Residential

Builders started work on 877 new dwellings in February, a 16 per cent increase over the 754 starts recorded in the same month in 2021, housing agency says.

Prices in Ottawa's housing market continued to climb throughout 2021, resulting in sharp year-over-year cost comparison.

Ottawa Real Estate Board president Penny Torontow said “unrelenting high demand” for housing is driving up prices despite the bump in supply. 

Housing experts say prospective homebuyers hoping Wednesday's interest rate hike will cool the country’s heated real estate market will likely be disappointed.

Katasa Group recently filed an application with the city to build a nine-storey residential project at 1509 Merivale Rd., just south of the intersection of Clyde Avenue.

Toronto firm says it has purchased a one-acre site at 1209 St. Laurent Blvd., across from the St. Laurent Shopping Centre, as well as property at 1047 Richmond Rd., near Carlingwood Shopping Centre.

While a “considerable number” of new units were added to the city’s rental housing stock last year, the agency said demand rose enough to keep the vacancy rate unchanged.

Developers launched 640 new builds last month, agency says, down three per cent from the 661 starts recorded in January 2021.

The new development would include 51 apartment units and 59 parking spots, with 56 of those spaces in a two-level underground garage.

Founders' company, TCU Development Corp., currently has about 750 units under development, with 89 projects completed to date.