Real Estate

Builders in Ottawa launched 11,032 new housing units last year, an eight per cent increase from 2021, the national housing agency says in its latest Housing Supply Report released Wednesday.

The proposed structure – which is located north of Rideau Street about 700 metres from the Rideau LRT station and less than 200 metres from several bus stops – would have one level of underground parking with space for 40 cars and 482 bicycles. 

Ottawa-based real estate company says it does not intend to redevelop the property, which it purchased about a dozen years ago, for at least another decade.

The Canadian Real Estate Association expects the average price of a home to end the year 4.8 per cent lower than 2022, but says prices will rise by roughly the same amount in 2024.

The real estate firm reiterated its forecast from December that the aggregate price of a home in Ottawa will be two per cent higher in the fourth quarter of this year than in the final quarter of 2022.

As a record amount of office space sits vacant in Ottawa’s downtown core, a new study says the capital is well-positioned to turn some of its empty towers into residences.

Several prominent local real estate experts say they expect vacancies to keep rising as businesses rethink their space requirements.

Members of the Ottawa Real Estate Board sold 1,194 residential properties in March, a 40 per cent drop from a year earlier and well below the five-year average of 1,698 sales for the month.

More than half a million square feet of industrial space is in the works at two sites in west Kanata as developers scramble to satisfy demand for warehousing and light-manufacturing facilities in the city’s tightest submarket.