Real Estate

Ottawa Real Estate market discussion

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  • Jun 23rd, 2017 2:04 pm
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[OP]
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Nov 26, 2004
1952 posts
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canabiz wrote:
May 15th, 2017 4:41 pm
The story has a Hard Rock Cafe and a Hard Rock Hotel as part of the entertainment complex so I would like to think there is more than just gambling. There are a number of hotels in the vicinity and it is not too far from the airport so you will definitely see visitors here.



I believe so but time will tell. Ottawa Citizen article mentions there will be up to 2,000 construction jobs and similar number for the complex when the dust settles. It goes without saying but people like to live close to their workplace, be it rental or primary, and I see positive signs for the aforementioned area. I should include Findlay Creek in there as well.
Though, I haven't been to the casino in Hull for years, I am curious as to the demographic that works in a casino and also how much a card dealer makes.

Hopefully, this will create a bunch of good paying jobs at its hotels and at its casino operation and help out some of the under employed young people in the region. Eventually, this may increase household formation and demand in housing for the region.
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Feb 6, 2017
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canabiz wrote:
May 15th, 2017 7:07 pm
I remember you mentioned in a previous post your home is worth over $400K but let's just use $400K for the sake of simplicity. 2.5% of this is $10K and 2% is $8K. Is $2K something that you can forego in the grand scheme of things to ensure a motivated agent will bring in qualified buyers for a seamless transaction, rather than tire kickers and time wasters?

I am not saying buyers' agents who are willing to take 2.0% of 1.5% are the bottom of the barrel, for a lack of a better word, but you simply cover more ground with the ones taking the full commissions of 2.5%. If you are going to sell on your own (Grapevine, Comfree, Property Guys etc), you will save the sellers' agents commissions from the get-go anyway.

My point is you have to pick your battles. There is certainly no harm in trying to ask for a reduction but be prepared.
Thanks. I was thinking 1.5% to the buyer's agent which would save me 4k but then it would probably eliminate a lot of realtors as well :( Difficult situation, maybe will have to bite the bullet.

Selling isn't cheap that's for sure, as others have mentioned it's not a good habit be flipping houses in Ottawa, my next place I will need to make sure that I'll stay there for awhile.
[OP]
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Nov 26, 2004
1952 posts
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swales wrote:
May 15th, 2017 3:13 pm
And I showed how that is not true all the time but people don't want to see that I guess because it's not happening for them but because someone isn't seeing good returns you can't make blanket statements that all of Ottawa is stale and you're lucky to break even when that's not the case.

I'll stop posting now as clearly people rather keep blinders on.
At the end of the day, I think it is the same glass of water. Some may see it as half full, and some may see it as half empty.

Real estate is all about timing and going forward, I believe the Ottawa market should see much better gains than we saw between 2012 to 2016. Thought, Wynne recent pro-tenant legislation play may have complicate the housing market as it definitely makes investors think twice before adding to their rental portfolio in Ontario.
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Jun 28, 2003
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Ottawa
William W wrote:
May 15th, 2017 9:42 pm
Though, I haven't been to the casino in Hull for years, I am curious as to the demographic that works in a casino and also how much a card dealer makes.

Hopefully, this will create a bunch of good paying jobs at its hotels and at its casino operation and help out some of the under employed young people in the region. Eventually, this may increase household formation and demand in housing for the region.
I recall reading an older thread about card dealers making $20+/hour and that was quite a while ago so the wage might have increased since. I am still seeing some familiar faces working at the casino, going back to its opening 20 years ago. It is not as packed as it used to be, when it first opened and when they allowed smoking, but it's still 1 of the primary entertainment option for both sides of the river, until Lebreton Flats project comes to fruition.

Another reason to pay casino employees good money is to deter them from theft, fraud and other illegal activities. I understand security is extremely tight in the casinos but when you make good money from the get-go, you don't generally have the incentive to find ways to beat the systems.
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Oct 3, 2004
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HN12345 wrote:
May 15th, 2017 9:51 pm
Thanks. I was thinking 1.5% to the buyer's agent which would save me 4k but then it would probably eliminate a lot of realtors as well :( Difficult situation, maybe will have to bite the bullet.

Selling isn't cheap that's for sure, as others have mentioned it's not a good habit be flipping houses in Ottawa, my next place I will need to make sure that I'll stay there for awhile.
You're going to be hard up to find a buying agent that will accept 1.5% unless the buyers clients really want the place and beg the agent to take it or give them the difference themselves. Now for selling agents you can find lots that will do 1% and you can give buying agents 2-2.5% Even at 2% some buying agents try to stay away. The whole process and their commissions is so out of date but the agents are holding onto to it for dear life. Best bet is to sell yourself using Grapevine etc that will list on MLS and give the buyer agent commission, I've done this lots of times and it's really not hard unless you have a property no one would ever want or you overprice it.
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Dec 27, 2009
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swales wrote:
May 16th, 2017 7:57 am
You're going to be hard up to find a buying agent that will accept 1.5% unless the buyers clients really want the place and beg the agent to take it or give them the difference themselves. Now for selling agents you can find lots that will do 1% and you can give buying agents 2-2.5% Even at 2% some buying agents try to stay away. The whole process and their commissions is so out of date but the agents are holding onto to it for dear life. Best bet is to sell yourself using Grapevine etc that will list on MLS and give the buyer agent commission, I've done this lots of times and it's really not hard unless you have a property no one would ever want or you overprice it.
It must be quite different in BC. We are about to put my husband's townhouse in Victoria on the market. Our agent charges 2.5% (1.5% for buyer's agent and 1% for him). He expects it will sell in a few days.

Here in Ottawa, I often see people offering 2-2.5% for buyers agents even when they sell on grapevine.
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Oct 3, 2004
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Chickinvic wrote:
May 16th, 2017 10:34 am
It must be quite different in BC. We are about to put my husband's townhouse in Victoria on the market. Our agent charges 2.5% (1.5% for buyer's agent and 1% for him). He expects it will sell in a few days.

Here in Ottawa, I often see people offering 2-2.5% for buyers agents even when they sell on grapevine.
Ottawa is different, buying agents want 2.5% and even some selling agents want 2.5% which is ridiculous (I would never do 5%). I'm also from BC so I was shocked when I came to Ottawa. The hotter markets do charge less, like TO and Van and they say because it's less work since the houses sell fast but those are the rates everyone should be paying IMO.
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Nov 13, 2013
587 posts
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swales wrote:
May 16th, 2017 11:55 am
Ottawa is different, buying agents want 2.5% and even some selling agents want 2.5% which is ridiculous (I would never do 5%). I'm also from BC so I was shocked when I came to Ottawa. The hotter markets do charge less, like TO and Van and they say because it's less work since the houses sell fast but those are the rates everyone should be paying IMO.
Lots of people in Ottawa have their fees covered so that also inflates the market. Also a lot of house-hunting trips where less informed buyers are at the mercy of their agent so could be easy to miss out on buyers offering a non-competitive rate.
Most of the Grapevine listings I see end up later on MLS but I think a big part of that is like FSBO they have unrealistic price expectations.
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Aug 14, 2007
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I have been selling and buying a lot from Grapevine and most of the time the buyer agent will take 2%-2.5%, lower than 2%, you will not see any buyer agent will bring their client to your house. I guess one of the reason realtor is charging higher in Ottawa, it is b/c the real estate price is lower in Ottawa. Average single house price in Ottawa is around 400k which GTA is around 900k or Vancouver is over 1.2M, if the agents want to make 10k for each deal, then they have to charge 2.5% in Ottawa, or only 1% in GTA or Vancouver.

Therefore, I will try to save my seller agent commission by selling the house myself.
[OP]
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Nov 26, 2004
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audiorichard wrote:
May 16th, 2017 3:14 pm
I have been selling and buying a lot from Grapevine and most of the time the buyer agent will take 2%-2.5%, lower than 2%, you will not see any buyer agent will bring their client to your house. I guess one of the reason realtor is charging higher in Ottawa, it is b/c the real estate price is lower in Ottawa. Average single house price in Ottawa is around 400k which GTA is around 900k or Vancouver is over 1.2M, if the agents want to make 10k for each deal, then they have to charge 2.5% in Ottawa, or only 1% in GTA or Vancouver.

Therefore, I will try to save my seller agent commission by selling the house myself.

I also use Grapevine when I sold my properties and never paid a dime in commission. I found if priced correctly, Grapevine buyers are more serious than the ones brought by the realtor, as they took the initiative to look for listings themselves and they tend to know exactly what they want.

As for realtors who are not willing to show a home that pays less than 2%, I think it is just pure greed on their part. After all, a few years ago, realtors in the Sunbelt down in the states were only splitting 5% on a $25k property, so don't tell me the marketing cost in Canada is 20x more than it is in the US.
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fogetmylogin wrote:
May 16th, 2017 1:02 pm
Lots of people in Ottawa have their fees covered so that also inflates the market. Also a lot of house-hunting trips where less informed buyers are at the mercy of their agent so could be easy to miss out on buyers offering a non-competitive rate.
Most of the Grapevine listings I see end up later on MLS but I think a big part of that is like FSBO they have unrealistic price expectations.
If you are speaking of military members (fees covered), that is true, but the military is only willing to pay agreed upon percentages (which are less than 5%).
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Jul 4, 2004
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Chickinvic wrote:
May 16th, 2017 8:55 pm
If you are speaking of military members (fees covered), that is true, but the military is only willing to pay agreed upon percentages (which are less than 5%).
This is correct. I believe DND refunds realtor fees up to 4.1%
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Nov 13, 2013
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Chickinvic wrote:
May 16th, 2017 8:55 pm
If you are speaking of military members (fees covered), that is true, but the military is only willing to pay agreed upon percentages (which are less than 5%).
You have rest of Government and RCMP. i think they both reimburse "reasonable" real estate fees. There are also a lot of organizations that move people in and out of Ottawa. Overall it is definitely a minority of sellers but probably a substantial one. Especially in areas like the Glebe/Old Ottawa South or New Edinburgh where public servants are concentrated.
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Jul 4, 2004
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fogetmylogin wrote:
May 17th, 2017 9:14 am
You have rest of Government and RCMP. i think they both reimburse "reasonable" real estate fees. There are also a lot of organizations that move people in and out of Ottawa. Overall it is definitely a minority of sellers but probably a substantial one. Especially in areas like the Glebe/Old Ottawa South or New Edinburgh where public servants are concentrated.
Actually, it looks like it's been reduced to 3.7% for all government employees (I believe Brookfield's has the contract for all branches of government)
(http://blog.oasisrealtyottawa.com/fedbr ... on-to-3-7/)

I'd be curious to see statistics but I don't believe there's any significantly higher concentration of public servants in Glebe/Old Ottawa South or New Edinburgh. If I had to bet, I'd say there were higher concentrations in Kanata, Orleans and Barrhaven than the other 3 mentioned.
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Aug 17, 2012
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Any recommendations for real estate lawyer in ottawa ?

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