Residential

The Canadian Real Estate Association expects the average price of a home to end the year 4.8 per cent lower than 2022, but says prices will rise by roughly the same amount in 2024.

The real estate firm reiterated its forecast from December that the aggregate price of a home in Ottawa will be two per cent higher in the fourth quarter of this year than in the final quarter of 2022.

As a record amount of office space sits vacant in Ottawa’s downtown core, a new study says the capital is well-positioned to turn some of its empty towers into residences.

Members of the Ottawa Real Estate Board sold 1,194 residential properties in March, a 40 per cent drop from a year earlier and well below the five-year average of 1,698 sales for the month.

Ottawa firm purchased share of Brampton development in a joint venture with Toronto’s Crestpoint Real Estate Investments and New Brunswick-based Vestcor.

Ottawa-Gatineau’s annual pace of housing starts jumped a whopping 725 per cent in February, the Canada Mortgage...

The association says February sales were comparable to what was recorded during the same month in 2018 and 2019, before the COVID-19 pandemic.

In financial filings this week, InterRent REIT and Minto Apartment REIT both reported big jumps in revenues compared with a year earlier – although headwinds such as rising interest rates have boosted the cost of financing their holdings and eaten into their bottom lines.

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.