Real Estate

Ottawa Real Estate market discussion

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Deal Fanatic
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Jun 28, 2003
9827 posts
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Ottawa
I tuned into Rushforth's real estate radio show yesterday and it is interesting to note he is very reluctant to make any sort of guarantee for condo listings. Residential sure but condos is dicey.

A caller subsequently called in and complained about the management, or lack thereof, of her condo's reserve fund and budget. I think she said the condo board spent $10K for carpet in the lobby and wanted her to pay some sort of fee if she wants to see the bill. I am not a financial guru by any means but I like to be at least in control of my financial situation and know where my $ goes so I would have flipped in that case :)
Deal Addict
Jan 21, 2014
3856 posts
1630 upvotes
I am looking at some 2 bedroom (900+ sq feet) condos that were built recently (2011) and they are priced around $330K - $350K. Is that reasonable? Has condo price been recovered lately?
Deal Addict
Feb 2, 2011
1605 posts
257 upvotes
Ottawa
William W wrote:
Mar 22nd, 2016 1:15 pm
I suppose we will find out more as to when/if the Real Estate Market will bounce back later today.

http://www.cbc.ca/news/canada/ottawa/pu ... -1.3501115
- Cut to contractors/consultants. Will they actually get replaced with FT employees?
- SSC appears to be here to stay (groans)
- More CRA employees

Nothing ground breaking.
[OP]
Deal Addict
Nov 26, 2004
2282 posts
361 upvotes
downd wrote:
Mar 23rd, 2016 10:08 am
- Cut to contractors/consultants. Will they actually get replaced with FT employees?
- SSC appears to be here to stay (groans)
- More CRA employees

Nothing ground breaking.
I could be reading too much into nothing. The way how I see things is:

Infrastructure Canada will need to hire more program officers to vet through and manage a whole lot of proposal and set up agreements with cities and munipality
PSPC will hire more Procurement Officers to tender out the federal infrastructure contracts
ESDC will do some additional hiring such as policy analysts in their effort to revamp EI
Aboriginal Affairs will also have to hire a lot more program officers to manage the new funding made available to the First Nation

I think the overall theme to this budget is they will need to hire more Program Officers to oversee and manage contribution agreements and procurement officers to tender federal infrastructure programs.
[OP]
Deal Addict
Nov 26, 2004
2282 posts
361 upvotes
mkl38s wrote:
Mar 23rd, 2016 8:52 am
I am looking at some 2 bedroom (900+ sq feet) condos that were built recently (2011) and they are priced around $330K - $350K. Is that reasonable? Has condo price been recovered lately?
I don't think the condo market has recovered yet in Ottawa. The biggest problem with condos in Ottawa is unlike Vancouver or Toronto, single family homes within a 20 minutes radius of downtown are relatively affordable thus driving demand down. Throw in the fact that developers have been flooding the condo market with supplies in the past 10 years, I expect it will be a while before we see a recovery in Condo prices in Ottawa.

OTOH, if I were looking to buy a condo right now, I will be looking at throwing low ball offers at the sellers. If I were to throw out enough of these low ball offers, I am sure I will run into a desperate seller that needs to sell due to one of life circumstances and see if I can set a record low of similar units for the building.
Sr. Member
Aug 6, 2014
757 posts
199 upvotes
Ottawa, ON
totally agree with the post above. i would lowball the hell out of 20+ condos and wait to see who bites.
Deal Fanatic
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Dec 27, 2009
6561 posts
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Ottawa, ON
I wouldn't touch a condo in Ottawa. Too many other affordable housing options. They are building them like crazy (I work in the industry), and people can't unload the ones that are a couple years old. My boss took a couple of condos in payment for fees that the developer never paid and now he's stuck with these things (unless he were to sell them very cheap).

I am not a fan of the whole condo thing.
Deal Addict
Feb 2, 2011
1605 posts
257 upvotes
Ottawa
William W wrote:
Mar 23rd, 2016 12:20 pm
I could be reading too much into nothing. The way how I see things is:

Infrastructure Canada will need to hire more program officers to vet through and manage a whole lot of proposal and set up agreements with cities and munipality
PSPC will hire more Procurement Officers to tender out the federal infrastructure contracts
ESDC will do some additional hiring such as policy analysts in their effort to revamp EI
Aboriginal Affairs will also have to hire a lot more program officers to manage the new funding made available to the First Nation

I think the overall theme to this budget is they will need to hire more Program Officers to oversee and manage contribution agreements and procurement officers to tender federal infrastructure programs.
I wonder when something will be coming down on the bargaining front with the various unions. That's going to help things along assuming people are getting a decent pay raise from the last 3+ years w/o a contract.
Member
Aug 14, 2007
427 posts
178 upvotes
Ottawa
downd wrote:
Mar 23rd, 2016 3:30 pm
I wonder when something will be coming down on the bargaining front with the various unions. That's going to help things along assuming people are getting a decent pay raise from the last 3+ years w/o a contract.
Decent pay raise? It is lucky if federal employee can get 1% to 1.5% increase annually.

And that is right, there are lots of movement within Gov past 6 months.
Deal Fanatic
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Jun 28, 2003
9827 posts
2968 upvotes
Ottawa
I am pleased to see the Fed committing the funds for future LRT phases. Affordable housing is an interesting narrative, I wonder where they will be built and how the property values around that will be impacted.

I also foresee more hiring in the Federal Service, at the very least there should not be any workforce adjustments, like the cloud the public servants had to live under the previous regime.
Sr. Member
Apr 23, 2009
901 posts
86 upvotes
canabiz wrote:
Mar 13th, 2016 9:03 pm
I tuned into Rushforth's real estate radio show yesterday and it is interesting to note he is very reluctant to make any sort of guarantee for condo listings. Residential sure but condos is dicey.

A caller subsequently called in and complained about the management, or lack thereof, of her condo's reserve fund and budget. I think she said the condo board spent $10K for carpet in the lobby and wanted her to pay some sort of fee if she wants to see the bill. I am not a financial guru by any means but I like to be at least in control of my financial situation and know where my $ goes so I would have flipped in that case :)
Is it just me, or does Rushforth make it seem like anybody that tries to sell their house without a RE agent is doomed to a life of failure (especially if they don't use one of his agents)?

And his commercials bug me. He says that his agents sell a home on average every 2 days, whereas the industry norm is one sale every 30 days, or something along those lines. Is he comparing the average of all home sales by his entire agency to the average home sales of an individual agent?

I like listening to the RE and mortgage show on the weekends to see how Ottawa is doing, but the agents on their come off a bit pompous sometimes.
Sr. Member
Feb 18, 2010
728 posts
237 upvotes
Greely
canabiz wrote:
Mar 23rd, 2016 7:47 pm
I also foresee more hiring in the Federal Service, at the very least there should not be any workforce adjustments, like the cloud the public servants had to live under the previous regime.
It depends on the department. No new money for DND or RCMP. Transport Canada has to eat a 25% budget cut for next year (WFA likely!), and I don't think anyone has the slightest idea where to cut so it won't impact services...
Deal Fanatic
User avatar
Dec 27, 2009
6561 posts
3718 upvotes
Ottawa, ON
Adams06 wrote:
Mar 24th, 2016 11:57 am
Is it just me, or does Rushforth make it seem like anybody that tries to sell their house without a RE agent is doomed to a life of failure (especially if they don't use one of his agents)?

And his commercials bug me. He says that his agents sell a home on average every 2 days, whereas the industry norm is one sale every 30 days, or something along those lines. Is he comparing the average of all home sales by his entire agency to the average home sales of an individual agent?

I like listening to the RE and mortgage show on the weekends to see how Ottawa is doing, but the agents on their come off a bit pompous sometimes.
They are sales people - take everything you hear with a very large grain of salt.
Deal Fanatic
User avatar
Jun 28, 2003
9827 posts
2968 upvotes
Ottawa
Adams06 wrote:
Mar 24th, 2016 11:57 am
Is it just me, or does Rushforth make it seem like anybody that tries to sell their house without a RE agent is doomed to a life of failure (especially if they don't use one of his agents)?

And his commercials bug me. He says that his agents sell a home on average every 2 days, whereas the industry norm is one sale every 30 days, or something along those lines. Is he comparing the average of all home sales by his entire agency to the average home sales of an individual agent?

I like listening to the RE and mortgage show on the weekends to see how Ottawa is doing, but the agents on their come off a bit pompous sometimes.
I agree with you, Paul seems like a pretty knowledgeable and affable lad but I don't like the fact he constantly trashes the For Sale By Owner/discount brokerage group as well as other agents.

I understand this is a very competitive field and you want to stand out from the crowd but there are definitely ways to go about doing so, with class and tact.
old sparks wrote:
Mar 24th, 2016 12:08 pm
It depends on the department. No new money for DND or RCMP. Transport Canada has to eat a 25% budget cut for next year (WFA likely!), and I don't think anyone has the slightest idea where to cut so it won't impact services...
Yes you made a good point but if I were a public servant, I would rather be working under this regime than the last. The Liberals' stance on the sick leave so far has been more positive than the Conservatives' and that has certainly helped with morale, as a start.

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