Ottawa’s Year-to-Date New Housing Remains Strong on Positive Employment and Earnings Trends

Excerpts from the Ottawa Citizen Nov 9'2011

New construction slowed in Ottawa in October with housing starts down 44% from 2009, most notably in single family homes and new condo aprtments, however year to date new construction is running almost 15% ahead of 2009 per CMHC.  

“ Employment growth for the first-time home buyer segment keeps fuelling the housing market, particularly for the more affordable housing type such as townhomes,’’ said Sandra Pérez-Torres, CMHC’s senior market analyst for Ottawa.

“ The combination of stable employment conditions and average weekly income levels that reached their highest point this year are factors that will help support the ( Ottawa-area) economy and hence housing demand.’’

In September, work began on 463 units, compared with 475 in the same month the previous year, a drop of only 2.5 per cent.

The only Ottawa area to have more starts this October compared with 2009 was Cumberland, with the majority of its construction geared towards townhomes.

Multiple-family dwellings dominate the landscape in Kanata, Nepean and the old city of Ottawa. Townhomes make up more than two thirds of construction in Kanata and Nepean and condominium development continues to define new home construction in the old city of Ottawa.