Ontario Construction News staff writer
There is strong evidence of a steady increase in home sales in Ottawa, with the recent release of data revealing that 313 new homes were sold in March, which is a 58% increase compared to March 2023.
This is a welcome sign for the housing market, as it shows that consumer confidence is improving and pent-up demand from last year is starting to be seen in sales centres.
Jason Burggraaf, executive director of the Greater Ottawa Home Builders’ Association (GOHBA), commented on the data, saying, “It feels like consumer confidence is improving, and that the pent-up demand from last year is starting to be seen in sales centres.”
The 313 sales recorded in March are still well below the figures recorded in March 2021 and 2022, but the five-year average for March indicates an increase in 2024 after a decline in 2023.
The trend of new home sales in 2024 is continuing to rise, with 872 sales confirmed year-to-date, which is an 84% increase when compared to the same period in 2023.
The data released by the GOHBA also reveals that the south end of Ottawa saw the majority of new home sales in March, at 40%, followed by the west end at 36%, while the east end rose to 17%, and 6% was reported for central Ottawa (rounded percentages).
In terms of product type, townhomes were the most popular type of home sold in March, accounting for 53% of sales, followed by single homes at 28%, condo towns at 18%, and condo apartments at one per cent.
The continued growth in home sales in 2024 is a testament to the strong demand for housing in Ottawa. With the city entering a new phase of growth, it is essential that local home builders keep up with the demand by delivering well-designed and affordable homes, the association said in statement last Friday (April 19).