Ottawa Economy Softens In Q3

Published 02/12/2024 · Updated 06/10/2024

This is a release from the City of Ottawa:

The City of Ottawa Economic Development Update provides an overview of quarterly and annual economic indicators to the city’s economy. The Q3 2023 update covers the months of July, August, and September 2023. In Q3 2023, the City of Ottawa saw:

A 39.2 per cent year-over-year decrease in housing starts from 4,598 to 2,797 housing starts.
All dwelling types experienced a decrease in starts since Q3 2022, with single detached starts down 38.6 per cent, semi-detached starts down 29.6 per cent, rowhouse starts down 30.3 per cent, and apartment starts down 41.3 per cent.
Total construction permit value decreased by 31.4 percent year-over-year, largely due to a 47.8 per cent decrease in residential permit value while non-residential permit value increased 39.6 per cent.
The average housing resale price decreased 1.2 per cent from the previous quarter, while it increased 3.8 per cent year-over-year.
The office vacancy rate increased 2.0 percentage points from Q3 2022 to reach 12.6 per cent.
The industrial vacancy rate increased 0.6 percentage points from Q3 2022 to reach 2.6 per cent.
The inflation rate decreased 0.6 percentage points from the previous quarter and 4.0 percentage points since Q3 of last year to hit 3.2 per cent in Q3 2023.
Year-over-year, while employed residents increased by 6.4 per cent, the unemployment rate also increased by 1.0 percentage point.