But some question whether market can absorb flood of new units
Perceptions run counter to Statistics Canada data
'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.
Non-residents own 0.7% of Ottawa’s condos, according to data released by the Canadian Mortgage and Housing Corp.
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However, vacancy rates are expected to face upwards pressure in 2019 as developers complete rental construction projects.
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.
A decline in high-rise starts contributed to a third straight month of sliding housing starts in Ottawa, the CMHC said Monday.