall short of the levels achieved in January 2022, when 588 new homes were sold.
“While the upward trend is encouraging, it is important to highlight the ongoing challenges and fluctuations within Ottawa’s housing market. This underscores the need to continue our collective focus on the supply of homes and access to housing,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders’ Association.
sales were 2,776, and less than half than what was reported five years ago – 6,315 in 2019.
"As we reflect on the past year, the uptick in new home sales in December is a positive sign; however, it’s evident that concerted efforts are needed to address the complex factors impacting new home supply,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders’ Association.
Newly released data shows 276 new home sales were reported in January 2024, an increase of more than 95 per cent from the month prior.
Source: PMA Brethour Realty Group
Looking at the five-year average for January, the data shows a peak of 588 new home sales in 2022. Still, 2024 sales for January show a rise year-over-year.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN JANUARY?
Once again more than half of the new home sales — 54 per cent — took place in Ottawa’s south end. This was followed by the west end with 27 per cent, the east end with 17 per cent, and central Ottawa with two 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 54 per cent, followed by single homes at 26 per cent, and condo towns at 19 per cent.
Source: PMA Brethour Realty Group
"While it is early in the year, the data from the past few months suggest that new home buyers are slowly building confidence again, leading to a revitalization of Ottawa’s new home market in 2024 following a challenging 2023,” Burggraaf added.
MEDIA CONTACT
For additional questions, or to set up an interview on new home statistics, please contact:
Megan Shaw
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