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The City of Ottawa Economic Development Update provides an overview of quarterly and annual economic indicators to the city’s economy. The Q2 2024 update covers the months of April, May, and June 2024. In Q2 2024, the City of Ottawa saw:
A 14.1 percent decrease in housing starts year-over-year from 1,688 to 1,450 housing starts.
All four dwelling types (single-detached, semi-detached, rowhouse, and apartment) experienced a decrease in starts year-over-year, with single detached starts down 2.9 percent, apartment starts down 18.7 percent, rowhouse starts down by 12.9 percent, and semi-detached starts down by 33.3 percent.
Total construction permit value decreased by 19.5 percent year-over-year, with a 45.4 percent increase in residential permit value and a 26.6 percent decrease in non-residential permit value.
The average housing resale price increased 6.0 percent from the previous quarter, while it increased 3.0 percent year-over-year.
The office vacancy rate decreased 1.4 percentage point from Q2 2023 to reach 11.5 percent.
The industrial vacancy rate increased 0.5 percentage points from Q2 2023 to reach 3.5 percent.
The inflation rate increased 0.6 percentage points from the previous quarter and decreased 1.2 percentage points year-over-year to hit 2.6 percent in Q2 2024.
The number of employed residents increased by 2.0 percent from Q2 2023 despite the unemployment rate having increased by 1.1 percentage points.
To read the complete Economic Development Update, please visit ottawa.ca.