Rising interest rates and job uncertainty will combine to cool down Ottawa’s red-hot home resale market a few degrees in 2022 – but not enough to put the brakes on price hikes, agency says.
Proposal would see owners of residential properties that are vacant more than 184 days a year pay a one per cent tax tacked onto their annual property tax bill.
Significant price increases and overvaluation are causing housing sectors in Ottawa and other major Canadian cities to face “high” levels of vulnerability.
More than 2,300 new rental units were added to the city’s inventory last year, yet the agency estimates that only about 890 of those were actually occupied.
But the recent double-digit increases in home prices has not yet reached problematic levels, Crown corporation says.
Excavation work recently began on the 30-storey, 250-apartment Soho Italia mixed-use building on Preston Street, just north of Carling Avenue.
Report predicts weaker demand for homeownership due to job and income losses.
Plus, Ottawa realtors share their picks for the capital’s hottest neighbourhoods
Canada Mortgage and Housing Corp. is expanding its insured mortgage purchase program to $150 billion as part of its response to the COVID-19 crisis.
Tenants in Ottawa paid an average of $108 a month more for an apartment in 2019 compared with a year earlier, thanks to “robust demand” for rental accommodations in the capital, according