Residential

Firm backed by billionaire tech magnate Terry Matthews says it hopes to start construction on the $120-million project, which will include a restaurant and about 250 apartment units, this fall.

Housing agency says work began on 2,130 new housing units in the National Capital Region last month, with multi-unit builds soaring almost 400 per cent year-over-year.

On a seasonally adjusted basis, the association says sales in July fell 5.3 per cent compared with June. The actual number of sales last month was 37,975, down 29 per cent compared with July last year.

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.

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.

Members of the Ottawa Real Estate Board sold 1,508 residential properties last month, a drop of nearly 30 per cent from June 2021.