Sales of new homes in Ottawa were up significantly in November, with condo townhomes becoming a popular choice for buyers, according to a report from the Greater Ottawa Home Builders’ Association.
The Ottawa New Home Market Report for November 2024 showed 424 new homes sold, up from 214 sales in November 2023 and 50 sales in November 2022. The latest figure also tops the 415 new homes sold in 2020.
Month-over-month sales also rose, up from 383 in October 2024, a nearly 11 per cent increase.
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“November new home sales really support the argument that we’re in the upswing of a market rebound locally,” said Jason Burggraaf, executive director of the Greater Ottawa Home Builders’ Association. “The sustained sales growth is a very positive signal going into 2025.”
Year-to-date sales have reached 3,464, up roughly 43 per cent from the same period last year, when 2,436 new homes sold.
According to the report, the east end saw the highest reported sales for November at 46 per cent. This was followed by the south end of Ottawa with 29 per cent, and the west end at 22 per cent, while central Ottawa rose slightly from one per cent to three per cent.
Regarding product type, the report said, condo towns outsold townhomes in November. Townhomes have led new home sales for most of the year. Figures show condo towns rose to 44 per cent of homes sold, followed by townhomes at 35 per cent, and single homes at 21 per cent, while condo apartments dropped to zero.
“November’s growth, particularly in the east and south ends, underscores the rising demand across the city,” Burggraaf added. “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.”
The new home sales report follows a report earlier this month from the Ottawa Real Estate Board showing that home sales locally dipped in November as prices continued to increase.
In November, 1,059 homes were sold, down from 1,179 sold in October. Year-to-date, home sales totalled 12,882 in November 2024, up 11.8 per cent from the same period last year.
Curtis Fillier, former president of OREB, said in a new release that Ottawa’s housing market is starting to gain steam after a slow year in 2023.
“Buyers have been slow to come back to the market while watching the interest rates lower, and some are waiting to see how new mortgage rules — the extended amortization period and the increased default insurance cap — coming into effect in December may redefine their purchasing power. Sellers have noticed that caution and those who can are likely holding on for a more active spring.”
