Ottawa Business Journal - Real Estate - Residential

Article

Print
Send to a friend
Comment (0)

Condo boom causes jump in housing starts

(Stock image)

Published on June 8, 2012; Published on June 8, 2012
OBJ Staff

A more than 100-fold increase in apartment-style condo construction propelled overall housing start numbers higher in May, according to numbers released Friday by the Canada Mortgage and Housing Corp.

Topics :: CMHC

Apartment-style condos recorded 1,369 starts recorded in May 2012. Last year, that figure was 13.

This pushed the overall number of starts in the region to 1,595, up 500 per cent from 266 in the same month last year.

The CMHC stated the condo boom will not last, saying slower growth for that kind of construction is expected for the rest of the year "given the synchronicity with which builders poured new apartment foundations in May."

While condos experienced a large jolt in starts, other forms of multi-family housing declined.

Row houses fell more than 41 per cent to 57 starts, and semi-detached units fell about 31 per cent to 22 starts.

Singles bumped up to 147 starts, up 20 per cent from last year.

On a year-to-date basis, starts are up 75 per cent, with 3,170 recorded so far in 2012.

Rate
Top of the page

Submit a comment

Submit a comment Your name* Email* (we keep all emails private) Write your comment here*

Agreement

We ask that users remain courteous. You may not post insulting, discriminatory or inappropriate content, which may be removed at our discretion. We are not responsible for user content and opinions. Use of this site as well as content submission & ownership are governed by our Conditions of Use and Privacy Policy.

Member organizations should be non-profit in nature, and promote legal activities. Any organization found promoting illegal activities or commercial products or services will be deleted from the site.

I agree with these conditions.