Ottawa housing starts remained stable in December

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In December, housing starts in the Ottawa Census Metropolitan Area (CMA) were 6,246 units, compared to 6,210 units in November, according to Canada Mortgage and Housing Corporation (CMHC).

The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

In Ottawa, the monthly SAAR measure in December was 6,826 units, down from 7,662 units in November. This decline was the result of a moderation of all dwelling types, with the exception of townhomes. Apartment starts posted the highest decline as the build-up of inventory over the last two years continues to be absorbed by the market.

“Ottawa housing starts remained stable in December, particularly supported by the construction of townhouses. And while overall starts declined in 2014, single-detached construction was almost on par with 2013 levels and row construction continued a revitalization path that started in mid-2013,” said Sandra Perez Torres, senior market analyst for Eastern and Northern Ontario.

In December, Kanata captured the highest number of housing starts with 26% of the total due to the area’s high share of singles and rows. Nepean both inside and outside the Greenbelt came in second place as it secured 40% share of apartment starts, mostly purpose-built rental apartments.

Gloucester and Cumberland tied for third place, each with 19% of total starts. For the year, the suburban areas of Nepean and Kanata held the highest shares of starts with over 20% share each. While it was strong row starts that gave Nepean the lead, Kanata’s high share of single-detached starts boosted starts levels in the area.

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