Real Estate

Marquee transactions worth a combined $87 million have Ottawa brokerage predicting the new year will pick up right where a frothy 2021 left off for the city's office market.

By limiting development on certain streets to four storeys, the city has virtually guaranteed that these lots will remain undeveloped, writes Toon Dreessen.

Members of the Ottawa Real Estate Board sold 862 residential properties in December, compared with 997 in December 2020, a decrease of 14 per cent.

Large numbers of area residents say they’d like to live in a new part of the city – or even beyond its borders – as the shift to remote work opens opportunities to move without fears of lengthening one’s commute to the office.

SerCo Realty Group wants to build a highrise with 160 rental suites at 1400 Bank St., just south of the Billings Bridge Shopping Centre, on land currently occupied by a two-unit retail property.

Mall owner wants to construct a mixed-use tower with 280 rental apartments and ground-floor retail space on land currently occupied by a heritage building.

The average residential-class home sold for $716,992 last month, up from just over $600,000 a year earlier, the Ottawa Real Estate Board said Friday.

Firm predicts the city’s housing inventory will grow slightly in the year ahead but says “low levels are expected to remain a concern.”

Crestpoint Real Estate Investments and Crown Realty Partners purchased the 1.17-million-square-foot downtown property in a transaction that closed last week.

ClubLink says course is no longer financially viable and wants to partner with Minto Communities and Richcraft Homes to build 1,480 homes on the 71-hectare site.