Residential

Local property owners with residential rental properties say they are relieved that legislation that would have required them to purchase power generators has failed in the provincial legislature.

The drop came as January sales also fell on a month-over-month basis as they dropped three per cent compared with December.

The six-month rolling average – designed to smooth out monthly fluctuations – was 1,735 units, compared with 4,095 units in December.

At least 48 new units of affordable housing will be built in Ottawa thanks to funding announced Monday by the federal government.

The average price for a freehold-class property in Ottawa was $676,272 in January, the board said, down 12 per cent from a year earlier.

CEO Mark Kenney said the capital will “likely be an active market” for CAPREIT as it continues to pursue its strategy of buying into new construction projects.

The Canada Mortgage and Housing Corp. says the city's vacancy rate for purpose-built housing dropped to 2.1 per cent last year, down from 3.4 per cent in 2021, due to “strong demographic and economic fundamental conditions.”

As municipal leaders brainstorm new ways to revitalize Ottawa’s downtown in a post-pandemic world, real estate insiders say making the office-to-residential conversion process easier by cutting red tape at city hall should be right at the top of their agenda.

Minto has named Jonathan Li, who is currently the REIT’s president and chief operating officer, as Waters' replacement.