Real Estate

The country's hot housing market drove economic expansion last year as the economy grew 4.6 per cent in 2021, Statistics Canada said Tuesday.

Katasa Group recently filed an application with the city to build a nine-storey residential project at 1509 Merivale Rd., just south of the intersection of Clyde Avenue.

Toronto firm says it has purchased a one-acre site at 1209 St. Laurent Blvd., across from the St. Laurent Shopping Centre, as well as property at 1047 Richmond Rd., near Carlingwood Shopping Centre.

Deal comes just a few months after company purchased a 50 per cent stake in the downtown Place de Ville office complex.

While a “considerable number” of new units were added to the city’s rental housing stock last year, the agency said demand rose enough to keep the vacancy rate unchanged.

Rimap Development's proposal calls for about 270 rental units and 230 hotel rooms on prime piece of downtown real estate just south of the Lyon LRT station.

Developers launched 640 new builds last month, agency says, down three per cent from the 661 starts recorded in January 2021.

The new development would include 51 apartment units and 59 parking spots, with 56 of those spaces in a two-level underground garage.

Ottawa, once known as a “sleepy” city with a slow real estate market, has seen unprecedented growth...

Founders' company, TCU Development Corp., currently has about 750 units under development, with 89 projects completed to date.