Real Estate

The Canadian Real Estate Association has downgraded its home sales forecast for this year and next as fewer buyers jump into the market.

The average home price in Ottawa fell in the second quarter compared with a year earlier, Royal LePage says.

CLV Group plans to gut the recently vacated Narono Building at 360 Laurier Ave. W. and turn it into a residential development with 139 rental units, president Oz Drewniak told OBJ on Wednesday. 

An Ottawa firm plans to build a new Holiday Inn near a growing cluster of industrial parks and fulfilment centres in the city’s southwest end.

After announcing plans to build more than 1,000 rental units at the site of the old Greyhound bus terminal in downtown Ottawa, Brigil says it wants to construct 700 rental suites next to a site it is already developing on Baseline Road.

Katasa Group, which recently filed plans to replace a Centretown medical building with an apartment complex, wants to construct two highrises on St. Laurent Boulevard that would contain a total of more than 400 residential units.

Home sales in the capital rose year-over-year in June, but prices held steady as the city’s resale housing supply keeps “trending in the right direction,” the Ottawa Real Estate Board said Wednesday.

Ottawa’s office vacancy rate continued to climb in the second quarter, CBRE said in its latest Canadian market report, with the downtown office vacancy rate surpassing 15 per cent for the first time since the company began tracking the statistic in 1996.

The construction industry is short tens of thousands of workers, and experts say a coming wave of retirements could make the problem worse.

This interview with Hugh Gorman, CEO at commercial property manager Colonnade BridgePort, appears in the 2023 Welch LLP Business Growth Survey report.