Ottawa housing starts pushed higher on a year-over-year basis in November even though seasonally-adjusted data pointed towards a drop off in activity, the Canada Mortgage and Housing Corp. said Monday.
The number of standalone starts increased to 455 last month from 366 in November 2012. That helped bring the January to November numbers up to 6,143 from 5,644 last year.
However the CMHC’s six-month moving average of seasonally-adjusted annual rates had housing starts trending at 7,811 units in November. That’s a drop off from 8,012 units in October.
"Housing starts have been slowing down since mid-year mostly due to a moderation in apartment construction, which continued steeply in November,” said Sandra Perez Torres, the senior market analyst for the Ottawa region, in a statement.
The CMHC expected this decline in activity, though.
“The movement this month falls within CMHC expectations of a scaling-back in apartment activity and slight firming of other dwelling types by year end," she added.
Single-detached construction activity was up significantly last month. The 223 starts in that category during November were up from 119 during the same month a year ago.
Multiples, which includes apartments and row houses, fell to 232 from 247.
Nepean, with 43 per cent, accounted for more construction than any other region.