Sunday, February 10, 2013

Housing starts up in January, SFR down 50%

Some interesting data came out this week on the housing starts.  Housing starts are tracked to judge the health of the new home building industry.  According to NAR (National Association of Realtors) research, for every two new homes built, one job is created.  These jobs are not necessarily just trades and construction jobs, there is significant spin off as well including car sales, clothing, restaurants, etc.

The positive news for Ottawa is housing starts are up 6% in 2013, over January 2012.  The change in that news, is the SFR (single family residential).  Following the 2012 trend lines, SFR continues to decline, “However, construction of single-detached units retreated by over half of their 2012 level capturing only 10 per cent of total starts.”

To check out Ottawa's January 2013 housing starts numbers click here please.

The good news for SFR?  CMHC (Canadian Mortgage and Housing Corporation) predicts that the mid point of 2013, the USA economic engine will switch from neutral to drive and by 2014, the USA economy will be lead the global recovery.  This will have significant impacts on Canada, and Ontario particularily, as historically, for every 1% growth in the USA economy, there is a correlating 6% growth in employment in Ontario.

For additional information on housing starts and Ottawa Real Estate, please contact the Bennett Property Shop Realty Brokerage

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