Properties are spending fewer and fewer days up for sale, while the average sale price in August was up 7.8 per cent year-over-year to $420,335.
The Ottawa-based REIT is known for buying under-managed buildings in desirable locations and repositioning the properties, analysts say.
Company owner Chuck Mills will join Amsted Design-Build as the firm’s design director.
Cap on density dates to 2006, when issues with the sewer system in the area led to restrictions. Those issues have since been resolved.
Despite the growing size of a typical mortgage, fewer Ottawa residents are finding themselves in arrears.
Development proposal calls for three highrise buildings of 59, 55 and 50 stories that would feature a mix of office, retail and residential space.
The property is within walking distance of the existing Billings Bridge Transitway station, which is slated to also become the endpoint of a new rapid transit corridor running along Baseline Road.
Rental apartments drive increase as homebuilders diversify
More condo owners are bringing units to market as oversupply wanes
Local developer already owns five retirement residences, with two more under construction in Kanata and Vanier. Another is planned for Hunt Club Road.