Real Estate

The Canadian Real Estate Association is lowering its forecast for home sales and prices this year due to weakness in Ontario and B.C.

Real estate firm Royal LePage is forecasting the aggregate price of a home in Canada will increase seven per cent in the final quarter of 2023 compared with the same period last year, downgrading its previous outlook of 8.5 per cent.

Home sales in Ottawa were 29.6 per cent below the five-year average and 23.6 per cent below the 10-year average for the month of September, the Ottawa Real Estate Board (OREB) reported Friday.

A spokesperson for CMHC confirmed Friday that two of the three buildings at the Crown corporation’s 700 Montreal Rd. headquarters – Building A, which has a total of 165,933 square feet, and Building B, which covers 56,805 square feet – are no longer occupied.

Group Germain plans to start laying the groundwork next week for construction of a 178-room Alt Hotel that will be attached to the airport terminal, the company’s vice-president of operations, Hugo Germain, told OBJ on Thursday afternoon.

OBJ sat down with Minto Communities president Brent Strachan to discuss the challenges facing the housing industry, how the public and private sectors can help, and what the future holds for Minto.

The housing agency says builders started work on 2,164 new apartment units, including condominiums and rentals, between January and the end of June, up 38 per cent from the same period in 2022.

A total of 2,454 condos changed hands in the capital between January and the end of August, down from 2,964 in the same period in 2022, Re/Max said in its annual condominium report released Tuesday.

Available space in Ottawa’s industrial buildings fell slightly in the third quarter as small-bay tenants continued to...

Ottawa’s reeling office rental sector showed signs of stabilizing in the third quarter as several downtown highrises...