Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 08, 2010 08:15 ET

Canada Mortgage and Housing Corporation: Ottawa's Housing Starts Grew at a Healthy Pace in February

OTTAWA, ONTARIO--(Marketwire - March 8, 2010) - According to the latest data released by Canada Mortgage and Housing Corporation (CMHC), total housing starts in the Ottawa Census Metropolitan Area (CMA) increased to 304 units this past month, compared to 137 in February 2009. Year-to-date starts are now up 23 per cent from last year's first two months.

"Ottawa's stable economy continues to support the housing market against a sluggish global economy," said Sandra Pérez Torres, Senior Analyst at CMHC. "Although 23 per cent increase in housing construction is significant, the 675 year-to-date starts match the average since the turn of the century," added Pérez Torres.

In February, all dwelling types saw an increase; however, single-detached family homes experienced the highest growth. "Even though prices are on the rise, homeownership in Ottawa remains within reach for many households as mortgage rates remain low," concluded Pérez Torres.

To view the first graph associated with this release, click the following link: http://media3.marketwire.com/docs/cmhc0308ottawa1.pdf.

This month the region of Cumberland positioned itself with the biggest number of starts, with 50 single-detached homes and 52 townhomes. The old City of Ottawa saw foundations breaking for 26 new condominium apartments, while Kanata saw the remaining 8. In most areas construction remained stable or increased in relation to February 2009.

To view the second graph associated with this release, click the following link: http://media3.marketwire.com/docs/cmhc0308ottawa2.pdf.

On the year-to-date basis, it was again Cumberland that posted the greatest increase in starts, followed by Gloucester and Nepean, with 175, 121 and 118 per cent respectively. Although the number of condominium apartments still below last year's level, it is expected that this type of dwelling will recover in the next months to reach around 1,400 apartment units by the end of 2010.

To view the third graph associated with this release, click the following link: http://media3.marketwire.com/docs/cmhc0308ottawa3.pdf.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

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    Ottawa Housing Starts    
 
  Feb-09 Feb-10 % Change 2009 2010 % Change
Single-Detached 63 148 134.9% 174 288 65.5%
Multi-Family 74 156 110.8% 374 387 3.5%
  Semi-Detached 6 14 133.3% 24 42 75.0%
  Row House 68 108 58.8% 137 287 109.5%
  Apartment 0 34 - 213 58 -72.8%
Total 137 304 121.9% 548 675 23.2%

Contact Information

  • Ottawa (in English or French):
    Canada Mortgage and Housing Corporation
    Sandra Perez Torres
    Senior Market Analyst
    613-748-5120
    sperezto@cmhc.ca
    or
    Ontario:
    Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    Regional Economist
    416-218-3407
    ttsiakop@cmhc.ca
    or
    Canada:
    Canada Mortgage and Housing Corporation
    Charles Sauriol
    Senior Media Relations Officer
    (613) 748-2799
    csauriol@cmhc.ca