Housing starts fall 34%

OBJ Staff
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Despite a slowdown in November, home construction activity in Ottawa in 2012 is expected to outpace the number of units built last year, according to the Canada Mortgage and Housing Corp.

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The agency reported Monday that 366 new homes were started in November, down from 553 in November 2011.

However the January to November total for 2012 is at 5,644, up from 5,231 during the same period in 2011.

Construction of multiple unit dwellings such as condominiums are helping to fuel the increase. These have risen to 4,184 so far this year, a jump from 3,340 up until the same point last year.

Starts for single-detached homes, meanwhile, continued to decline in number. They are down to 1,460 from 1,891 at the same point last year.

Kanata was home to most of the multi-unit starts. Those numbers more than doubled from the year before to 87.

On an annualized basis, CMHC recorded 3,942 units in November using a monthly seasonally adjusted rate. SAAR represents monthly figures that are adjusted to remove seasonal variation and then multiplied by 12 to measure annual levels.

Organizations: CMHC

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