Residential

This amount is complemented by $740,000 for fee and development charge waivers from the City of Ottawa and $4 million in Ontario Priorities Housing Initiative funding.

The average residential-class property changed hands for about $802,000 last month, the city's real estate board said, up eight per cent from a year earlier but down more than $25,000 from April.

Canadian homebuyers are increasingly considering credit unions and private lenders to secure mortgages as rates rise, brokers say.

Realtors and lawyers say they have noticed buyers looking at what options they have to get out of a purchase because conditions have shifted dramatically from the previous highs and frenzied pace.

The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.

Multi-unit starts on the Quebec side of the river dropped from 547 in April 2021 to just 163 last month, a decline of 70 per cent.

Ottawa firm said its funds from operations rose nearly 18 per cent compared with the first quarter of 2021, while its same-property occupancy rate jumped almost five percentage points.

Ottawa-based REIT's overall revenue grew 8.4 per cent year-over-year to $32.5 million as the occupancy rate of its unfurnished suites ticked up to 94.2 per cent from 91.1 per cent in the same period.

A total of 1,889 residential properties changed hands in April, the Ottawa Real Estate Board says, a 21 per cent decline from a year earlier and just above the five-year average of 1,849.

Builders began work on more than 10,000 new housing units in the capital last year – but that flurry of new construction still wasn’t enough to keep up with city's population growth, agency says.