Real Estate

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. 

Two downtown office towers totalling more than 300,000 square feet at 400 Cumberland St. and 77 Metcalfe St. have sold for a combined $60 million.

While construction slowed down on the Gatineau side of the Ottawa River, with the number of new starts falling to 132 from 151 the previous June, builders in Ottawa picked up the pace.

The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.

Firm says it now expects the aggregate price of a home in Ottawa will be up 10 per cent in the fourth quarter of 2022 compared with a year earlier, down from its previous forecast of 13 per cent.