Residential

Federal housing agency says growth was driven by increases in both the value and volume of uninsured mortgages for property buying and refinancings.

Builder known for its environmentally friendly projects wants to construct three buildings with a total of 510 residential suites near the northwest corner of Richmond Road and the SJAM Parkway. 

Achieving housing affordability for everyone in Canada will require developers to become more productive and make full use of land holdings to build more housing, CMHC says.

The Bank of Canada said in a study Monday that the closure of many downtown services coupled with a desire for more living space increased demand for homes in suburban areas.

Economists attribute much of the cooling to rising interest and mortgage rates.

Homebuilders started work on 1,315 new dwelling units in Ottawa-Gatineau in April, down from 1,718 starts in the same month in 2021.

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.