Ottawa Condo Starts Dominant in June – Daily Commercial News

Real Estate — July 10, 2012

Ottawa Condo Starts Dominant in June

OTTAWA, ONTARIO--(Marketwire - July 10, 2012) - According to the latest preliminary data released by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Ottawa Census Metropolitan Area (CMA) totalled 628 units in June, which translated into a moderate advance from the 606 units started in June 2011.

"Groundbreaking activity in June marked the second straight month of dynamism within the new apartment segment, which has done most of the heavy lifting. On the other hand, differing from high-rise activity, gradual softening in the pace of low-rise home construction has prevailed for the past four months," said Sandra Pérez Torres, Senior Market Analyst at CMHC.

Higher-density housing construction has once again shifted starts activity closer to the inner city core. The growing condominium apartment sector in central Ottawa was driven by demand from downsizing empty-nesters and first-time buyers. Likewise, apartment construction in Kanata added to townhome activity, lifting starts in the area above the 100 unit mark. Out east, suburban Cumberland and Gloucester combined for a similar starts contribution supported by sales across all housing segments. In contrast, builders in the Nepean region, although still active, poured the lowest number of new foundations in almost a year, dragged by softer demand across all dwelling types.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

To view the statistics associated with this press release, please visit the following link: http://media3.marketwire.com/docs/804374.pdf

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Contact Information

For further information in English or French, please contact
Sandra Perez-Torres, Senior Market Analyst
613-748-5120
sperezto@cmhc.ca

National Media Contact:
Charles Sauriol, Senior Media Relations Officer
(613) 748-2799
csauriol@cmhc.ca