Desjardins is forecasting the average home price in Canada will decline by nearly 25 per cent by the end of 2023 from the peak reached in February of this year.
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.
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 Bank of Canada said in a study Monday that the closure of many downtown services coupled with a desire for more living space increased demand for homes in suburban areas.
The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.
Ottawa firm said its funds from operations rose nearly 18 per cent compared with the first quarter of 2021, while its same-property occupancy rate jumped almost five percentage points.
Ottawa-based REIT's overall revenue grew 8.4 per cent year-over-year to $32.5 million as the occupancy rate of its unfurnished suites ticked up to 94.2 per cent from 91.1 per cent in the same period.
'Tracking in the right direction': new InterRent boss Brad Cutsey sees big things ahead for Ottawa-based REIT
Cutsey, InterRent's president since 2015, is taking over as chief executive from Mike McGahan, who’s stepping aside after 12 years at the helm.
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.