Ontario Building Information employees author
New residence gross sales surged in Ottawa in October, reaching 391 models, a 40% enhance in comparison with the identical month final 12 months, in line with the most recent Ottawa New House Market Report launched by the Higher Ottawa House Builders’ Affiliation (GOHBA) and PMA Brethour Realty Group.
The October gross sales determine represents a 22% enhance from September, when 320 new properties had been bought. Yr-to-date gross sales have reached 3,048, a 37% enhance in comparison with the identical interval in 2023.
“Pent-up demand has been building for two years now, and the increase in October sales shows that more and more, buyers are getting off the sidelines,” GOHBA govt director Jason Burggraaf, stated in a press release on Tuesday (Sept. 19). “For most of 2024 we’ve seen this steady growth in sales which bodes well as we head into 2025.”
The south finish of Ottawa led in new residence gross sales, accounting for 48% of the overall, adopted by the west finish at 30%, the east finish at 21%, and central Ottawa at 1%.
Townhomes noticed the very best gross sales quantity, representing 60% of the overall, adopted by single properties at 27%. Apartment cities accounted for 9% of gross sales, whereas condominium residences rose barely to 4%.
“Housing demand has always been cyclical. We were in a low part of the market in 2022 through 2023, but throughout 2024 Ottawa’s new home market has been slowly but consistently ticking upwards,” stated Burggraaf. “Ottawa has arguably the best performing market in Ontario — I’m very optimistic that will continue into the new year.”
