Ottawa Construction News staff writer
New home sales surged in Ottawa in October, reaching 391 units, a 40% increase compared to the same month last year, according to the latest Ottawa New Home Market Report released by the Greater Ottawa Home Builders’ Association (GOHBA) and PMA Brethour Realty Group.
The October sales figure represents a 22% increase from September, when 320 new homes were sold. Year-to-date sales have reached 3,048, a 37% increase compared to the same period in 2023.
“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,” GOHBA executive director Jason Burggraaf, said in a Sept. 19 statement. “For most of 2024 we’ve seen this steady growth in sales which bodes well as we head into 2025.”
The south end of Ottawa led in new home sales, accounting for 48% of the total, followed by the west end at 30%, the east end at 21%, and central Ottawa at 1%.
Townhomes saw the highest sales volume, representing 60% of the total, followed by single homes at 27%. Condo towns accounted for 9% of sales, while condo apartments rose slightly to 4%.
“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.”
