CMHC Housing Market Assessment - Canada - Date Released - Second Quarter 2016

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Ottawa: Moderate evidence of problematic conditions We continue to detect moderate evidence of overbuilding in Ottawa’s housing market. The number of completed and unsold condo apartment units per 10,000 population has been steadily rising throughout 2015, and rose once more in the fourth quarter, pointing to moderate evidence of overbuilding. The increase in unsold units has been accompanied by rising vacancy rates in primary and secondary rental markets pointing to softer demand conditions. While the number of condo units under construction declined in the fourth quarter, inventory management is still needed until the high number of completed and unsold units is absorbed by the market. Conditions in the market continue to point to weak evidence of overvaluation due to modest price growth despite soft income performance.