Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2010 08:15 ET

Ottawa CMA Apartment Starts Lead the Way in August

OTTAWA, ONTARIO--(Marketwire - Sept. 9, 2010) - According to the latest preliminary data released by Canada Mortgage and Housing Corporation (CMHC), total housing starts in the Ottawa Census Metropolitan Area (CMA) reached 695 units in August, representing a 65 per cent increase from the same period one year ago.

"Although single dwellings edged lower, it was more than off-set by activity in the apartment segment, particularly in condominium housing starts. Year-to-date apartment starts have reached one of their highest levels in over a decade, helping sustain housing starts activity in the region," said Rocco Caminiti, CMHC's Market Analyst for Ottawa.

"Overall employment in the Ottawa area continues to grow at a steady pace. As well, high average income levels coupled with low mortgage rates continues to stimulate demand for new homes, particularly in the multi-family segment, which are generally more affordable than single family homes," concluded Caminiti.

To view the first graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Ottawa1.jpg.

Multiple unit starts continued to advance in the Old City of Ottawa. Ninety-six per cent were apartment starts, a similar trend from the previous month. Goulbourn, Osgoode and Rideau Township mirrored the trend from one year ago, where single-family dwellings were predominant. The majority of Cumberland, Kanata, Nepean, and Gloucester's new home activity was primarily in the multiples' segment. Cumberland and Gloucester shifted more towards townhomes relative to last year at this time, while Kanata and Nepean had a similar shift, however, in addition to townhome activity, they also had 30 and 12 apartment starts respectively.

To view the second graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Ottawa2.jpg.

For the first time this year, housing starts from January to August have outpaced last year's year-to-date starts in all sub-markets. The Old City of Ottawa has shown the most resilience due mainly to condominium activity. Goulbourn continues to be the leader, up 103 per cent compared to the same period last year. Osgoode, Rideau Township and the combined areas of West Carleton, Clarence- Rockland and Russell continue to be very active, with single homes leading the way. Kanata, with increased townhome activity has also shown well, while Nepean, Gloucester and Cumberland are up 21, 16 and 9 per cent respectively.

To view the third graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Ottawa3.jpg.

Ottawa Housing Starts
 
      %     %
  Aug-09 Aug-10 Change 2009 2010 Change
Single-Detached 222 172 -22.5% 1,407 1,506 7.0%
Multi-Family 200 523 161.5% 1,703 2,593 52.3%
  Semi-Detached 20 16 -20.0% 151 222 47.0%
  Row House 180 158 -12.2% 985 1,341 36.1%
  Apartment 0 349 - 567 1,030 81.7%
Total 422 695 64.7% 3,110 4,099 31.8%

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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Contact Information

  • Ottawa (in English or French):
    Canada Mortgage and Housing Corporation
    Rocco Caminiti
    Market Analyst
    613-748-5121
    rcaminit@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