The market may not have bounced back fully, but the February 2024 new-home sales show that it is continuing to improve.
There were 280 new-home sales in February, a jump of 75 per cent over the 160 homes sold in February 2023, according to the latest report by industry analyst PMA Brethour Realty on behalf of the Greater Ottawa Home Builders’ Association.
“New-home sales were still slow but better, with February and year-to-date sales showing a significant improvement over the same periods last year,” says PMA Ottawa president Cheryl Rice. For the year to date, there were 554 new-home sales, which is up 101 per cent from the 275 sold the year before.
“Townhome sales were blazing hot across Ottawa east, south and west,” she adds, noting that while they were low in the central regions, the majority of the homes that did sell were condo towns, “a product that’s been doing particularly well at a time when affordability is a high priority for new-home buyers.”
The south end captured the majority of sales, as it has for some time, but Rice points out that the west end “held its own after a long period virtually void of new openings or newly released product.”
There were no project launches, but there were “a high number of new phases and new product types added to existing projects, which for most major builders contributed to substantial increases in their year-to-date sales,” she says.
She also notes that there were “a multitude of price changes — largely price reductions — across the city and across all product types (at a) prime time for those consumers who have adjusted to the current high cost of purchasing and owning a home, while also seeking affordable options.”
The new-home sales numbers parallel a similar improvement in the resale market, which saw the third straight month in February of increases in sales.
