Ottawa Housing Starts Remain Steady, Report Indicates
Interesting news was recently released on the Ottawa housing market in terms of new home starts.
According to the Canada Mortgage and Housing Corporation, housing starts were trending at 4,492 units in April, compared to 4,625 units in March.
Experts are saying this decrease in housing starts is credited to a number of reasons.
If you’re thinking about entering the market anytime soon, we encourage you to continue reading to learn more about what factors are impacting the market.
What You Should Know About Housing Starts in Ottawa
According to the recent report from the Canada Mortgage and Housing Corporation, housing starts remained tepid because of a number of reasons, including weak employment.
Still, experts say that the numbers could be worse.
Here is an overview of the latest report:
- In Ottawa, the monthly SAAR measure was 5,624 in April, up from 1,600 in March
- The sharpest increase occurred among apartment starts.
- In April, all condominium apartment starts happened in the city core, giving the area about a 42 per cent share of the starts activity.
- About half of all rows started in April occurred in Nepean outside the greenbelt, leading the area to have 23 per cent of all starts.
What the Latest Data Means to Ottawa Buyers and Sellers
The latest report on housing starts indicates that the market still has some improvements to make, although generally speaking, it’s also a lot stronger than it used to be.
To ensure that you have the best possible outcome as a home buyer or seller, we recommend that you work with an experienced agent such as us, Geoff & Bobbie McGowan.
So please contact us and we would be happy to assist you with all of your Ottawa real estate needs.
Until next time,