Canadian Mortgage Housing Corporation and Ben Myers Fortress Real Developments

Ottawa: Ben Myers of Fortress Real Developments said a few years ago a condo project launch in Ottawa led to brisk sales, according to CBC. Now he says there an oversupply of units and investors who once snapped them up are no longer as interested. In recent months the Canadian Mortgage and Housing Corporation has reported a lot of supply but less demand for condos in the city, and it has also noted that builders have scaled back on starting new projects. In June 2015, the CMHC reported that builders were scaling back on condominium apartment starts due to the tepid demand. The market shift led Myers company to change its plans for a 21-storey condominium tower on Bronson Avenue, instead constructing a rental building. In May the number of completed and unsold condos in Ottawa reached 435, up from the 10-year average of about 155. (news.financializer.com). As reported in the news.