Urban analytics provider Zonda Urban released its Q1-2025 update on the Ottawa new townhouse and apartment market, noting that affordability remains the key driver of multifamily sales.
“Out of the five major Ontario markets Zonda Urban tracks, Ottawa continues to show persistent “green shoots” with year-over-year growth in sales activity,” says Pauline Lierman, Zonda Urban vice president of market research.
Highlights from the first quarter include:
- 407 multifamily units sold in the Ottawa CMA with all but one being townhouses. Multi-family sales rose 78% on an annual basis;
- Townhouse sales jumped 99% over Q1-2024 continuing year-over-year growth;
- Barrhaven was the leading market for first quarter activity with 37% of sales, followed by Orleans with 21%;
- The average townhouse sold for $578,638 (1,625 square foot average size) as of Q1-2025, a 1% decline from the fourth quarter ($584,532 for 1,647 square foot) as sales of smaller and lower priced stacked towns increased;
- New condominium apartment sales were negligible during the first quarter with standing inventory at 227 units in the Ottawa CMA.
“Affordability has been a critical factor. Of the 14 projects that have launched over the past year, 12 offered average pricing under $650,000 with most of these under $600,000,” adds Lierman. “Stacked townhouses during the last six months in particular have seen strong demand with average price points under $450,000.”
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