CMHC noted Friday that the number of units already under construction in January was historically high, leaving builders unable to launch many new projects in the month
The Ottawa side of the river saw the steepest decline, with a 53-per-cent drop in new multi-residential properties driving the downturn
Despite a flurry of building on the Gatineau side of the river, a lag in new projects in Ottawa led to a slowdown in November housing starts
The National Capital Region’s homebuilders fell behind the rest of Ontario and Quebec in September.
The streak of higher-than-normal activity stretches back over nearly two years, buoyed by a hot housing market and renewed buyer confidence.
'The condo market is well-served … but there’s undersupply of every other type of home.'
CMHC numbers suggest the upward trend that began in 2017 is continuing in the early part of this year.
Industry watchers had predicted a rebound in housing starts in 2017 following several years of declines.
Year-to-date housing starts up 29% over 2016.
Through the first three quarters of the year, housing starts increased a whopping 36 per cent from 3,801 homes in 2016 to 5,169 this year.