New home sales continue to rise year-over-year, according to the Greater Ottawa Home Builders’ Association.
According to the Ottawa New Home Market Report by PMA Brethour Realty Group, 243 new homes sold in December, a 75 per cent increase compared to the same period last year. In a press release, the GOHBA said it marks the third year of growth in Ottawa for new home sales.
“December’s new home sales reflect typical seasonal trends but also the ongoing recovery from high interest rates and inflation,” said executive director Jason Burggraaf. “The year-over-year growth signals strong demand and sets a solid foundation as we move into 2025.”
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In total, 3,707 new homes were sold in 2024, more than both 2022 and 2023.
According to the report, town homes were the most popular type of homes sold in 2024, representing 49 per cent of sales in December. Single homes followed with 28 per cent of sales, condo towns at 21 per cent, and condo apartments at two per cent.
The city’s south end was the most popular location for buyers, representing 44 per cent of new homes sold in December. But the east end saw a 492 per cent increase last month from December 2023, with 77 units sold, representing 32 per cent of sales across the city.
The west end saw 23 per cent of new home sales, while central Ottawa fell to one per cent.
“The mix of housing that’s being built across the city illustrates the adaptability of builders in meeting the diverse needs of buyers,” Burggraaf said. “2024’s sustained growth reflects confidence in Ottawa’s housing market.”
In an interview with OBJ on Thursday, Burggraff said he expects the increased consumer confidence in the market to lead to more new home construction in 2025, after housing starts lagged in recent months.
“We should have much stronger construction activity in terms of housing starts in 2025 and going into 2026 because sales are now back up,” he said. “Housing is always cyclical. There’s always lower points and higher points. And it seems we’re slowly but surely shifting out of the lower activity part of the cycling and gearing things back up. I expect it to be rather robust for 2025.”
