Residential

Firm said Monday it’s teaming up with Toronto-based Crestpoint Real Estate Investments to acquire 15 properties with a total of 614 suites in Canada’s third-largest city.

Overall, nearly 19,000 homes changed hands last year, a slight increase over 2019’s total of about 18,600.

Ottawa-Gatineau developers started work on 1,496 new builds in November, according to the federal agency, up from the 1,240 starts recorded in November 2019.

Brokerage says region’s stable economy, an influx of buyers from the GTA and surging demand for roomier properties in the COVID-19 era will keep market humming.

Ottawa developer recently filed a proposal to build two towers of 28 and 30 storeys at 267 O’Connor St., between Gilmour and MacLaren streets.

The move allows Minto to fast-track the process of issuing new units on the Toronto Stock Exchange as a means of raising capital to acquire more property. 

The development would include a total of 521 suites in a mix of studio, one-, two- and three-bedroom units, plus underground parking with paid spots reserved for the public.

Board says the number of condos listed for sale is 25 per cent higher than a year ago, and properties are staying on the market longer. 

The REIT is providing $11.9 million for a joint venture between Minto Properties, and a subsidiary of B.C.-based Darwin Properties to build the first phase of a master-planned community in North Vancouver.

The average sale price of a home in Ottawa was $524,956 in the first 10 months of 2020, brokerage said Tuesday, up 19.2 per cent from a year earlier.