While construction slowed down on the Gatineau side of the Ottawa River, with the number of new starts falling to 132 from 151 the previous June, builders in Ottawa picked up the pace.
Federal housing agency says growth was driven by increases in both the value and volume of uninsured mortgages for property buying and refinancings.
Achieving housing affordability for everyone in Canada will require developers to become more productive and make full use of land holdings to build more housing, CMHC says.
Rising interest rates and job uncertainty will combine to cool down Ottawa’s red-hot home resale market a few degrees in 2022 – but not enough to put the brakes on price hikes, agency says.
Proposal would see owners of residential properties that are vacant more than 184 days a year pay a one per cent tax tacked onto their annual property tax bill.
Significant price increases and overvaluation are causing housing sectors in Ottawa and other major Canadian cities to face “high” levels of vulnerability.
More than 2,300 new rental units were added to the city’s inventory last year, yet the agency estimates that only about 890 of those were actually occupied.
But the recent double-digit increases in home prices has not yet reached problematic levels, Crown corporation says.
Excavation work recently began on the 30-storey, 250-apartment Soho Italia mixed-use building on Preston Street, just north of Carling Avenue.
Report predicts weaker demand for homeownership due to job and income losses.