Ottawa Townhome Starts Dominate in February

OTTAWA, ONTARIO--(Marketwire - March 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 314 units in February, compared to 297 units a year ago.

"Ottawa's new home market experienced another month of solid activity and is now running at the best year-to-date pace since 2008. February extended the positive demand trend for single-detached homes and townhomes that has been prevalent since late last year. Notably, for the fourth month in a row, townhome builders have been kept busy as this comparatively affordable housing segment continues to lure both first-timers and repeat buyers alike," said Sandra Pérez Torres, Senior Market Analyst at CMHC.

Despite the positive headline growth, housing starts activity during February was tightly concentrated in suburban Nepean and Gloucester, where three-quarters of all foundations were poured. Building activity in Kanata and Goulbourn was mostly flat at levels consistent with the historical average for the month, the former with a majority of new row units while the latter adding only new single-family homes. On the other hand, the respite in condo building in Ottawa's city core and an unusually slow month for builders in Cumberland figured among the weakest spots.

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.

Ce document est aussi disponible en français.

To view the graphs associated with this press release, please visit the following link: http://media3.marketwire.com/docs/March8Graphs.pdf.