Homebuilders started work on 1,315 new dwelling units in Ottawa-Gatineau in April, down from 1,718 starts in the same month in 2021.
Canada Mortgage and Housing Corp.
This amount is complemented by $740,000 for fee and development charge waivers from the City of Ottawa and $4 million in Ontario Priorities Housing Initiative funding.
Multi-unit starts on the Quebec side of the river dropped from 547 in April 2021 to just 163 last month, a decline of 70 per cent.
Builders began work on more than 10,000 new housing units in the capital last year – but that flurry of new construction still wasn’t enough to keep up with city's population growth, agency says.
Rising interest rates and job uncertainty will combine to cool down Ottawa’s red-hot home resale market a few degrees in 2022 – but not enough to put the brakes on price hikes, agency says.
There were 521 new builds launched on the Quebec side of the river last month, up from 182 a year ago, CMHC said Tuesday.
Builders started work on 877 new dwellings in February, a 16 per cent increase over the 754 starts recorded in the same month in 2021, housing agency says.
While a “considerable number” of new units were added to the city’s rental housing stock last year, the agency said demand rose enough to keep the vacancy rate unchanged.
Developers launched 640 new builds last month, agency says, down three per cent from the 661 starts recorded in January 2021.
Builders started work on 393 new dwellings in the region last month, a steep drop from the 1,074 starts recorded in December 2020.