GOHBA / PMA Brethour Ottawa New Home Sales Report
Latest data on new home sales shows steady growth continues for March 2024
April 19, 2024
OTTAWA –The latest data on new home sales confirms a sustained momentum from the beginning of the year into March. According to the most recent Ottawa New Home Market Report, 313 new homes were sold last month. These figures represent a 58 per cent increase compared to March of last year when 198 sales were recorded. This also signifies a modest rise from February, during which 286 new homes were sold.
"The steady increase of new home sales is a terrific sign for the housing market as we venture further into the year," said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders’ Association. "It feels like consumer confidence is improving, and that the pent-up demand from last year is starting to be seen in sales centres.”
With three months of data secured, the trajectory of new home sales in 2024 continues to rise. The 872 sales confirmed year-to-date represent an 84 per cent increase compared to the same period last year when sales were at 473.
Newly released data shows 313 new home sales were reported in March 2024, surpassing figures reported in both January and February.
Source: PMA Brethour Realty Group
The five-year average for March indicates a rise in 2024 after a decline in 2023. However, the 313 new home sales reported are still well below figures recorded in March 2021 and 2022.
Source: PMA Brethour Realty Group
As for year-to-date figures, 2024 has returned to the halfway point from the highs reported in 2020 and 2022.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN MARCH?
Once again Ottawa’s south end saw the majority of new home sales at 40 per cent, followed by the west end at 36 per cent, while the east end rose to 17 per cent, and six per cent was reported for central Ottawa (rounded percentages).
Source: PMA Brethour Realty Group
WHAT TYPES OF HOMES SOLD IN OTTAWA IN MARCH?
In terms of product type, more than half of new home sales were for townhomes at 53 per cent, followed by single homes at 28 per cent, condo towns at 18 per cent, and condo apartments at one per cent.
Source: PMA Brethour Realty Group
“Continued growth in sales is paramount if we want to meet the housing demands of our growing population,” Burggraaf said.
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