Ontario Construction News staff writer
There were 332 newly built homes sold in Ottawa in June, according to the latest data released by the Greater Ottawa Home Builders’ Association (GOHBA). The sales mark the highest number of homes sold in the city in four years.
However, the number of homes sold in June is 8.7 per cent less than the previous month of May, according to the GOHBA/PMA Brethour Ottawa New Home Sales Report.
“June sales figures reflect an improving market and growing consumer confidence,” GOHBA executive director Jason Burggraaf said in a Wenesday (July 16) statement. “Despite the slight dip from May, the year-over-year increase is a promising sign of sustained demand for new homes in Ottawa.”
Looking at the five-year average for June, sales in June are up 332 per cent when compared to the same month in 2021. However, the number of homes sold in June is still significantly lower than 2020 when 625 new homes were sold.
Sales in 2024 are still below the highs of 2020-2022 but they are recovering from the low of 1,366 sales recorded in 2023.
According to the data, 49 per cent of new homes sold in June were sold in the south end of Ottawa, followed by the west end at 33 per cent, the east end at 17 per cent, and central Ottawa with 1 per cent.
Townhomes accounted for 59 per cent of new homes sold, followed by single homes at 31 per cent. Condo town sales dropped slightly to 10 per cent, while condo apartments fell to zero.
“The recent trends highlight some resilience in the new home market in Ottawa,” Burggraaf said. “As we continue to navigate economic fluctuations, the consistent demand for new homes is a positive sign for the strength and stability of our housing market.”