Real Estate

Ottawa Real Estate market discussion

  • Last Updated:
  • Feb 19th, 2018 1:03 pm
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Sr. Member
Dec 23, 2010
916 posts
376 upvotes
Moon
hadi wrote:
Feb 11th, 2018 11:42 am
A good article from the FT:
Canada’s housing market flirts with disaster

(Original article behind paywall)
Wow that is a lot of FUD and baseless comparisons to 2008 USA . I love articles like this though as FUD tends to only help real estate by making the central bank concerned and keeping interest rates low.
[OP]
Deal Addict
Nov 26, 2004
2041 posts
233 upvotes
hadi wrote:
Feb 11th, 2018 11:42 am
A good article from the FT:
Canada’s housing market flirts with disaster

(Original article behind paywall)
If there is a crash, it will most likely be contained in Vancouver and Toronto.

Assuming Trudeau can win another term, the Ottawa market should be stable for another 10 years. (5 more years of stability for the public service during their reign and 5 more years for the new Conservative government to actally roll out the cuts.)

So if what the article talked about actually happens, it may benefits homeowners in Ottawa as the price gap narrows between the cities. For investors/speculators who wants to maintain investing in RE instead of going into equities, buying homes in Ottawa may actually be a good hedging strategy.
Sr. Member
Nov 13, 2013
873 posts
304 upvotes
OTTAWA
William W wrote:
Feb 11th, 2018 4:55 pm
If there is a crash, it will most likely be contained in Vancouver and Toronto.

Assuming Trudeau can win another term, the Ottawa market should be stable for another 10 years. (5 more years of stability for the public service during their reign and 5 more years for the new Conservative government to actally roll out the cuts.)

So if what the article talked about actually happens, it may benefits homeowners in Ottawa as the price gap narrows between the cities. For investors/speculators who wants to maintain investing in RE instead of going into equities, buying homes in Ottawa may actually be a good hedging strategy.
I agree with all this. On the other hand there is an outside chance that it could also spread to other cities and begin to be called a Canadian crash at which point Ottawa might be impacted simply based on psychological factors. Conversely a stall in Toronto and Vancouver that leads to lower rates might also help Ottawa if employment remains strong.
Sr. Member
Dec 23, 2010
916 posts
376 upvotes
Moon
fogetmylogin wrote:
Feb 12th, 2018 1:43 am
I agree with all this. On the other hand there is an outside chance that it could also spread to other cities and begin to be called a Canadian crash at which point Ottawa might be impacted simply based on psychological factors. Conversely a stall in Toronto and Vancouver that leads to lower rates might also help Ottawa if employment remains strong.
Ottawa was not affected during previous Toronto crashes.
Newbie
May 30, 2016
33 posts
4 upvotes
nikels21 wrote:
Feb 8th, 2018 10:46 pm
I chose Mattamy because I prioritized location, not because of quality
I agree and did the same. I also prioritized location, surely not reputation.

If I could have chosen a constructor, I would have picked one accepting minor modification to plan and offering modern upgrade at a fair price.

Mattamy standard feature for detached house on 30' lot :
  • 80's style basic kitchen cabinet
  • 8 feet ceilings
  • Staircase surrounded by half wall (in 2018, really?)
  • Carpet on all floors except Kitchen and bathrooms
  • 80's style closet sliding doors
  • Basic bathroom mirrors with no frames
  • Basic lighting fixtures
  • Really small selection of floor tiles and kitchen counter
  • Selection of paint colors (white, white , or white)
  • Sink with no closets in powder room
Upgrades:
  • 9 feet ceiling just on the main floor cost 9K.
  • Kitchen cabinet upgrades are also from the 80s.
  • Cost for laminate floor almost the same as hardwood
  • 5K for gaz fireplace on main floor

They give themselves the right to change siding/bricks color selection before the construction starts. That's exactly what happened to us and we are left with something we don't want.

Minto would have be a better choice but the cost was an issue for us. But they have such a nice design center and a really good selection of modern standard features.
Deal Addict
May 18, 2015
1181 posts
280 upvotes
Ottawa,Ont
Superbobby wrote:
Feb 12th, 2018 11:50 pm
I agree and did the same. I also prioritized location, surely not reputation.

If I could have chosen a constructor, I would have picked one accepting minor modification to plan and offering modern upgrade at a fair price.

Mattamy standard feature for detached house on 30' lot :
  • 80's style basic kitchen cabinet
  • 8 feet ceilings
  • Staircase surrounded by half wall (in 2018, really?)
  • Carpet on all floors except Kitchen and bathrooms
  • 80's style closet sliding doors
  • Basic bathroom mirrors with no frames
  • Basic lighting fixtures
  • Really small selection of floor tiles and kitchen counter
  • Selection of paint colors (white, white , or white)
  • Sink with no closets in powder room
Upgrades:
  • 9 feet ceiling just on the main floor cost 9K.
  • Kitchen cabinet upgrades are also from the 80s.
  • Cost for laminate floor almost the same as hardwood
  • 5K for gaz fireplace on main floor

They give themselves the right to change siding/bricks color selection before the construction starts. That's exactly what happened to us and we are left with something we don't want.

Minto would have be a better choice but the cost was an issue for us. But they have such a nice design center and a really good selection of modern standard features.
I also had no choice in colours for the exterior of my home. Which sucked. I knew that going in... but was taking a risk. My neighbour got given a hideous orange brick home which he is quite upset about. There were two elevations, A or B, but each elevation had 5 different colour packages. We could only choose our elevation.
Deal Addict
Nov 24, 2013
4407 posts
1298 upvotes
Kingston, ON
nikels21 wrote:
Feb 13th, 2018 7:36 am
I also had no choice in colours for the exterior of my home. Which sucked. I knew that going in... but was taking a risk. My neighbour got given a hideous orange brick home which he is quite upset about. There were two elevations, A or B, but each elevation had 5 different colour packages. We could only choose our elevation.
They want you to spend hundreds of thousands of dollars with them and you can't even pick your own colour? WTF...
Deal Fanatic
User avatar
May 12, 2004
9361 posts
3667 upvotes
Ottawa
William W wrote:
Feb 8th, 2018 10:35 pm
I agree, with Urbandale, their spec exceed codes, whereas Mattamy just met codes. The question is 5 to 10 years from now, will buyers be willing to pay the $50k premium for the 2x6 construction, the extra insulation, better windows, 30 years instead of 15 years shingle or the cooper pipes instead of Plex pipes. Based on what I read, when it comes time for resale, it is always the cosmetic stuff like paint, flooring that gets the greatest return. Strucural stuff like roof, insulation, etc has the lowest rate of return.

That being said, if that is my forever home, I will pay the premium and buy from builders like Urbandale. But if I only plan to be there for 5 to 10 years or even 15 years, I think I will go with Mattamy or Minto and put aside the saving and use it toward something else.
What exceeds code with Urbandale?
Censorship is telling a man he can't have a steak just because a baby can't chew it.
- Mark Twain
[OP]
Deal Addict
Nov 26, 2004
2041 posts
233 upvotes
Cas77 wrote:
Feb 13th, 2018 9:23 pm
What exceeds code with Urbandale?
They are listed on their website.
Deal Addict
Oct 3, 2004
3504 posts
486 upvotes
Kanata townhouse market is still hot, I know someone who put their home on the market last week and it sold in one day over asking with 7 offers (all over asking) and I thought the price was high to begin with.
Newbie
May 30, 2016
33 posts
4 upvotes
nikels21 wrote:
Feb 13th, 2018 7:36 am
... My neighbour got given a hideous orange brick home which he is quite upset about.
Your neighbor is right! Damn old style orange bricks. Do they know gray brick colors exist? As I said, Mattamy is sticking to 80-90's style! And at the price we are paying, the colors choice should be ours, not theirs!

I just hope I could go Homedepot for my kitchen cabinets and counter. They have modern selection for a low cost.
Member
Aug 24, 2008
480 posts
249 upvotes
Victoria
It's interesting to read people talking about their real world experience in Ottawa real estate, because we're moving there this spring/summer and I'm keeping a close eye on it. Several news articles came out showing the only housing markets to have price gains in January were Vancouver, Victoria, Montreal and Toronto. According to them, all other markets are seeing prices drop, including Ottawa and if it wasn't for Vancouvers strong gains the entire Canadian market would have gone down in January.
Sr. Member
Jan 15, 2017
892 posts
654 upvotes
skeet50 wrote:
Feb 4th, 2018 11:50 am
A home on our street was also in a bidding war and was sold within 4 days. It also set the highest price for a detached home with single car garage in our neighbourhood. I was surprised with the activity and number of showing for the home.
skeet50 wrote:
Feb 10th, 2018 2:21 pm
Another single family detached home in my neighbourhood hit the market yesterday and sold sign is on it today. Two others went up before Xmas though and are still listed. One has reduced its price (it doesn't show well). Real estate is indeed a strange business.

Be interesting to see if we are still in a balanced market. My guess is that we will be all year. Time will tell.
Another sold on my street. Was listed on Com Free less than 2 weeks ago and the Sold sign in up today. This is the same model that sold earlier in 4 days in a bidding war.

Interesting also that the agents for the home that sold in 4 days canvassed the neighbourhood looking for people wanting to list as they had buyers wanting to buy (that was the claim, anyway). Two days ago a For Sale sign appeared on another neighbour's snow bank. Same model. Same realtor with an Exclusive listing. I am expecting a Sold sign on that very shortly.

Of course, these are just my observations about what is happening in my neighbourhood. And for those that are interested, it is indeed in Orleans.
Sr. Member
Jan 15, 2017
892 posts
654 upvotes
Mike15 wrote:
Feb 13th, 2018 9:52 am
They want you to spend hundreds of thousands of dollars with them and you can't even pick your own colour? WTF...
The only time that I am aware of your not being able to pick your own exterior colours:

1. You are buying an early occupancy home and the colours are already determined. With this case you get to see what the colours are,
2. You are buying a town home where the colours are already picked for the block,
3. One of your neighbours already has the same colour picked and they don't want to build two houses side by each with the exact same colours. This is why they usually ask you to select more than one colour choice.
Sr. Member
Dec 23, 2010
916 posts
376 upvotes
Moon
voodoo22 wrote:
Feb 14th, 2018 1:52 pm
It's interesting to read people talking about their real world experience in Ottawa real estate, because we're moving there this spring/summer and I'm keeping a close eye on it. Several news articles came out showing the only housing markets to have price gains in January were Vancouver, Victoria, Montreal and Toronto. According to them, all other markets are seeing prices drop, including Ottawa and if it wasn't for Vancouvers strong gains the entire Canadian market would have gone down in January.
This is news to me... Link to those news articles? I'm very interested in their sources.

OREB states that "The average sale price of a residential-class property sold in January in the Ottawa area was $427,487, an increase of 8.8 per cent over January 2017. The average sale price for a condominium-class property was $263,744, a decrease of 8.6 per cent from January 2017."

https://www.oreb.ca/newsroom/low-invent ... -the-cold/

I guess the decrease in condo prices could have contributed to the results of the article you read if they are creating some sort of average number. According to OREB the decreased price in condos is due to a lot more inventory being sold at the lower price points:
“Sales in the residential property class this month were on par with January 2017 with a minor decrease of 1.1 per cent. Unit sales in the condo market, however, have seen an increase of 45 per cent from 119 units sold in January 2017 to 173 units in January 2018,” Eisert explains.

“The most active price point in the residential market is the $300,000 to $449,999 range, accounting for 47.5 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 55 per cent of the market,” states Eisert. “There is a marked increase in the number of condo units sold in the lower end of the market specifically. This is likely due to the attractive lower price point and the fact that the demand is there.”

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