Ottawa ended 2024 on a high note, with new-home sales in December seeing a significant increase over the year before, both for the month and for the year as a whole.
That’s according to the latest monthly report prepared by industry analyst PMA Brethour Realty on behalf of the Greater Ottawa Home Builders’ Association.
There were 243 new-home sales in December, which was up almost 75 per cent from the 139 sold the year before. And for the first December since 2021, we were above the five-year average of 225.
For the year as a whole, sales did not see quite as high an increase, but they were still up 44 per cent versus 2023, with 3,707 new homes sold compared to 2,575 the previous year. That was not quite enough to reach the five-year average of 4,001, but it’s “further closing the gap in sales created by the pandemic,” says PMA Ottawa president Cheryl Rice.
“December numbers set a strong finish to 2024, painting a positive outlook for 2025, with buyers returning to the market spurred by additional interest rate cuts and builder incentives.”
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She acknowledges there are question marks for this year. The threat of protectionist tariffs in the United States and looming federal and provincial elections here at home, for instance, have some builders nervous, despite the continued pent-up demand.
“It is a time of uncertainty,” she says, “but as long as key drivers such as inflation, interest rates, supply and other influencing factors are demonstrating stability, Ottawa could see a remarkable market recovery in the months to come.”
Of note in December, she says, is the growth in condo sales, which reached 21 per cent for the month, compared to 15 per cent the year before and 17 per cent cumulatively for 2024. The strong month for condo sales was driven by two builders — Caivan and Mattamy Homes — and almost exclusively for condo towns.
Townhomes in general captured half the market for the month, with singles accounting for just 28 per cent of builder sales.
“Traditional two-storey townhomes remain the cornerstone for most builders,” Rice says. “As Ottawa continues to prioritize affordability, this trend may persist, especially as the price gap between these two product types widens.
“However, with interest rates remaining favourable, the single-family home could be poised for a resurgence in Ottawa in the near future.”
She also noted the significant growth in the east end, which jumped to 32 per cent of market share from just nine per cent in 2023. This growth was driven by strong condo town sales. And as it has for some time, the south end — typically the highest performing region in the city — continued to dominate with a 44 per cent share.
