Ottawa housing market starts: Here’s the latest update [Video]

Housing starts in the month of August dropped by 21 per cent in Ottawa, according to new data released by the Canada Mortgage and Housing Corporation (CMHC).

The CHMC reports housing construction reached its lowest level in nearly 10 years, reaching a level corresponding to 22 houses per 10,000 people in the first half of 2024.

The decline is due to the current economic conditions for construction growth, including high interest rates and the rising costs in the last two years, which have negatively affected investments in residential properties, according to the report. Low demand for houses and condominiums is also another factor contributing to the decline in housing starts in the capital region.

“A lot of it is just consumer demand. It’s tough economic times right now. Interest rates are still high, they’re coming down a little, but it’s keeping people on the sidelines,” Jason Burggraaf, executive director of Greater Ottawa Home Builder’s Association, told CTV News Ottawa’s …