GOHBA / PMA Brethour Ottawa New Home Sales Report
Lower April Home Sales Persist in 2024
May 16, 2024
OTTAWA –The latest data from the Greater Ottawa New Home Market Report reveals a subdued performance in new home sales for April 2024, with a slight decline compared to the same period last year. The 317 new home sales recorded last month represent a 7.6 per cent decrease from the 343 reported in April 2023. While there was a marginal uptick from March, with sales edging up by 1.6 per cent from 312 to 317, the overall trajectory remains relatively stagnant.
“A year-over-year drop in sales, however slight, is undeniably disappointing,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders’ Association. “While stability is important, we still need significant growth within the market if we’re going to address the ongoing housing crisis.”
The cumulative data from the first four months of the year show a more positive trajectory. Totalling 1,185, year-to-date sales are up by an impressive 45 per cent compared to the same period last year, when the number of sales stood at 816.
Newly released data shows 317 new home sales were reported in April 2024, up 1.6 per cent from March 2024.
Source: PMA Brethour Realty Group
Looking at the five-year average for April, there was a rise to 500 homes in 2021 followed by a drop to just 280 the following year. In 2023 and 2024, the figures rose slightly to 343 and 317 respectively.
Source: PMA Brethour Realty Group
As for year-to-date figures, the number of 2024 sales is slightly more than half of the peak sales reported in 2021 and 2022.
Source: PMA Brethour Realty Group
WHERE IN OTTAWA DID HOMES SELL IN APRIL?
Once again, the south end of Ottawa led in new home sales, accounting for 57 per cent of the total, followed by the west end at 25 per cent, the east end at 16 per cent, and central Ottawa with two per cent.
Source: PMA Brethour Realty Group
WHAT TYPES OF HOMES SOLD IN OTTAWA IN APRIL?
In terms of product type, townhomes constituted more than half of new home sales at 55 per cent, followed by single homes at 36 per cent. Condo town sales dropped to nine per cent, while condo apartments remained at one per cent.
Source: PMA Brethour Realty Group
“Hopefully this is just a quick pause in what has been increasing consumer confidence and engagement in the market since the beginning of the year,” said Burggraaf.
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