Real Estate

Housing agency says work began on 2,130 new housing units in the National Capital Region last month, with multi-unit builds soaring almost 400 per cent year-over-year.

On a seasonally adjusted basis, the association says sales in July fell 5.3 per cent compared with June. The actual number of sales last month was 37,975, down 29 per cent compared with July last year.

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Ottawa-based firm says it’s seeing “big spike in activity” from tech tenants that are downsizing their real estate footprints but still need meeting and collaboration space.

Desjardins is forecasting the average home price in Canada will decline by nearly 25 per cent by the end of 2023 from the peak reached in February of this year.

Recently constructed 163,000-square-foot office complex at 3199 Palladium Dr. in Kanata opened to great fanfare in early June.

Immigration-fuelled population growth and rising interest rates that have driven up the cost of buying a home helped boost Minto Apartment REIT’s bottom line in the second quarter.

Ottawa-based real estate investment trust said Tuesday its funds from operations rose 6.3 per cent compared with the second quarter of 2021 to $18.9 million.

Sales worth $1 million or more now account for nearly one in five Ottawa residential transactions – up from less than five per cent just two years ago, Engel & Volkers says.

The capital’s commercial real estate market continues to see a string of deals even as rising interest rates threaten to stall its momentum.