Real Estate

Ottawa’s housing market showed signs of balancing out in February and could even swing back to a seller’s market if current trends continue.

Ottawa’s largest privately owned commercial property manager said Wednesday it partnered with an unnamed institutional investor to purchase a five-storey office tower and four acres of adjacent land at 1900-2000 City Park Dr. from Vancouver-based company.

The firm expects more tenants will look to downsize this year as they rethink their office requirements, resulting in more sublease space coming on the market. 

Constructed in 2021, Eagle Pointe is a “high-quality asset” that fits the company’s long-term strategy to upgrade its holdings by selling older buildings and acquiring new builds, CAPREIT president and CEO Mark Kenney told OBJ on Tuesday.

Local property owners with residential rental properties say they are relieved that legislation that would have required them to purchase power generators has failed in the provincial legislature.

Avenue 31 is launching a new project dubbed Camino-Long Sault, a proposed multimodal logistics village near Cornwall.

Public Services and Procurement Canada recently confirmed it cancelled the bidding process to select a private-sector contractor to redevelop a 26-acre site at 599 Tremblay Rd. near St. Laurent Boulevard.

The Orléans company suddenly shuttered Feb. 3, leaving numerous clients, employees and contractors in the lurch.

The drop came as January sales also fell on a month-over-month basis as they dropped three per cent compared with December.

The six-month rolling average – designed to smooth out monthly fluctuations – was 1,735 units, compared with 4,095 units in December.