Ontario Construction News staff writer
New home sales in the Ottawa region surged in November, reaching 424 units sold and marking a significant increase from the same period 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. This figure exceeds 2020’s sales of 415 new homes.
November 2024 new home sales of 424 significantly increased from 50 in 2022 and 214 in 2023. It also signifies a month-over-month increase from October 2024’s sales figure of 383 units.
“November new home sales really support the argument that we’re in the upswing of a market rebound locally,” GOHBA executive director Jason Burggraaf said in a statement on Tuesday. “The sustained sales growth is a very positive signal going into 2025.”
This positive trend is reflected in the year-to-date sales figures, which have now reached 3,464 units sold in 2024. This represents a substantial 43% increase compared to the 2,436 new homes sold during the same period last year.
The east end of Ottawa dominated new home sales in November, accounting for 46% of all units sold. Following closely behind was the south end with 29%, while the west end captured 22%. Central Ottawa saw a slight uptick in sales, rising from 1% to 3% of the market share.
Condo towns emerged as the most popular housing type in November, surpassing townhomes which have dominated sales for most of the year. Condo towns accounted for 44% of all new home sales, followed by townhomes at 35% and single homes at 21%. Notably, condo apartment sales dropped to zero percent.
“November’s growth, particularly in the east and south ends, underscores the rising demand across the city,” added Burggraaf. “Condo towns are popular as they are coming in at an attractive price, and we’ve seen more of these types of homes pop up across Ottawa.”
