Real Estate

Ottawa Real Estate market discussion

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  • Dec 15th, 2017 11:20 am
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Deal Addict
Oct 3, 2004
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Cas77 wrote:
Oct 11th, 2017 11:01 am
That's not how it works. Phasing is a requirement imposed by all cities/municipalities. It is part of the subdivision agreement with the city. The requirement is a new phase is released once 50% of buyers from previous phase have lived in their homes for 3 seasons (1 has to be winter). The city then conducts water/sewer capacity testing, drainage/storm sewers studies, traffic impact studies, grading changes in soil, etc. The cost for these engineering firms is back charged to the developer. The denser the development the lower the lot allocation will be per phase.

This has absolutely nothing to do with builders. They didn't copy anything and it's not a strategy. Every developer would release 500 lots if they could to sell at once and move on to the next patch of land.

That makes sense but it also shows that Minto isn't releasing "phases" as they call it but as I said breaking the phases into sub-phases (their strategy) to make more money. No way Minto would release all lots at once as this strategy they're using makes them more money.
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May 12, 2004
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Ottawa
swales wrote:
Oct 11th, 2017 12:26 pm
That makes sense but it also shows that Minto isn't releasing "phases" as they call it but as I said breaking the phases into sub-phases (their strategy) to make more money. No way Minto would release all lots at once as this strategy they're using makes them more money.
There's more to it than how it appears. Minto is sitting on 65 hectares (not acres, hectares) of land in Barrhaven/south Nepean. Why would they want to make $1 today and $1.25 tomorrow when they can make $2 today and $2.50 tomorrow? The city draft-approves subdivisions based on projected inventory. It's not like they're running out of land to develop...

EDIT: You could be referring to frozen lots. These are lots that are part of a phase but not for sale during construction for various reasons (site access, equipment storage, construction office, access to other builds). Partway through construction these lots can be released in batches as they are no longer needed.
Last edited by Cas77 on Oct 11th, 2017 12:57 pm, edited 1 time in total.
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Deal Addict
Nov 11, 2004
2748 posts
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Ottawa's Real Estate Marketplace ~ October 2017 Edition

During the month of September 2017, members of the Ottawa Real Estate Board sold 1,387 residential properties, compared to 1,365 in 2016, an increase of 1.6% of properties sold vs the previous year.

It took an average of 70 days for properties of all types to sell in Sept 2017 which is 14 days faster than the average in Sept 2016 and 2 longer than the month before, August 2017.

Of these 1,387 sales, 1,076 were freehold houses, and 311 were condominiums.

The average sales price for a freehold house sold in September 2017, was $416,464 showing an increase of 8.2% over Sept 2016. While condominium average prices rose 3.9% from last year to $251,764.

2,090 new properties were listed for sale in September, bringing the total number of properties for sale to 5,497 a decrease of 21.1% from Sept of last year.
http://www.hometeamottawa.com/stats/
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Deal Fanatic
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Jun 28, 2003
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Just adding to the discussion, I read on another forum (or possibly here in previous pages), Minto was/is trying to acquire additional land close to Harmony for further expansion. We may see Phase 3 or Phase 4, sooner rather than later :)
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Sr. Member
Dec 23, 2010
686 posts
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Ottawa
And people wonder why there is so little rental property on the market. I would never ever rent to a tenant that has RTA protection. Airbnb or rent a room (shared kitchen) is all anyone with a brain should ever do.

If I was a building manager I would mass evict everyone and transform my building into a Condo. Really surprised they aren't doing this with all the bullshit in Ontario.
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Dec 27, 2009
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Applesmack wrote:
Oct 25th, 2017 1:09 pm
If I was a building manager I would mass evict everyone and transform my building into a Condo. Really surprised they aren't doing this with all the bullshit in Ontario.
I assume you mean owner, and much easier said than done. On top of having to get all the approvals (which I think it quite a process), the amount of extensive renovation that would be needed to turn your average rental into the quality that would be expected by anyone buying a condo would be astronomical.
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Feb 6, 2012
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Gloucester, Canada
Anyone know who's the builder for the building close to blair station? Is it condo or business?
Cityfone & Koodo customer
Deal Addict
Jul 4, 2004
3727 posts
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Ottawa
It's likely a paid piece by the agent in the article in order to attract foreign buyers.
canabiz wrote:
Nov 1st, 2017 11:09 pm
We made it to the New York Times!

https://www.nytimes.com/2017/11/01/real ... ttawa.html

On that note, does anyone have feedback or know anything about Yeskino Homes? They are small custom builders and it looks like they have been building infill homes in the Westboro/Hintonburg area.
Deal Addict
Sep 10, 2010
1641 posts
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Ottawa
Hi guys,

I'm planning to buy my first house in Ottawa in 2018. I haven't started looking seriously, only been to one Open House last week. The agent at the open house said that currently there are not as many houses on the market. I'm assuming because it is fall, and most houses go up for sale in Spring/Summer?

I don't think I'll be looking at new builds as those are further out and seems to be out of my price range of $350k. Any tips for just starting out?
Sr. Member
Nov 13, 2013
760 posts
255 upvotes
OTTAWA
eugene188 wrote:
Nov 5th, 2017 11:26 pm
Hi guys,

I'm planning to buy my first house in Ottawa in 2018. I haven't started looking seriously, only been to one Open House last week. The agent at the open house said that currently there are not as many houses on the market. I'm assuming because it is fall, and most houses go up for sale in Spring/Summer?

I don't think I'll be looking at new builds as those are further out and seems to be out of my price range of $350k. Any tips for just starting out?
Yeah very seasonal in Ottawa. The market was hot this summer so probably even less inventory than usual (I don't know the official stats). $350k for a single family house? This is still doable in Ottawa though not anywhere I personally would want to live, there are some that are reasonably close and certainly not dangerous or grossly undesirable. East of the Rideau river south of Vanier has a series of neighbourhoods that meet this criteria. West end I think you will need to go farther out or be next to something else undesirable to find a house in good condition for that price. (maybe a tiny bungalow in some areas like Carlington)

The LRT will change transit and probably driving patterns to some extent so keep that in mind when looking at commute times.
Deal Addict
Jul 4, 2004
3727 posts
339 upvotes
Ottawa
eugene188 wrote:
Nov 5th, 2017 11:26 pm
Hi guys,

I'm planning to buy my first house in Ottawa in 2018. I haven't started looking seriously, only been to one Open House last week. The agent at the open house said that currently there are not as many houses on the market. I'm assuming because it is fall, and most houses go up for sale in Spring/Summer?

I don't think I'll be looking at new builds as those are further out and seems to be out of my price range of $350k. Any tips for just starting out?
It's true that there are less listings but it's not a drastic difference. Looking at September, according to Ottawa Real Estate Board graphs, there were about 2100 new listings, 10 year avg. is about 2400 so it is below but not a huge drop (although to be fair, the last 5 years have been at or above avg. so there is a change there). Similarly, for September, there were about 5200 active listings, 10 year avg. is about 6000 (although again, the last 5 years have been at or above avg.) Because of recent mortgage changes, I suspect that this will continue until the end of December as some tight buyers will try to buy and close before the end of 2017 so that they qualify under the old rules.

I don't think you can find a new single for $350k (new home builders just don't bother trying that, they'll build row units for that price instead of small singles) but I do think you can find a resale single for $350k in Ottawa although that's certainly at the bottom end. It will likely be a smaller and older house (probably 40-60 year old construction) and likely in need of updates but not necessarily in a bad neighborhood although certainly not in the very popular neighborhood (I think there's one near us that recently sold for $330k and I've seen a couple of power-of-sales (needed work) in the south end of town for under $300k).

My advice would be to do an accurate budget to figure out exactly how much you can afford or how much you are willing to spend, talk to a bank or mortgage broker and get pre-approved (not just pre-qualified) and start saving and spending like you will when you get your home (e.g. if once you have your home, you need to cut-out buying lunches and bring your own, start now ...). I would also recommend that you find an agent that you are comfortable with and that's available to work with you (i.e. even if it's a good agent, if he/she has 20 other clients, they might not be able to move quickly enough for what you are looking at) and start getting information and automatic updates. For residential (i.e. not condo), $300-$399k is the most active market so you need to be able to move fast if you find something you like. Go visit some homes (even if they might not be in your budget or area) so you get a good idea what you are looking for (some things are hard to know until you actually see some places). Figure out where you'd like to live; are you only interested in some areas, are you completely open to anything? Figure out how close / far you want to be to downtown, as a general rule, the farther you are, the cheaper it is (e.g. if you go to Carp or Rockland or Russell or Greely, you can probably easily find something in your price range).

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