Economic slowdown doesn’t dent housing industry confidence: Developer reports

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    Under-building in Toronto, strength in Ottawa’s secondary rental market

    Ontario Construction Report staff writer

    Fortress Real Developments, in its semi-annual Market Manuscript, says: “New polling of the residential builders and developers shows that the industry is not concerned with household debt, overvalued housing, or speculative investors, but remains cognizant of rising interest rates and eroding affordability.”

    The report, written by 15-year industry analyst Ben Myers, brings together third party reports, original surveys, and custom analysis for key markets across the country and uses them to paint a comprehensive picture of housing in Canada today.

    “Canada doesn’t have a national market – rather, we have collection of regions,” says Myers, senior vice-president of market research and analytics at Fortress. “In the Market Manuscript I get beyond the headlines, drill down into those regions, and help prospective buyers, homeowners, investors and real estate industry participants focus on the key trends driving residential house prices and construction activity.”

    Other report highlights include:

    • Under-building in Toronto: Contrary to recent reports, housing starts are trending below demographic fundamentals, with the metro area expected to experience a multi-year period of under building – leading to further unit appreciation; and
    • Strength in Ottawa’s secondary rental market: Although construction activity is beginning to cool after years of historically elevated activity, private condominium investors are encouraged by condo rental rate growth and low vacancy rates despite elevated high-rise completions.

    To download a free copy of the complete market manuscript, please visit www.fortressrealdevelopments.com/news/market-manuscript.

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