Dramatic decline in housing starts for May 2013
Posted Jun 11, 2013 11:33:49 AM.
This article is more than 5 years old.
OTTAWA – Ottawa’s home building industry has seen a slow start to 2013, according to the figures from Canada Mortgage and Housing Corporation.
For the first five months of the year, 2,103 homes were started which is down from 3,170 over the same period in 2012.
The decline was most dramatic in terms of multi-unit dwellings like apartments and condos.
In May 2012, a substantial number of apartment and condo starts was almost record setting according to analyst, Sandra Perez-Torres.
She told 1310News, CMHC predicts a rebound.
“We’re actually expecting that number to double by the end of the year,” Perez-Torres said.
While housing starts are down, Perez-Torres does expect a rebound driven by the 25 to 44 age group which is taking the plunge for the first time into the housing market.
“They have the highest average weekly income in Ottawa compared to other centres in Canada,” Perez-Torres added.
Another sign of strength in the market is the fact prices continue to rise.
