Real Estate

Ottawa Real Estate market discussion

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  • Jul 19th, 2018 2:05 pm
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Deal Addict
Jul 4, 2004
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yow2kvil wrote:
Dec 7th, 2017 10:12 am
Yes it does.



The 7.3 is based on benchmark prices. While the 3.2 is an overall average of all residential properties
Thanks for the clarification - I didn't notice that (I need to read more carefully).

Having said that, that makes even less sense to me; they are saying on average, similar residential properties have increased 7.3% but overall residential properties have only increased 3.2%. Unless the 7.3% is really just a specific slice of the market (e.g. 8 year old, 4 bed, 3 bath with ensuite and 2 car garage) - those have gone up 7.3% but overall, the market is only up 3.2% so the rest of the residential market is not doing well. (From the description, I would have expected "Benchmark" to reflect the trend in multiple slices or categories of homes (e.g. consider 8 year old 4/3/2, 30 year old 3/2/1, new 3/3/2, etc).
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Dec 4, 2016
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Does anybody know how accurate this "benchmark" price is? Specifically, how well does this "benchmark" track the national bank/tetranet index? The benchmark in Vancouver is seen as relatively accurate, when compared to tetranet index.

Assuming this benchmark is worth something, seems like condos are really not doing very well, while price gains for singles are starting to pick up momentum. 7% yoy is rather impressive, but it would probably take quite a few years at 7% to make up for the slump of the past 5 years.

Edit: Just took a look at the article. Condo price is simple average, not benchmark. Seriously? The OREB can't be bothered to come up with a benchmark for condo units? Given the dramatic change of sales mix due to rule tightening deadline, the average price is really not all that useful.
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Jan 15, 2017
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michelb wrote:
Dec 7th, 2017 9:41 am
....
As far as the article, it's a shame they don't just publish a list of all the districts instead of a silly graph with the top 10 and bottom 10 ... (does having a bigger house for 12.3% really help you understand that this is a bigger gain than the smaller house for the 2.3% ?!? I think if you can open the newspaper or website, you probably know that 12 is bigger than 2 ...)
I agree. I really wish that the OREB would provide data on all 46 real estate districts. I also wish we knew how many homes were sold in each district. That can make a significant difference in how you interpret the results. For instance, the article mentions that the average price for a SFH was $403,500. This means that assuming a normal distribution, most sales activity occurs slightly above and below $403,500. So when I read that the average price in Carlingwood/Westboro was $757,700, that tells me that not a lot of homes were sold at this average price as it is so far above the city wide average.

For me, the great news is that prices across the city are up. Even the OREB states that average prices are no reflection on an individual house price.
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Jan 15, 2017
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Has anyone visited Miller's Crossing by Cardel in Carleton Place?

We have been out looking for our next home and Cardel's community of Miller's Crossing peaked our interest. Plans are to build 106 single family homes, 128 towns and 48 condos. Sales though seem to be slow. Very slow. Since Spring 2016, it appears that 3 single family homes have sold, and I think at least 2 of those were early occupancy. With the towns, ten blocks have been released - 4 have sold (one includes the model home) with the remaining blocks have some solds. I am guessing that there may be upcoming early occupancy towns just to get the blocks completed. No condos have been released to date.

Is this normal sales for CP or is it, as I stated above, slow? At this pace, it will take a long time to sell 103 single family homes.
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Dec 27, 2009
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skeet50 wrote:
Dec 13th, 2017 10:46 pm
Has anyone visited Miller's Crossing by Cardel in Carleton Place?

We have been out looking for our next home and Cardel's community of Miller's Crossing peaked our interest. Plans are to build 106 single family homes, 128 towns and 48 condos. Sales though seem to be slow. Very slow. Since Spring 2016, it appears that 3 single family homes have sold, and I think at least 2 of those were early occupancy. With the towns, ten blocks have been released - 4 have sold (one includes the model home) with the remaining blocks have some solds. I am guessing that there may be upcoming early occupancy towns just to get the blocks completed. No condos have been released to date.

Is this normal sales for CP or is it, as I stated above, slow? At this pace, it will take a long time to sell 103 single family homes.
Why would anyone want a condo all the way out in Carleton Place? I can't stand condos period, but if I were to want one it would be more for the convenience of living right in the city and not being car dependent, etc. Not some far flung place.

I have heard Carleton Place has high property taxes. You might want to check on that.
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Chickinvic wrote:
Dec 14th, 2017 3:12 pm
Why would anyone want a condo all the way out in Carleton Place? I can't stand condos period, but if I were to want one it would be more for the convenience of living right in the city and not being car dependent, etc. Not some far flung place.

I have heard Carleton Place has high property taxes. You might want to check on that.
Yes, I did check property taxes and it is higher in CP than in Ottawa. Less amenities too obviously.
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May 12, 2004
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skeet50 wrote:
Dec 14th, 2017 4:42 pm
Yes, I did check property taxes and it is higher in CP than in Ottawa. Less amenities too obviously.
I like Carleton Place not sure why it's population is so stagnant compared to somewhere much further like Arnprior or Kemptville. They have their own hospital serving 10,000 people, decent shopping (Canadian Tire, Walmart, Staples, Giant Tiger, Freshco, Independant), decent access with HWY 7 (sure its not the 416/417 but still an easy commute) also on the outskirts of Stittsville which is booming, good school board...plus no City of Ottawa BS.
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Cas77 wrote:
Dec 14th, 2017 5:15 pm
...plus no City of Ottawa BS.
Can you elaborate on that? We're considering moving towards the city.
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Nov 11, 2004
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leftygrove wrote:
Dec 22nd, 2017 10:37 am
Interesting.. I don't think the stats suggest 2017 has been Ottawa's 'best year ever' but certainly an improvement over the previous 5. I've definitely noticed an uptick in the central-west 'hoods.

Are home prices climbing out of reach in Ottawa and Montreal, too?

Edit: url
"Ottawa has been seeing “a surge of demand from buyers employed in Toronto who have the ability to work remotely, full or part-time,” Royal LePage broker Hanna Browne recently noted in the company’s 2018 real estate market outlook report."

Interesting.
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Feb 13, 2008
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Home price in Ottawa out of reach? It is the last biggest joke in 2017....
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Jan 15, 2017
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leftygrove wrote:
Dec 22nd, 2017 10:37 am
Interesting.. I don't think the stats suggest 2017 has been Ottawa's 'best year ever' but certainly an improvement over the previous 5. I've definitely noticed an uptick in the central-west 'hoods.

Are home prices climbing out of reach in Ottawa and Montreal, too?

Edit: url
I agree. 2017 was hardly the best year over, especially when house prices increased 25.3% in 1973 and 21.8% in 1974 and 21.3% in 1983. We haven't seen double digit increases since 2002.
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Feb 13, 2008
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Compare with small city in Ontario, such as Waterloo, windor or even London, their price up over 30-40% within two years.....Ottawa price up less than 8% in two years....LePage said Ottawa real estate is out of reach?
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Jan 15, 2017
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The article is an opinion piece, not based on facts. LePage is trying to influence the market. Should have been identified as an ad and not a news story.

The irony is that the newspaper industry is constantly screaming about falling revenues and low readership and still publishes garbage like this.
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Uncledan wrote:
Dec 23rd, 2017 8:29 pm
Compare with small city in Ontario, such as Waterloo, windor or even London, their price up over 30-40% within two years.....Ottawa price up less than 8% in two years....LePage said Ottawa real estate is out of reach?
To be fair, any rise that is over (wage) inflation is likely to put housing further out of reach.

In an ideal world, housing goes up as local wages go up, no more, no less.

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