Ontario Construction News staff writing
A recent surge in home sales in January surpassed 140% when compared to the same period in 2023, according to the recent Greater Ottawa New Home Market Report by PMA Brethour.
The report reveals that 276 new homes were sold in January 2024, compared to 115 in January 2023, indicating a rise in renewed interest and activity among buyers. However, the sales in January 2024 are still 140% lower when compared to January 2022, when 588 new homes were sold.
Jason Burggraaf, executive director of the Greater Ottawa Home Builders’ Association (GOHBA), said in a statement: “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.”
The report also reveals that 2,776 sales were recorded in January 2024, which is less than half of what was reported five years ago in 2019.
The GOHBA says it is committed to addressing the complex factors impacting new home supply and ensuring the supply of homes to meet the needs of local residents.
Looking forward, the association is optimistic about the future of Ottawa’s home market and believes that the recent surge in sales is a positive sign. The report indicates that more efforts are needed to address the challenges and supply of homes to support the growth of the housing market in 2024.