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Ottawa housing starts dip in October – Metro US

Ottawa housing starts dip in October

Ottawa saw a significant decrease in the number of housing starts in October due to fewer singles and apartments, according to new data from the Canada Mortgage and Housing Corporation.

The number of units reached 414 last month, down from 740 the same time last year.

CMHC senior market analyst Sandra Perez-Torres said that demand for single detached units was pushed forward at the beginning of this year due to people expecting higher interest rates, higher prices, and the pending HST.

“Families were trying to buy before July 1, and now we are seeing less single detached homes,” said Perez-Torres.

She expects the number of starts to increase through December since buyers prefer to have the outside of their homes built before the snow arrives before focusing on the interior toward year’s end.

Even with October’s decrease, the year-to-date starts have remained 15 pe rcent higher than the same time last year.