Housing starts in both Ottawa and Gatineau are expected to fall for the next two years, according to a third-quarter forecast released by the Canada Mortgage and Housing Corp.
Starts in Ottawa will decline nine per cent in 2013, from 6,026 to 5,475 starts, the forecast predicts. By 2014, housing starts will slide lower to 5,245.
In Gatineau, CMHC predicts a 43 per cent fall in 2013 to 1,550 starts, a sharp drop from 2,759 in 2012. Housing starts in 2014 will stabilize to 1,600 starts, the forecast stated.
OBJ360 (Sponsored)
Investing in the next generation: Ottawa businesses encouraged to build futures through mentorship
Do you remember the mentor in your life who helped shape your career? In the business world, success often depends on the connections we build, fuelled by guidance and support
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
Nationally, housing starts will also slip. From 214,827 in 2012, levels this year will range between 177,100 to 188,500 units in 2013, and between 165,600 to 207,600 units for 2014.
Ottawa housing resales are also forecast to fall. From 2012 levels of 14,497 sales, they will slide by three per cent in 2013 to 14,000 before moving up again to 14,200 in 2014.
In Gatineau, MLS sales will drop five per cent in 2013 to 3,675, down from 3,865 sales in 2012. In 2014, sales will increase again to 3,700.
