05 Aug Report: Ottawa New Home Construction Rose in May
Evidently, the pace of new home construction in Ottawa continued to increase during the month of May. Specifically, housing starts were up by nearly one-quarter, according to the most recent data from Canada Mortgage and Housing Corp.
This recent development will have a great impact on the real estate market as a whole – not just for the new construction market!
More On These Recent New Construction Trends in Ottawa
Here’s what the recent report revealed about new construction homes in Ottawa:
- Local homebuilders were on pace during the month of May to build 4,923 new homes over the course of the year, up from 3,936 in April.
- Nationally, housing starts were up to a pace of 198,324 homes in May, which is an increase from 196,687 in April.
- This is much better than economists had expected. They predicted the pace to come in at 185,000
- Meanwhile, the pace of urban housing starts increased to 180,813 from 178,485 in April.
- And the pace of multiple urban starts decreased to 117,709 from 118,640.
- Single-detached starts increased to 63,104 from 59,845.
- The rate of urban starts for May increased in Atlantic Canada, Quebec, and British Columbia, while in Ontario, the stayed about the same. And in the Prairies, it actually slowed down.
- Rural starts were estimated at a seasonally adjusted annual rate of 17,511 units, which is a decrease from 18,202 in April.
Why Ottawa Home Buyers and Home Sellers Should Care
The flurry of activity on the new construction market is encouraging because it suggests that the market is becoming increasingly robust and stable. This is a great sign for anyone wanting to navigate the Ottawa real estate market.
Your Dedicated Ottawa Real Estate Experts
If you’re interested in entering the market anytime soon as a Ottawa home buyer or home seller, please don’t hesitate to contact me, Bobbie McGowan, and my team of dedicated Ottawa real estate experts. We would be happy to help you navigate the market by offering you valuable resources and user friendly tools!