Real Estate

Ottawa Real Estate market discussion

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  • Dec 15th, 2017 11:20 am
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Deal Addict
Jul 4, 2004
3727 posts
339 upvotes
Ottawa
In case anyone is curious, there's the latest market update from OREB:
Leaves may be falling, but the real estate market is not

OTTAWA, Nov. 2, 2017 - Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System,compared with 1,214 in October 2016, an increase of 2.3 per cent. The five-year average for October sales is 1,165.

“As we enter the 3rd quarter of the year, we continue to see the resale market outpace last year’s performance, which was also a stellar year,” says Rick Eisert, President of the Ottawa Real Estate Board. October’s sales included 261 in the condominium property class, and 982 in the residential property class. Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 per cent over the same time period last year.”

“The fall market is brisk and could be fueled by the impending tightening of mortgage regulations,” says Eisert. “Properties continue to sell nmuch faster in comparison to this time last year with the average days on market for residential properties down 17.7 per cent from 55 to 45 days. Our market could still be described as balanced, though in some areas it continues to trend towards a Sellers’ market.”

Eisert adds “Slow but steady growth best describes Ottawa housing prices.” The average sale price of a residential-class property sold in October in the Ottawa area was $425,256, an increase of 7.7 per cent over October 2016. The average sale price for a condominium-class property was $269,604, an increase of 6.7 per cent over October 2016. The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“In the residential market, the $300,000 to $399,999 range remains the most active price point, accounting for 33.3 per cent of the market. While in the condo market, the most active price point is between $175,000 and $249,999, accounting for 45.2 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,607 properties since the beginning of the year.”
Member
Sep 22, 2014
262 posts
76 upvotes
Ottawa, ON
Does anyone know the greely/metcalf market well? Its 25min from the city and seems to be an ideal location to live on an acreage. We're looking to spend 550-650k for a home out there and saw a beautiful place that was conditionally sold the day we saw it. We're not 100% ready to move but we would if the right house came along. I wonder if people are listing now to get in ahead of the new rule next year.
Sr. Member
Jan 15, 2017
701 posts
466 upvotes
Greely is indeed a beautiful area. We have looked out there several times. I don't think people are necessarily listing now to get ahead of the new mortgage rules next year. The area does seem to always have a good variety of homes for sale. I have read some people believe that the area has been over built. I think listings may be a combination of supply and poor fit. Lots are usually large so you are most often looking at well and septic systems, which are not suitable for many. Plus, larger lots means more maintenance. Also, there are not a lot of amenities in Greely, so you are heavily reliant on a car. This can be a problem for some depending on their lifestyle and stage of life.
Deal Addict
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Dec 27, 2009
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Ottawa, ON
gerogesin wrote:
Nov 23rd, 2017 4:16 am
Does anyone know the greely/metcalf market well? Its 25min from the city and seems to be an ideal location to live on an acreage. We're looking to spend 550-650k for a home out there and saw a beautiful place that was conditionally sold the day we saw it. We're not 100% ready to move but we would if the right house came along. I wonder if people are listing now to get in ahead of the new rule next year.
Have you looked at Fallowfield Village (where I live). Beautiful homes (acreage) and very close to Barrhaven and Kanata for all the amenities. Have fun looking!
Sr. Member
Feb 18, 2010
612 posts
120 upvotes
Greely
I live in Greely. Most of the lots are on septic and well, if that's an issue. So far, it hasn't been a problem for me. Maintaining a larger lot can be an issue, but you can always hire someone to cut your lawn and move your snow.

I would say that the time on market for Greely and Manotick is a bit longer than other areas and supply is pretty good. I believe that the O-Train/Trillium line extension will make the far south more attractive in the future...
Member
Sep 22, 2014
262 posts
76 upvotes
Ottawa, ON
We like the area because it's half way between Ottawa and only inlaws. It will be helpful especially for baby sitting. I'm going to look into the cost of having a custom home built. Has anyone had this experience recently? Ideally, we would purchase a 2acre lot and build a 2800-3000sqft 2story home with a 2car garage. It will be on a well and septic system but I believe 8th line now has natural gas hookup. Just need to research the cost of building per sqft.
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May 12, 2004
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skeet50 wrote:
Nov 23rd, 2017 9:03 am
Also, there are not a lot of amenities in Greely, so you are heavily reliant on a car. This can be a problem for some depending on their lifestyle and stage of life.
We’ll be starting to fix that in 2018. *wink wink*
Censorship is telling a man he can't have a steak just because a baby can't chew it.
- Mark Twain
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May 12, 2004
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gerogesin wrote:
Nov 23rd, 2017 9:36 pm
We like the area because it's half way between Ottawa and only inlaws. It will be helpful especially for baby sitting. I'm going to look into the cost of having a custom home built. Has anyone had this experience recently? Ideally, we would purchase a 2acre lot and build a 2800-3000sqft 2story home with a 2car garage. It will be on a well and septic system but I believe 8th line now has natural gas hookup. Just need to research the cost of building per sqft.
Most of Greely has nat gaz. If you're talking about the area around Adam Baker Way be careful as the entire subdivision sits pretty low. You can go through $20-30,000 of fill pretty quickly.

Not sure what your price point is but I've got a 2655sqft 2 storey 4 bed/3 bath spec going up with a 1000sqft+ finished walk out basement suite (1 extra bed w/walk-in + 1 extra 3pc bath no kitchen) with 3 car garage but it's on a 0.96 acre lot that should be ready end of March. I won't give prices on here for obvious reasons (i.e. everyone wants to know) but we could set up a meeting if this may be in line with what you're looking for, or to explore other options you have in mind.

Price per sqft is not linear. A good custom builder won't be able to tell you he builds for $x per sqft. They can give you a general idea but if he can price something he's never built off the top of his head I'd be worried. We all know at the end of the day if you're quoted $50 difference that extra money is coming from somewhere or not going somewhere, so the important thing is knowing where that "somewhere" is.

This isn't a sales pitch or advertisement since I've always been reluctant to deal with RFDers for the obvious reason of how we all found this site...everyone wants a Cadillac for the price of a Chevy but I firmly believe some corners shouldn't be cut to make pricing more attractive. None of us are perfect but I do know most if not all LICENCED legit custom builders in Ottawa (those building 10+ homes/yr) and many I know personally so once you select your builder PM me and I can tell you what to watch out for.

This is not an invitation for every tire kicker on here to flood my inbox.
Censorship is telling a man he can't have a steak just because a baby can't chew it.
- Mark Twain
Deal Addict
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Dec 27, 2009
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Cas77 wrote:
Nov 27th, 2017 12:05 am
Most of Greely has nat gaz. If you're talking about the area around Adam Baker Way be careful as the entire subdivision sits pretty low. You can go through $20-30,000 of fill pretty quickly.

Not sure what your price point is but I've got a 2655sqft 2 storey 4 bed/3 bath spec going up with a 1000sqft+ finished walk out basement suite (1 extra bed w/walk-in + 1 extra 3pc bath no kitchen) with 3 car garage but it's on a 0.96 acre lot that should be ready end of March. I won't give prices on here for obvious reasons (i.e. everyone wants to know) but we could set up a meeting if this may be in line with what you're looking for, or to explore other options you have in mind.

Price per sqft is not linear. A good custom builder won't be able to tell you he builds for $x per sqft. They can give you a general idea but if he can price something he's never built off the top of his head I'd be worried. We all know at the end of the day if you're quoted $50 difference that extra money is coming from somewhere or not going somewhere, so the important thing is knowing where that "somewhere" is.

This isn't a sales pitch or advertisement since I've always been reluctant to deal with RFDers for the obvious reason of how we all found this site...everyone wants a Cadillac for the price of a Chevy but I firmly believe some corners shouldn't be cut to make pricing more attractive. None of us are perfect but I do know most if not all LICENCED legit custom builders in Ottawa (those building 10+ homes/yr) and many I know personally so once you select your builder PM me and I can tell you what to watch out for.

This is not an invitation for every tire kicker on here to flood my inbox.
The place sounds beautiful, but I won't bother kicking your tires:) I can already tell I couldn't afford it lol!
Deal Fanatic
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May 12, 2004
9232 posts
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Ottawa
Chickinvic wrote:
Nov 27th, 2017 10:35 am
The place sounds beautiful, but I won't bother kicking your tires:) I can already tell I couldn't afford it lol!
It's probably less than most people think..you get more house for less money when your builder doesn't spend millions on advertisement, promotions, fancy sales centers, shiny signs, army of salepeople etc..,I put that money in the house instead.

I'm starting a smaller cheaper spec bungalow I had designed as soon as one of my 2 inventory homes sells. 1800sqft 3/3 with 1/1 finished basement. My investors are pushing me to have a very attractive price point so we can show people they can afford a custom home (that doesn't need $40,000 in upgrades to make it decent).
Last edited by Cas77 on Nov 27th, 2017 11:31 am, edited 1 time in total.
Censorship is telling a man he can't have a steak just because a baby can't chew it.
- Mark Twain
Deal Addict
User avatar
Dec 27, 2009
3608 posts
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Ottawa, ON
Cas77 wrote:
Nov 27th, 2017 11:31 am
I'm starting a smaller cheaper spec bungalow I had designed as soon as one of my 2 inventory homes sells. 1800sqft 3/3 with 1/1 finished basement. My investors are pushing me to have a very attractive price point so we can show people they can afford a custom home (that doesn't need $40,000 in upgrades to make it decent).
I'm sure all of your homes are beautiful.
Member
Sep 22, 2014
262 posts
76 upvotes
Ottawa, ON
Cas77 wrote:
Nov 27th, 2017 12:05 am
Most of Greely has nat gaz. If you're talking about the area around Adam Baker Way be careful as the entire subdivision sits pretty low. You can go through $20-30,000 of fill pretty quickly.

Not sure what your price point is but I've got a 2655sqft 2 storey 4 bed/3 bath spec going up with a 1000sqft+ finished walk out basement suite (1 extra bed w/walk-in + 1 extra 3pc bath no kitchen) with 3 car garage but it's on a 0.96 acre lot that should be ready end of March. I won't give prices on here for obvious reasons (i.e. everyone wants to know) but we could set up a meeting if this may be in line with what you're looking for, or to explore other options you have in mind.

Price per sqft is not linear. A good custom builder won't be able to tell you he builds for $x per sqft. They can give you a general idea but if he can price something he's never built off the top of his head I'd be worried. We all know at the end of the day if you're quoted $50 difference that extra money is coming from somewhere or not going somewhere, so the important thing is knowing where that "somewhere" is.

This isn't a sales pitch or advertisement since I've always been reluctant to deal with RFDers for the obvious reason of how we all found this site...everyone wants a Cadillac for the price of a Chevy but I firmly believe some corners shouldn't be cut to make pricing more attractive. None of us are perfect but I do know most if not all LICENCED legit custom builders in Ottawa (those building 10+ homes/yr) and many I know personally so once you select your builder PM me and I can tell you what to watch out for.

This is not an invitation for every tire kicker on here to flood my inbox.
I will pm you. Do you have access to older mls listings? I can show you the home we were close to buying. It's that style/layout that we are looking for. We are in no rush to buy so we're patiently waiting for the right place.
Member
Aug 14, 2007
243 posts
64 upvotes
Ottawa
Numbers of sale are rising but I don't see the price change much, maybe only up few % this year.....

News from Ottawa real estate board:

"November Blues? Not in the real estate market…

December 5, 2017

Members of the Ottawa Real Estate Board sold 1,239 residential properties in November through the Board’s Multiple Listing Service® System compared with 992 in November 2016, an increase of 24.9 per cent. The five-year average for November sales is 1,001.

“November numbers are upholding the robust year we have been experiencing in the real estate market in 2017,” Rick Eisert, President of the Ottawa Real Estate Boards states. “Both residential sales and condo sales continue to steadily increase.”

November’s sales included 294 in the condominium property class and 945 in the residential property class. “This is not surprising though,” Eisert remarks. “OFCI’s announcement regarding the new stress tests for low- ratio borrowers may have buyers rushing into the market before the stricter mortgage regulations come into play in January 2018. If this keeps up, I expect December could be a busier than usual holiday season for REALTORS®.”

The average sale price of a residential-class property sold in November in the Ottawa area was $418,354, an increase of 3.2 per cent over November 2016. The average sale price for a condominium-class property was $257,212, a decrease of 7.6 per cent over November 2016. The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“It is crucial in a market that is moving quickly, such as the one we are experiencing, to ensure you are pricing your property correctly. Having the guidance and market knowledge of a REALTOR® is essential for home buyers and home sellers,” suggests Eisert.

“The most active price point in the residential market is the $300,000 to $450,000 range, accounting for 46 per cent of the market. While the most active price point in the condo market, between $150,000 and $275,000, accounts for 66 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,821 properties since the beginning of the year.”
Sr. Member
Jan 15, 2017
701 posts
466 upvotes
Increasing sales are certainly a positive sign. Surprising to see the average prices of condos down 7.6% from Nov 2016.

Am hoping that prices will increase for the Spring market.
Deal Addict
Jul 4, 2004
3727 posts
339 upvotes
Ottawa
IMO, it's signs of a very stagnant market.

They don't say it in the article but by my calculation, that means an annual increase of 0.64% year to year overall (much less than inflation) and for real estate, that's really not good as typically people are always building bigger, doing upgrades, etc (some people do nothing with their houses but the average person will do enough to at least make sure it doesn't get worse and a lot of people do renovations and upgrades also new homes are always getting bigger and with nicer finishes so values should always be going up).

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