Real Estate

District Realty plans to redevelop an 11-storey office building at 200 Elgin St. into a multi-residential complex, real estate firms CBRE and Colliers said in their first-quarter Ottawa office market reports released this week.

Citing data from research agency Environics Analytics, Colliers Canada said Tuesday that Ottawa’s office occupancy rate is currently at 54 per cent of pre-COVID levels.

The agency says combined housing starts in the Toronto, Vancouver, Montreal, Calgary, Edmonton and Ottawa regions dipped 0.5 per cent compared with 2022, totalling 137,915 units, as apartment starts grew seven per cent to reach a record 98,774 units.

Business leaders see the housing crisis as the biggest risk to the economy, a new survey from KPMG Canada shows.

Sam Mizrahi says the 12-storey, 93-unit building at 1451 Wellington St. W. is expected to be ready for occupancy by September. 

The provincial government’s pledge this week to invest more than $1.8 billion to help build at least 1.5 million homes across Ontario by 2031 will be a welcome boost as Ottawa scrambles to address its housing shortage, a group representing the city’s biggest homebuilders says.

With interest increasing in a “landmark” Chinatown restaurant Yangtze that was recently put up for sale, the local business community is holding out hope that the familiar eatery will carry on, even as potential buyers consider redeveloping the property.

The Canadian Real Estate Association says February home sales jumped 19.7 per cent compared with a year ago.

The federal government’s proposal to turn a two-and-a-half-acre site across from Parliament Hill into an office and retail complex is a “great start” toward revitalizing the Parliamentary Precinct, a prominent Ottawa real estate executive said Friday – but other business leaders say they’re not convinced the project will give struggling downtown merchants the boost they need.