Real Estate

Ottawa Real Estate market discussion

  • Last Updated:
  • Oct 23rd, 2019 8:55 pm
Tags:
None
Deal Fanatic
User avatar
Dec 27, 2009
6828 posts
3983 upvotes
Ottawa, ON
swales wrote:
May 5th, 2017 7:40 am
Everything you mention has nothing to do with the actual house but the lot. The problem with old houses is you buy other peoples problems or what they think are solutions. If you can find a house a few years old with no renovations then you don't have that problem but you'll also pay a higher price and most likely not a huge lot. Now old houses have the mature neighborhoods and usually big lots but you're rolling the dice on the actual condition of the home (behind the walls) which is something a lot of people don't want to deal with especially if they're not handy or just don't feel like doing a renovation.
I did say that lots of used houses are not needing much of anything done to them. I'm not talking about ancient houses that need re-wiring or something. You can normally get way more bang for your buck and yes, get a much better yard.

As far as I know, a house can be renovated (if needed), but there's not a damn thing you can do about a lot that is shoe-horned between neighbours on a tiny space.
Deal Fanatic
User avatar
Dec 27, 2009
6828 posts
3983 upvotes
Ottawa, ON
swales wrote:
May 5th, 2017 7:40 am
Everything you mention has nothing to do with the actual house but the lot. The problem with old houses is you buy other peoples problems or what they think are solutions. If you can find a house a few years old with no renovations then you don't have that problem but you'll also pay a higher price and most likely not a huge lot. Now old houses have the mature neighborhoods and usually big lots but you're rolling the dice on the actual condition of the home (behind the walls) which is something a lot of people don't want to deal with especially if they're not handy or just don't feel like doing a renovation.
I did say that lots of used houses are not needing much of anything done to them. I'm not talking about ancient houses that need re-wiring or something. You can normally get way more bang for your buck and yes, get a much better yard.

As far as I know, a house can be renovated (if needed), but there's not a damn thing you can do about a lot that is shoe-horned between neighbours on a tiny space.

I also mentioned that I don't want to live in a construction zone. I jog down enough of the streets in my neighbourhood with my dogs to know they are absolutely muddy and dirty, and you will be dealing with noise from construction too. Unless you are buying the absolute last house in the area being built.

Fencing and landscaping cost money too.
Deal Fanatic
User avatar
Dec 27, 2009
6828 posts
3983 upvotes
Ottawa, ON
swales wrote:
May 5th, 2017 7:40 am
Everything you mention has nothing to do with the actual house but the lot. The problem with old houses is you buy other peoples problems or what they think are solutions. If you can find a house a few years old with no renovations then you don't have that problem but you'll also pay a higher price and most likely not a huge lot. Now old houses have the mature neighborhoods and usually big lots but you're rolling the dice on the actual condition of the home (behind the walls) which is something a lot of people don't want to deal with especially if they're not handy or just don't feel like doing a renovation.
I did say that lots of used houses are not needing much of anything done to them. I'm not talking about ancient houses that need re-wiring or something. You can normally get way more bang for your buck and yes, get a much better yard.

As far as I know, a house can be renovated (if needed), but there's not a damn thing you can do about a lot that is shoe-horned between neighbours on a tiny space.

I also mentioned that I don't want to live in a construction zone. I jog down enough of the streets in my neighbourhood with my dogs to know they are absolutely muddy and dirty, and you will be dealing with noise from construction too. Unless you are buying the absolute last house in the area being built.

Fencing, decks, and landscaping cost money too. Window treatments too. Appliances (which may or may not be included with a new home). Many things that you can get included with a used home (we did).
Deal Addict
Aug 30, 2011
3307 posts
1031 upvotes
Ottawa
... and my last point in defence of older homes is that they are often in great shape, which a building inspector can verify, while a brand new home doesn't stay "perfect" for long. I wonder if the expectation that a new house will not need any maintenance or repairs for years is why many first time home buyers think that's their best option?

Anyway, we all make different choices, and it would be odd if everyone wanted the same thing.
Deal Addict
Oct 3, 2004
3934 posts
691 upvotes
Chickinvic wrote:
May 5th, 2017 2:09 pm
Fencing, decks, and landscaping cost money too. Window treatments too. Appliances (which may or may not be included with a new home). Many things that you can get included with a used home (we did).
Which is all included in the price you are paying, nothing is free ;) Every house I've sold has had all those things included and trust me the new buyer paid for those extras over houses without them.
Deal Addict
Oct 3, 2004
3934 posts
691 upvotes
OttawaGardener wrote:
May 5th, 2017 2:20 pm
... and my last point in defence of older homes is that they are often in great shape, which a building inspector can verify, while a brand new home doesn't stay "perfect" for long. I wonder if the expectation that a new house will not need any maintenance or repairs for years is why many first time home buyers think that's their best option?

Anyway, we all make different choices, and it would be odd if everyone wanted the same thing.
Inspectors can only see so much and again depends on the age of the home but even newer used homes can have problems that have been covered up. Like we've both said, all comes down to personal preferences and judging by the amount of new builds I guess lots of people do like new homes.
Deal Addict
Nov 13, 2013
1666 posts
674 upvotes
Ottawa
swales wrote:
May 5th, 2017 4:47 pm
Inspectors can only see so much and again depends on the age of the home but even newer used homes can have problems that have been covered up. Like we've both said, all comes down to personal preferences and judging by the amount of new builds I guess lots of people do like new homes.

People also prefer new because they can choose exactly, or nearly, what they want. I also think it is a bit of marketing. The pretty pictures with no neighbours feels better than an actual tricky-tacky subdivision with identical houses as far as the eye can see. Especially for the rebound suburbanites who swore they would never live where their parents did. At least in Ottawa they have the choice instead of Toronto having to live in a townhouse twice as far away.
Deal Addict
Feb 6, 2017
1431 posts
844 upvotes
Change of pace here to get back to the current market trend in Ottawa.

I spoke with an agent on the weekend about possibly selling my house in Barrhaven to downsize and I asked why the houses seem to be selling fairly quickly. She said some of it is due to foreign investors buying in Ottawa to show that they have assets before making the big purchase in Toronto. I'm wondering how true or prevalent this is, and if you guys have noticed any of these cases as well. If so, I'm thinking it might be better to hold off for a bit while the demand exceeds the supply with single homes... I'm not big into real estate so I don't understand the huge upswing in demand all of the sudden in regards to freeholds.
Deal Addict
Nov 13, 2013
1666 posts
674 upvotes
Ottawa
HN12345 wrote:
May 9th, 2017 1:09 pm
Change of pace here to get back to the current market trend in Ottawa.

I spoke with an agent on the weekend about possibly selling my house in Barrhaven to downsize and I asked why the houses seem to be selling fairly quickly. She said some of it is due to foreign investors buying in Ottawa to show that they have assets before making the big purchase in Toronto. I'm wondering how true or prevalent this is, and if you guys have noticed any of these cases as well. If so, I'm thinking it might be better to hold off for a bit while the demand exceeds the supply with single homes... I'm not big into real estate so I don't understand the huge upswing in demand all of the sudden in regards to freeholds.
That seems like a dodgy theory. I don't think owning in Ottawa would provide a (legal) way of avoiding the buyers tax in Toronto. There have always been a few foreign buyers in the market. Not like Vancouver with pure investment but usually a student or mom and kids moving to Ottawa and they buy property as both an investment and a place to live. Limiting factors include no direct flights to China and not very well known but could pop up on the radar at some point. Maybe if Xi visits Ottawa.

The upswing seems to be across the board including condos. I think it might be pent up demand from a 5 year period where everyone was pessimistic about prices and especially cautious on condos. Those condo owners need to sell to buy houses so know-on effect is large.
Deal Addict
Feb 6, 2017
1431 posts
844 upvotes
fogetmylogin wrote:
May 9th, 2017 1:23 pm
That seems like a dodgy theory. I don't think owning in Ottawa would provide a (legal) way of avoiding the buyers tax in Toronto. There have always been a few foreign buyers in the market. Not like Vancouver with pure investment but usually a student or mom and kids moving to Ottawa and they buy property as both an investment and a place to live. Limiting factors include no direct flights to China and not very well known but could pop up on the radar at some point. Maybe if Xi visits Ottawa.

The upswing seems to be across the board including condos. I think it might be pent up demand from a 5 year period where everyone was pessimistic about prices and especially cautious on condos. Those condo owners need to sell to buy houses so know-on effect is large.
Thanks for the insight. I or she may be talking out of our a$$es but she said the reasoning behind it was for the foreign investors to show equity in order to get a "real" mortgage in Toronto or Vancouver? I was hoping this to be the case so I could high-ball my house asking price :)

In any case, I think I will put my house up for sale since it is a buyer's market and I do need to downsize. Been there for 2 years and didn't buy it for the intention of flipping but I realize that a single home is just too big and unnecessary for a single person.
Deal Addict
Oct 3, 2004
3934 posts
691 upvotes
HN12345 wrote:
May 9th, 2017 1:09 pm
Change of pace here to get back to the current market trend in Ottawa.

I spoke with an agent on the weekend about possibly selling my house in Barrhaven to downsize and I asked why the houses seem to be selling fairly quickly. She said some of it is due to foreign investors buying in Ottawa to show that they have assets before making the big purchase in Toronto. I'm wondering how true or prevalent this is, and if you guys have noticed any of these cases as well. If so, I'm thinking it might be better to hold off for a bit while the demand exceeds the supply with single homes... I'm not big into real estate so I don't understand the huge upswing in demand all of the sudden in regards to freeholds.
A home I sold back in March I had two Arabic foreign buyers interested but unlike foreign buyers in Van and TO they were incredibly slow and started with a low ball offer and as a result lost out on the sale. Not sure if this a new trend but it's the first time I've had foreign buyers interested in a property I've sold in Ottawa.
[OP]
Deal Addict
Nov 26, 2004
2311 posts
401 upvotes
swales wrote:
May 9th, 2017 2:25 pm
A home I sold back in March I had two Arabic foreign buyers interested but unlike foreign buyers in Van and TO they were incredibly slow and started with a low ball offer and as a result lost out on the sale. Not sure if this a new trend but it's the first time I've had foreign buyers interested in a property I've sold in Ottawa.
Just curious as to how did you identified these as foreign buyer versus if they are landed immigrants?
Deal Addict
Dec 23, 2010
1578 posts
744 upvotes
Moon
I can confirm market in Kanata is insane. Houses I want are selling in my face after 1 day on the market. Sometimes before I can even offer. Pretty pissed at my agent... I should stop communicating by email.
Deal Addict
Aug 30, 2011
3307 posts
1031 upvotes
Ottawa
Applesmack wrote:
May 9th, 2017 10:43 pm
I can confirm market in Kanata is insane. Houses I want are selling in my face after 1 day on the market. Sometimes before I can even offer. Pretty pissed at my agent... I should stop communicating by email.
Are you changing your approach? Willing to pay list or more? Sounds like low-balling in Kanata won't work.

If you don't think your agent is being quick enough to notify you of new listings, perhaps find another agent.
Deal Addict
Oct 3, 2004
3934 posts
691 upvotes
William W wrote:
May 9th, 2017 9:21 pm
Just curious as to how did you identified these as foreign buyer versus if they are landed immigrants?
I was told. The realtor in both cases represented the interest of the buyers that were in Dubai but unlike deals I've done in the past with foreign buyers in Van, they made the mistake of not giving the realtor (or someone local) power of attorney so everything had to go back to the parties in Dubai which caused delays especially during negotiating and they lost out when a bidding war started.

Top