Residential

Developers launched 1,074 new builds last month, according to the Canada Mortgage and Housing Corp., up from 854 starts recorded a year earlier. 
After a year that saw home average home prices jump 20 per cent, Ottawa homebuyers can expect little relief in the months ahead, according to a major Canadian real estate brokerage.
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.