Residential

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.

Detached home sales topping the million-dollar mark accounted for 14 per cent of local transactions in January – up substantially from 2020, when they made up just three per cent of all deals.

Manor Park Capital says it wants to construct two towers of 25 and 20 storeys on St. Laurent Boulevard near the intersection of Lancaster Road about three blocks west of the museum.

A total of 1,766 homes sold for at least $1 million in Ottawa in 2021, more than double the previous year’s tally of 750 such “luxury” transactions, the firm says.

Builders started work on 393 new dwellings in the region last month, a steep drop from the 1,074 starts recorded in December 2020.

Canadian Real Estate Association said Monday that about 667,000 residential properties changed hands in 2021, about 30 per cent more than the 10-year average.

Median price of a single-family detached home in the capital rose 20 per cent year-over-year to $876,600 in the quarter, while condo prices increased 11.5 per cent to $417,700.

SerCo Realty Group wants to build a highrise with 160 rental suites at 1400 Bank St., just south of the Billings Bridge Shopping Centre, on land currently occupied by a two-unit retail property.