Ottawa Housing Starts Expected to Rise
Evidently, in February, contractors took our permits for $242 million in building projects, which is a 68 per-cent increase from the previous month, reported Statistics Canada.
Although all building types are included in this statistic, you can bet that a lot of these are houing starts. Continue reading to learn more about some encouraging signs of growth on the Ottawa real estate market.
Ottawa New Construction
According to the recent article I was reading, during the first two months of 2014, permit values increased by 44 per cent, suggesting that there was going to be strong activity in the coming months.
Comparatively, nationally, permit values slid by 11.6 per cent, showing the biggest decrease was in multi-family dwellings.
Here’s what the new construction market is looking like in Ottawa, however:
- Multi-family permits increased by 237 per cent during January
- During the first two months, multi-family permits was up 101 per cent.
- Permits for single homes increased 53 per cent in February.
- For the year, single home permits were down eight per cent.
- Residential starts increased to 427 in March, compared with 397 from a year earlier.
- During the first three months of 2014, housing starts were
In the housing sector, builders could be hoping to make gains after a cold and snowy winter made construction difficult.
According to Canada Mortgage and Housing Corp., residential starts rose to 427 in March from 397 a year earlier.
Your Dedicated Ottawa REALTORS®
All of this is really encouraging news because it suggests growth on the local housing market. And this means that our housing market is becoming increasingly robust.
If you’re interested in entering the Ottawa real estate market anytime soon as a home buyer or home seller, please make sure to contact us, Goeff and Bobby McGowan. We would be more than happy to help as you navigate the market in Ottawa.
Until next time,