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Ottawa Real Estate Market (January 2012)

CONDOMINIUM APARTMENTS LEAD JANUARY STARTS IN OTTAWA

OTTAWA, February 8, 2012 – According to the latest preliminary data released by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Ottawa Census Metropolitan Area (CMA) totalled 484 units in January, compared to 216 units a year ago.

“Accounting for roughly half of all new home market activity across Canada’s Capital, new condominium apartment construction led the start of 2012 with the best January in four years. This confirms CMHC’s expectations of robust demand and upbeat building intentions within this increasingly popular housing segment” said Sandra Pérez Torres, Senior Market Analyst at CMHC.

During January, foundations were poured for the construction of 245 new apartment units, most of which intended for condominium ownership within Ottawa’s city core. Additionally, widespread advances were registered across major low-rise property types and regional neighbourhoods. Notably, construction in Nepean almost tripled from last year on the back of strong townhome demand, while builders in suburban Cumberland remained active with the addition of a varied mix of new homes. Much like last year, Kanata experienced softer demand for new single-detached homes and townhomes.

Source: Canada Mortgage and Housing Corporation

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