Ottawa Business Journal - Real Estate - Residential

Article

Print
Send to a friend
Comment (0)

Housing starts fall 34%

Stock photo

Published on December 10, 2012; Published on December 10, 2012
OBJ Staff

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.

Topics :: CMHC

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.

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.