Ottawa new housing starts up in May: CMHC

The Canadian Press ~ OBJ
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The pace of new home construction in Ottawa continued to accelerate in May, with housing starts up by roughly one-quarter, according to fresh figures from the Canada Mortgage and Housing Corp.

(Stock image)

The agency reports new home construction using a six-month average of seasonally adjusted housing starts.

By that measurement, local homebuilders were on pace in the month of May to build 4,923 new homes over the course of the year, up from 3,936 in April.

"Although low-rise construction picked up pace in May surpassing high-rise year-to-date activity, single-detached starts remain well below historical averages," Sandra Perez Torres, senior market analyst for Eastern and Northern Ontario, said in a release. "Apartment starts also trended higher; however, apartments in the pipeline remain well below last year's numbers."

Nationally, housing starts increased to a pace of 198,324 homes in May, up from 196,687 in April.

The results were better than expected as economists had expected the pace to come in at 185,000, according to Thomson Reuters.

The federal agency says the increase came as the pace of urban housing starts climbed to 180,813 from 178,485 in April.

The pace of multiple urban starts slipped to 117,709 from 118,640, while single-detached starts increased to 63,104 from 59,845.

The rate of urban starts for May sped up in Atlantic Canada, Quebec, and British Columbia, held steady in Ontario, and slowed in the Prairies.

Rural starts were estimated at a seasonally adjusted annual rate of 17,511 units, down from 18,202 in April.

The overall increase helped put up the six-month moving average for the seasonally adjusted annual pace for May to 184,438 compared with 183,872 in April.

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