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Builders in and around the city of Ottawa have scaled back the pace of construction on the heels of a recent warning from Canada Mortgage and Housing Corp.
Last month the federal housing watchdog said a plethora of unsold condominiums is cause for concern for the health of Ottawa’s housing market, especially since more units are set to flood the market in coming months. The number of unsold units has pushed Ottawa’s entire housing market into a category of “moderate risk” and forced CMHC to raise red flags for builders who may be planning further condominium construction in the capital.
According to data released Tuesday, builders are listening. Ottawa construction firms started a total of 426 new multiple dwelling units, which includes condominiums, in November. That’s down from 521 starts during the same month last year.
At the same time, builders increased construction of single-detached homes, which continue to be popular with buyers. According to CMHC, construction firms started 328 single homes in November, compared to 147 in November 2014.
However, even with the jump in single homes, it’s been a lacklustre year for house construction. In the first 11 months of 2015, Ottawa home builders have begun 4,550 new homes. During the same period in 2014, they started 5,185 new home units.
The biggest drop is in multiple units. In the first 11 months, builders started construction on 2,744 multiple dwelling units, down from 3,525 starts in the same period in 2014.
Housing starts in Gatineau followed the same pattern. Builders on the Quebec side began 86 new units in November. In November 2014, Gatineau builders began 118 new units.
According to building permit data released Tuesday by Statistics Canada, the construction scene won’t pick up anytime soon. Building permit data signifies builders’ intentions to begin construction in the months ahead.
The value of projects for permits acquired in Ottawa during October fell to $185.26 million from $244.87 million in September. In the first 10 months of 2015, the project value of permits acquired by Ottawa construction firms fell to $1.81 billion from $2.37 billion during the same period in 2014.
vpilieci@ottawacitizen.com
查看原文...
Last month the federal housing watchdog said a plethora of unsold condominiums is cause for concern for the health of Ottawa’s housing market, especially since more units are set to flood the market in coming months. The number of unsold units has pushed Ottawa’s entire housing market into a category of “moderate risk” and forced CMHC to raise red flags for builders who may be planning further condominium construction in the capital.
According to data released Tuesday, builders are listening. Ottawa construction firms started a total of 426 new multiple dwelling units, which includes condominiums, in November. That’s down from 521 starts during the same month last year.
At the same time, builders increased construction of single-detached homes, which continue to be popular with buyers. According to CMHC, construction firms started 328 single homes in November, compared to 147 in November 2014.
However, even with the jump in single homes, it’s been a lacklustre year for house construction. In the first 11 months of 2015, Ottawa home builders have begun 4,550 new homes. During the same period in 2014, they started 5,185 new home units.
The biggest drop is in multiple units. In the first 11 months, builders started construction on 2,744 multiple dwelling units, down from 3,525 starts in the same period in 2014.
Housing starts in Gatineau followed the same pattern. Builders on the Quebec side began 86 new units in November. In November 2014, Gatineau builders began 118 new units.
According to building permit data released Tuesday by Statistics Canada, the construction scene won’t pick up anytime soon. Building permit data signifies builders’ intentions to begin construction in the months ahead.
The value of projects for permits acquired in Ottawa during October fell to $185.26 million from $244.87 million in September. In the first 10 months of 2015, the project value of permits acquired by Ottawa construction firms fell to $1.81 billion from $2.37 billion during the same period in 2014.
vpilieci@ottawacitizen.com
查看原文...
