The housing construction market in Ottawa slowed down in October 2024, as the number of new homes started decreased by 42% compared to the same month in 2023.

New statistics released by the Canada Mortgage and Housing Corporation (CMHC) indicate that 636 homes began construction in October, down from 1,106 homes the previous year. Ottawa saw the start of construction on 1,510 homes in September.

The housing starts in October included 120 new single-family homes and 516 multi-family units. CMHC noted that construction began on 6,520 new homes and units in the first ten months of 2024, down from 7,619 units during the period from January to October 2023.

The Ontario Ministry of Municipal Affairs and Housing has set a target to build 12,583 new homes in Ottawa in 2024 to ensure the city qualifies for funding under the "Building Faster Fund."

Municipalities will be eligible for funding if they achieve 80% or more of their annual housing targets.

Nationally, there were 19,670 homes started in October 2024, down from 22,163 homes in October 2023. Construction began on 168,952 homes and units across Canada in the first ten months of the year.

Statistics show that construction has begun on 509 homes in Kingston so far in 2024, down from 1,353 homes during the period from January to October 2023. In October, construction started on 189 new homes and units.

In Gatineau, construction began on 3,089 homes in the first ten months of 2024, an increase from 2,689 homes during the period from January to October last year, with 729 new homes and units starting in October.