Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2011 08:15 ET

Ottawa Strong Single-Detached Housing Starts in November

OTTAWA, ONTARIO--(Marketwire - Dec. 8, 2011) - According to the latest preliminary data released by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Ottawa Census Metropolitan Area (CMA) totalled 553 units in November.

"Builders have responded to the recent surge in demand at sales offices by breaking ground on 289 new single-detached homes. This way singles posted the best month in two years and surpassed all other dwellings combined. The other positive contributor to housing starts in November came from the townhome segment," said Sandra Pérez Torres, Senior Market Analyst at CMHC.

"New condo sales and building intentions have remained positive this year as they are supported by favourable financing conditions and underlying socioeconomic fundamentals. Nevertheless, apartment construction posted a decline this past month, partly as a result of a comparison against last year's 25-year record high activity," concluded Pérez Torres.

Eastern Ottawa neighbourhoods led November starts activity across Ottawa. Interestingly, the areas of Cumberland, Nepean and Gloucester, all of which are priced at or below average, combined for sixty per cent of all new single-family home starts. All other areas, except the pricier Kanata and Osgoode, attracted their share of repeat-buyers.

On the higher-density housing front, Gloucester inside the Greenbelt took the lead remarkably in both the townhome and apartment sectors. This way this region pushed overall starts in Gloucester ahead of the pack with its second highest activity in three years. Kanata and Osgoode, in turn, complemented Gloucester and combined to account for almost all townhome activity in Ottawa.

Finally, slower apartment activity during November took the heaviest toll on those areas that had led activity in this segment a year ago, namely Ottawa's city core, Nepean and Kanata.

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.

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To view the table and graphs associated with this release, please visit the following link: http://media3.marketwire.com/docs/cme128io.pdf.

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