Ottawa is following the national trend toward multi-family asset class, according to the latest report from Colliers International.
While sale price per door and number of transactions were down in the second quarter of the year, the transaction value was up in the capital, reflecting more larger, expensive buildings in play.
Sale price per door in Ottawa for the quarter was $124,531 compared with $127,398 a year ago, the report said. Year-to-date, however, the sale price per door is higher in 2014.
There were 21 transactions in the first six months of 2014, compared with 24 in the first half of last year. But the transaction value was up 12.65 per cent, at $151,056,400 year to date.
Of the eight markets covered in the report, Victoria was the only other city to see transaction value jump.
Sale price per door increased in six of the eight markets, with the biggest jump also happening in Victoria at 49.54 per cent.
“The multi-family asset class is the most sought after in Canada and demand is expected to continue,” said Colliers International Ottawa director Oliver Tighe in a statement. “There continues to be significant competition for any good-quality, large-scale assets made available for sale.”
Mr. Tighe said many owners are looking to reinvest and expand their holdings.
The report focuses on rental buildings with four or more units that sell for more than $500,000.