Genworth and the Conference Board of Canada has released the 2015 winter edition of its apartment condominium study that looks at eight metropolitan areas, including Ottawa.
For the full report and in depth look into Ottawa and the other areas, click here.
"Although inventories remained high in 2014, Ottawa apartment building permits nearly doubled during the six months to December 2014 compared with their year-earlier levels. As a result, the new apartment condominium market is set to pick up again in 2015, with starts forecast to increase by 9.9 per cent. In fact, construction is already under way on a number of new buildings this year, including The Bowery condominiums and Claridge’s Icon condominiums in Little Italy. The Icon condominium building will be Ottawa’s tallest. But this title may not last long. A new development proposed by Richcraft Homes, also in the Little Italy neighbourhood, would see the construction of three new towers, the biggest of which would be 55 storeys tall. Starts are expected to keep rising from 2016 to 2019, growing by a forecast average of 1.2 per cent per year. Absorptions are set to decline this year and next, albeit from a 2014 record high, and then begin to rise through the next few years, helping to whittle down inventories." - taken from the report.
