Ottawa Condo Starts Led Construction in May

OTTAWA, ONTARIO--(Marketwire - June 8, 2012) - According to the latest preliminary data released by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Ottawa Census Metropolitan Area (CMA) totalled 1,595 units in May. The acceleration in activity this month contrasts with the below trend activity for the last six months and in May 2011.

"Consistent with CMHC's forecast, the apartment segment, mostly condominiums, is leading construction activity in Ottawa as strong interest from first-time home buyers and empty nesters fuelled demand. Given the synchronicity with which builders poured new apartment foundations in May, expect slow construction for this type of dwelling for the rest of the year. New starts of single-detached homes also advanced in May, supporting the segment's year-to-date pace," said Sandra Pérez Torres, Senior Market Analyst at CMHC.

New foundations were poured on five major groundbreaking high-rise projects and two mid-size apartment buildings within Ottawa's city core. Lower-rise condominium apartment activity was concentrated in Nepean outside of the Greenbelt and Cumberland, while Ottawa's core will be home to six new social rental apartment units. Nepean inside of the Greenbelt will also add one major rental project geared to seniors. Single-detached home construction was supported mainly by the growing popularity of suburban Nepean and Gloucester, as well as by the attractive affordability offering available in Clarence-Rockland.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

To view the statistics associated with this press release, please visit the following link: http://media3.marketwire.com/docs/cmh_ottawa_data.pdf

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