Real Estate

Sales worth $1 million or more now account for nearly one in five Ottawa residential transactions – up from less than five per cent just two years ago, Engel & Volkers says.
The capital’s commercial real estate market continues to see a string of deals even as rising interest rates threaten to stall its momentum. 
Two downtown office towers totalling more than 300,000 square feet at 400 Cumberland St. and 77 Metcalfe St. have sold for a combined $60 million.
While construction slowed down on the Gatineau side of the Ottawa River, with the number of new starts falling to 132 from 151 the previous June, builders in Ottawa picked up the pace.
The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.
Firm says it now expects the aggregate price of a home in Ottawa will be up 10 per cent in the fourth quarter of 2022 compared with a year earlier, down from its previous forecast of 13 per cent.
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As the capital’s million-dollar market continues to boom, luxury real estate firms like Engel & Völkers are being kept busy
Large tenants could start looking at properties in other markets along the St. Lawrence Seaway to address surging demand for warehousing and storage facilities, new report from Colliers says.
Members of the Ottawa Real Estate Board sold 1,508 residential properties last month, a drop of nearly 30 per cent from June 2021.