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Building permits slide in August, resale market holds its own
By Leo Valiquette, Ottawa Business Journal Staff
Mon, Oct 6, 2003 10:00 AM EST
Local builders continued to rein in their construction plans in August, Statistics Canada reported on Monday, with residential building permits clearly on the decline.
A total of $66.05 million worth of permits for new houses, apartments and condos were issued to area builders in August. That's down 20 per cent from July's $82.8 million. On the year to date, residential permits are down by 12.4 per cent, to $657.04 million from $750.09 million.
On the year to date, permits for single-family homes and cheaper multiple dwelling units such as rowhouses and condos have both fallen by about 12 per cent.
The easing trend follows more than two years of bullish market conditions that saw home prices spike around 14 per cent a year and building activity hit highs not seen since the late 1980s.
Industry watchers such as the Canadian Mortgage and Housing Corp. and the Ottawa Real Estate Board have long forecast a slowdown in 2003 as supply catches up with demand. However, low borrowing costs for home mortgages and steady in-migration of new workers for an expanding federal government are expected to make for a soft landing in the local housing market, as opposed to the crash that ended the last boom.
In a separate report on Monday, Royal LePage Real Estate Services commented on the easing of Ottawa's residential sector during the third quarter. Home prices are beginning to slow their upward momentum, but the market still has a lot of life left in it.
"Though the market was more balanced in Ottawa with longer listing periods over the same time last year, demand from all purchaser groups, from first-time buyers through to empty nesters, was steady and sales activity brisk, which resulted in higher average house prices, year-over-year," Royal LePage said in the report. "Well-priced properties in good condition sold quickly, while vendors who overpriced their homes were being forced to reduce to sell as buyers stood their ground and resisted overpaying."
Royal LePage's report is a lagging indicator of the market since it looks at sales patterns, while the building permits data is a leading indicator that provides insight into where the market is heading.
In Ottawa's non-residential construction market, activity was more brisk in August, Statscan reported. Permits for non-res projects were up by 5.8 per cent from July to $61.88 million. On the year to date, non-res permits are up by 13.5 per cent. Commercial has been the strongest segment of the sector, with permits up almost 50 per cent on the year to date. Both industrial and institutional permits are down on the year to date.
Total residential and no-residential permits in August totalled $141.3 million, down 9.5 per cent from July due to the easing of the housing sector. On the year to date, the total is off by three per cent, thanks to the housing sector, to $1.14 billion.
By Leo Valiquette, Ottawa Business Journal Staff
Mon, Oct 6, 2003 10:00 AM EST
Local builders continued to rein in their construction plans in August, Statistics Canada reported on Monday, with residential building permits clearly on the decline.
A total of $66.05 million worth of permits for new houses, apartments and condos were issued to area builders in August. That's down 20 per cent from July's $82.8 million. On the year to date, residential permits are down by 12.4 per cent, to $657.04 million from $750.09 million.
On the year to date, permits for single-family homes and cheaper multiple dwelling units such as rowhouses and condos have both fallen by about 12 per cent.
The easing trend follows more than two years of bullish market conditions that saw home prices spike around 14 per cent a year and building activity hit highs not seen since the late 1980s.
Industry watchers such as the Canadian Mortgage and Housing Corp. and the Ottawa Real Estate Board have long forecast a slowdown in 2003 as supply catches up with demand. However, low borrowing costs for home mortgages and steady in-migration of new workers for an expanding federal government are expected to make for a soft landing in the local housing market, as opposed to the crash that ended the last boom.
In a separate report on Monday, Royal LePage Real Estate Services commented on the easing of Ottawa's residential sector during the third quarter. Home prices are beginning to slow their upward momentum, but the market still has a lot of life left in it.
"Though the market was more balanced in Ottawa with longer listing periods over the same time last year, demand from all purchaser groups, from first-time buyers through to empty nesters, was steady and sales activity brisk, which resulted in higher average house prices, year-over-year," Royal LePage said in the report. "Well-priced properties in good condition sold quickly, while vendors who overpriced their homes were being forced to reduce to sell as buyers stood their ground and resisted overpaying."
Royal LePage's report is a lagging indicator of the market since it looks at sales patterns, while the building permits data is a leading indicator that provides insight into where the market is heading.
In Ottawa's non-residential construction market, activity was more brisk in August, Statscan reported. Permits for non-res projects were up by 5.8 per cent from July to $61.88 million. On the year to date, non-res permits are up by 13.5 per cent. Commercial has been the strongest segment of the sector, with permits up almost 50 per cent on the year to date. Both industrial and institutional permits are down on the year to date.
Total residential and no-residential permits in August totalled $141.3 million, down 9.5 per cent from July due to the easing of the housing sector. On the year to date, the total is off by three per cent, thanks to the housing sector, to $1.14 billion.
