Real Estate — August 9, 2012Ottawa Housing Starts Moderate in July
OTTAWA, ONTARIO--(Marketwire - Aug. 9, 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 287 units in July down from 385 units started a year ago this time.
"The third quarter started with a moderation in housing construction for all dwelling types. Despite activity slowing, single-detached homes captured the lion's share of the Ottawa's construction in July, spreading their groundbreaking activity evenly across the City outskirts. Conversely, the share of apartment activity began to soften - an expected situation after a very dynamic first part of the year," said Sandra Pérez Torres, Senior Market Analyst at CMHC.
In July, the growth did not come from the downtown core, but rather came from Kanata and the south of Ottawa. While Kanata broke ground for one fifth of total starts, together Russell -southeast- and Nepean (outside the greenbelt) -southwest- captured 34 per cent of all construction in the region. Higher new home prices in Kanata, encouraged demand and construction of less expensive townhomes.. On the other hand, Russell, where houses are more inexpensive than the average for the Capital registered more apartment construction as a result of more first time buyer demand.
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.
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Ottawa Housing Starts
For information in English or French, please contact:
Sandra Perez-Torres, Senior Market Analyst
National Media Contact:
Charles Sauriol, Senior Media Relations Officer
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