The housing agency says builders started work on 2,164 new apartment units, including condominiums and rentals, between January and the end of June, up 38 per cent from the same period in 2022.
A total of 2,454 condos changed hands in the capital between January and the end of August, down from 2,964 in the same period in 2022, Re/Max said in its annual condominium report released Tuesday.
A Toronto-based real estate company says it is planning to build 5,000 new rental units in urban centres across the country as a result of the federal government's decision to eliminate GST charges on rental developments.
Finance Minister Chrystia Freeland introduced legislation Thursday morning that would remove GST charges from new rental developments and update the country's competition law.
One Bay Street economist says it's unlikely the housing market will flare up, despite the Bank of Canada's decision to keep its key interest rate on hold on Wednesday.
In its fall market outlook released Tuesday, Re/Max Canada says it expects the average sale price of a home in Ottawa to drop to about $712,697 by the end of 2023, down two per cent from $727,242 at the end of July.