Construction of new housing in Ottawa fell 36 per cent in November, led by big declines in townhouse units, Canada Mortgage and Housing Corp. said Monday.

Despite the big decline, housing starts are still running 7.7 per cent ahead of last year as builders put shovels in the ground for developments that were sold earlier in the year before sales of new units plunged this fall..

CMHC said that construction started on 492 units during the month, down from 769 units a year earlier. The big decline followed an unusually strong October in which Ottawa bucked a national decline in starts triggered by economic problems.

The number of new row housing units fell 61 per cent 108 units and single-family starts declined 31 per cent 266 units.

The declines were partly offset by increased construction of semi-detached and apartment units.

Despite a significandt decline in single-family housing starts to 266 units from 386 units a year earlier, it was still the single biggest generator of housing construction during November — a testamant to the fact that despite rising prices, buying a single-family unit is still more affordable here than in most big Canadian cities.

Sandra Perez Torres, senior Market Analyst at CMHC, said in a statement: “Single-detached construction is a better barometer of the health of the new construction market. After exceptional new construction activity in October, single detached construction still represented over half of total construction in November.

"Total housing foundations for this type of dwelling remained at a very high level, just marginally lower than last year’s numbers”, she said.

0 comments:

Canada mortgage montreal mortgage broker Montreal mortgage adjustable rate mortgage Montreal Bank of Canada interes rate Canadian Real Estate Association Canadian housing market Canadian mortgage best mortgage rate in Montreal cut interest rates low mortgage rates American housing market Best Mortgage Rates CMHC Montreal Mortgage Rates average prices bank loan canada housing market canadian home prices fixed rate home mortgage loan montreal mortgage brokers mortgage rates Canadian economy Mortgage Montreal TD Canada Trust credit report credit score fixed mortgage rates housing market royal bank of canada taux hypothecaire td bank CREA Canadian home buyers Canadian housing Canadian lenders HRTC credit amortization period business loans canada best mortgage broker canada real estate market down payments eligible expenses fast mortgage payment home owners hupotheque montreal hypotheque montreal investment purposes lenders lower interest rates montreal hypotheque montreal real estate mortgage crisis mortgage landers mortgage loan mortgage rates montreal mortgage specialist montreal pret hypothecaire property loan real estate real estate montreal refinancing mortgage subprime mortgages tax credit tax deductions variable interes 'risky' mortgages BMO Bank of Montreal Buy Buy A Home Buy A House CMHC. new home construction Canada Housing Trust Canada Mortgage and Housing Corporation Canada mortgage loan Canada's economy Canada's housing industry Canada's housing market Canada’s housing Canadian Home Builders Canadian economic recession Canadian home sales Canadian homeowners Canadian housing situation Canadian mortgage bonds Canadian mortgage holders Canadian mortgage lenders Credit conditions Fannie Mae Finance Fixed and Variable Rates Foreign bond funds Genworth Financial Home INTEREST RATE CALCULATION IRD Lower sales activity Merrill Lynch Money Montreal Courtier Hypothécaire Mortgage brokers Multi Prêt Hypothèque Real estate prices Recession Sales activity Securing a rate guarantee Sell TD's financial Taux Hypothécaire US Home prices Vancouver housing Vancouver mortgage Wells Fargo Wells Fargo’s Canadian unit adjusted annual rate apply for loans appraisal appraised value appraiser attractive investment opportunity average property prices bad credit Mortgage bank lenders bank's posted rates banks margins biggest U.S. bank borrower buying a condo buying a new home buying home buying up assets canada banks canada mortgage crisis canada mortgage shop canada trust canadian households canadian market canadian mortgage rates canadian real market cashback mortgage chopping mortgage rates closed mortgage rate compare property condominiums credit card accounts credit card interestCanadian Lenders credit crunch credit history credit markets credit preparations credit ranking credit standing creditdestitute debt deposit of 20% dollar’s weakness drop in construction ease interest rates economic data weakened economic decline economic outlook falling market fast cash federal tax credit finance companies financial advantage financial crisis financial storm financial systems find mortgage broker in montreal first home buyers first time buyer five-year closed mortgage five-year closed mortgages fixed home loan fixed interes rates fixed montreal rate fixed mortgage fixed-term mortgage flexible mortgages floating rate foreclosed homes gas prices against housing market gasoline prices get a mortgage get mortgage in montreal getting a mortgage government finance team hedge funds high interest rates high unemployment high-interest credit home buyer home buyers home construction declined home loans home loans rates home mortgage home prices dropped home renovation home-equity loans home-resale activity homebuyers homes in canada house crisis house prices house value houses demand housing and mortgage meltdown housing boom housing construction housing crisis housing in Canada housing market meltdown housing statistics housing supply improvement loan increasing prices ineligible expenses inflation inflation in canada inflation rate insurance coverage interes rates interest rate cuts interest rate cuts resale markets interest rate differential interest rates interest rates exist landing money lending practices in Canada listing load montreal loan loan rates loan specialist loan to value long-term loans long-term mortgage rates low interest rate low mortgage rate lowest rate market market influence rates market rate markets crack in Canada mid-to long-term mortgages monthly payments montreal flexible mortgage montreal housing market montreal rates montreal real estate broker mortgage mortgage borrowers mortgage brokers canada mortgage business mortgage canada mortgage company mortgage contracts mortgage economists mortgage finance lenders mortgage industry associations mortgage insurance mortgage interest mortgage interest payments mortgage landing mortgage lending firm mortgage loans mortgage payments mortgage professionals mortgage quote mortgage ratem ING Direct mortgage rules mortgage sector mortgage strategy mortgage tips mortgages and loans mortgages montreal multi pret national bank new dwellings in Montreal new houses montreal new housing new-home construction one-year close mortgage online mortgage application pay our mortgages polluting bank balance prime rates purchasing a house raise rates rate rise real estate lawyer real estate listings real estate market real estate performance real estate strength real estate tips Montreal real-estate loans recession may be behind us recover from recession reduce taxes refinance renting or buying residential mortgage rates residential mortgages residential properties rising prices row housing semi-detached house shop for a Mortgage short-term interest rate single family house stimulating the economy stimulus funding submit information subprime tax rates tax return three months' interest tracker rate ultralow mortgage rates value of a property your montreal mortgage broker zero growth