Ottawa Construction News staff writer
New home sales in April were down 7.6 per cent compared to April 2023, according to the latest report from the Greater Ottawa New Home Market Report.
According to the report, 317 new homes were sold in April, which is down from 343 sales recorded during the same month in 2023.
The report said sales were up slightly in April compared to March, with sales edging up by 1.6 per cent from 312 to 317, but is still down overall for the year.
“A year-over-year drop in sales, however slight, is undeniably disappointing,” said Jason Burggraaf, executive director of the Greater Ottawa Home Builders’ Association (GOHBA). “While stability is important, we still need significant growth within the market if we’re going to address the ongoing housing crisis.”
Looking at the first four months of 2024, sales are up 45 per cent when compared to the same time period in 2023.
According to the report, 1,185, or 45 per cent more homes, have been sold year-to-date compared to 816 sales during the same period in 2023.
The south end of Ottawa led in new home sales in April, accounting for 57 per cent of homes sold, followed by the west end at 25 per cent, the east end at 16 per cent, and central Ottawa with two per cent of sales.
Townhomes accounted for more than half of new homes sold at 55 per cent, followed by single homes at 36 per cent. Condo town sales dropped to nine per cent, while condo apartments remained at one per cent.
“Hopefully this is just a quick pause in what has been increasing consumer confidence and engagement in the market since the beginning of the year,” Burggraaf said in a statement last Thursday (May 16).