The decrease was primarily due to a relatively low number of multi-residential starts, which can fluctuate from month to month.
Canada Mortgage and Housing Corp.
Big-box behemoth, whose Canadian subsidiary is headquartered on Hunt Club Road, posted revenues of $30.2 billion in 2020, up 6.6 per cent from a year earlier.
Local builders started work on 588 new units on the Quebec side of the river last month, accounting for the lion’s share of the year-over-year growth across the region.
Agency says resale housing market will “remain robust in 2021,” with average prices expected to reach up to $640,000 – nearly $110,000 above the 2020 average.
Developers in the National Capital Region broke ground on 1,196 new dwelling units last month, up from 634 in March 2020, agency says.
Builders started work on just 754 new units last month, down from 1,178 in February 2020, the housing agency reported Monday.
The average price of a residential-class property jumped 27 per cent to nearly $720,000 last month compared with February 2020.
While nearly half of all homes trading hands in the capital sold for less than $400,000 in 2019, less than a third of all transactions last year were in that price bracket, agency says.
Ottawa homebuilders started work on 450 new dwellings in January, up from 371 starts in the same month in 2020, the federal agency reported this week.
Developers launched 1,074 new builds last month, according to the Canada Mortgage and Housing Corp., up from 854 starts recorded a year earlier.