Real Estate

Ottawa Real Estate market discussion

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  • Oct 17th, 2019 12:02 am
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Member
Aug 14, 2007
442 posts
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Ottawa
canabiz wrote:
Jul 7th, 2018 6:17 am
I have received a couple of recent emails from Minto saying there are still lots available for Riversbend Phase 1. I thought it was sold out, per audiorichard’s post a few pages back?

Perhaps some buyers walked away after securing lots? Perhaps Minto was playing games, if you will, only releasing a small set of lots to hype up demand and when they didn’t sell out, due to price hike and rising rates (BoC may increase again on Wed), more lots are now available all of a sudden?
Maybe Minto just released new lot this weekend, I am not sure. If someone who live close to Barrhaven and report back to this forum, it will be nice.

On the other hand, I went to Orleans sale centre this weekend (I know, I am boringSmiling Face With Open Mouth), Minto just released another 10 townhouses this weekend, they are all sold out. And compare with March, their price up around $12k.
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Jan 15, 2017
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Has anyone visited the new model Towns by EQ Homes in Fernbank Crossing? What models do they have?
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Jun 28, 2003
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audiorichard wrote:
Jul 7th, 2018 4:31 pm
Maybe Minto just released new lot this weekend, I am not sure. If someone who live close to Barrhaven and report back to this forum, it will be nice.

On the other hand, I went to Orleans sale centre this weekend (I know, I am boringSmiling Face With Open Mouth), Minto just released another 10 townhouses this weekend, they are all sold out. And compare with March, their price up around $12k.
Richard, it does not make much sense to me why they only release a few lots at a time but maybe that will create more demand than supply. I don’t recall builders doing these kinds of piecemeal releases before but again we are in 2018 and not 2014 or the recession of 2009.

On a related note, and perhaps you and other investors can chime in on this subject, a friend who is also an agent told me CRA is cracking down on people who buy new builds for and use them for rentals, rather than primary residence. The issue is HST rebate and the investors will take a hit. Not sure if that has any bearing on new build sales, moving forward, but something to pass along for discussions.
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Member
Aug 14, 2007
442 posts
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Ottawa
canabiz wrote:
Jul 7th, 2018 7:31 pm
Richard, it does not make much sense to me why they only release a few lots at a time but maybe that will create more demand than supply. I don’t recall builders doing these kinds of piecemeal releases before but again we are in 2018 and not 2014 or the recession of 2009.

On a related note, and perhaps you and other investors can chime in on this subject, a friend who is also an agent told me CRA is cracking down on people who buy new builds for and use them for rentals, rather than primary residence. The issue is HST rebate and the investors will take a hit. Not sure if that has any bearing on new build sales, moving forward, but something to pass along for discussions.
You are right, when I bought my first property back in 2006, builder always sale by phase and keep the house price/specific stable for the whloe phase. And usually, each phase have at least 80 to 150 lot mix of townhouse and single for sale. For the past two years, especially this year, builder starts to sale houses by block or street, it is kind of like phase 4a, 4b, 4c.... Usually they will sell the less desire location of the phase for the lower price, and increase the the price a little for each release, and ask for higher price for better lot. The funny thing is the closing date are pretty much the same for different release. I have talk to the sale agent and ask them why they only sale houses by block, they said(exact quote): it is because we want to create a buzz....

It is a good ads to see people lineup in front of the sales centre from the builder point of view. On the other hand, why do we have to camping in front of the sale centre, paying almost half million door and be part of the buzz?
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Jun 28, 2003
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Got an email from Mattamy over the weekend announcing deep discounts for their Wateridge project, some models are getting up to $60K off plus other incentives (appliances, no condo fees, $10K design centre bonus).
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canabiz wrote:
Jul 8th, 2018 12:36 pm
Got an email from Mattamy over the weekend announcing deep discounts for their Wateridge project, some models are getting up to $60K off plus other incentives (appliances, no condo fees, $10K design centre bonus).
I am not surprised. I think Mattamy missed the mark with the design of the homes. Some of the rear lane towns have Master Bedrooms that are essentially 9x10. That's a small bedroom.
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canabiz wrote:
Jul 8th, 2018 12:36 pm
Got an email from Mattamy over the weekend announcing deep discounts for their Wateridge project, some models are getting up to $60K off plus other incentives (appliances, no condo fees, $10K design centre bonus).
I think all builders in that area will be having trouble. Seems buyers don't value land in that area all that much.
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I wonder if Mattamy will do something for the buyers who purchased when they first released lots. You never want to see the value of your home and/or neighbouring homes dropping considerably right off the hop like that.
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Personally, I do not like that area, builders are promote that area is next to Rockcliffe, but it is closer to vanier in my eyes. If I want to live closer to downtown, I will buy a older townhouse in centrepointe instead.
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Jan 11, 2007
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What are your guys opinion of old century homes?
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canabiz wrote:
Jul 8th, 2018 7:41 pm
I wonder if Mattamy will do something for the buyers who purchased when they first released lots. You never want to see the value of your home and/or neighbouring homes dropping considerably right off the hop like that.
Why would they? I would not be giving a refund if the place I sold last year is worth less this year. Real estate prices aren't guaranteed.
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Nov 13, 2013
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BlueSolstice wrote:
Jul 8th, 2018 7:03 pm
I think all builders in that area will be having trouble. Seems buyers don't value land in that area all that much.
They shouldn't the adjacent area is pretty cheap. Actually the prices are still really high nearly as high as infill in better neighbourhoods. Overall it could end being a great place to live but prices have always seemed a bit high. With prices overall up probably 10% since last year it shows they were really overpriced if coming down now.
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Aug 6, 2011
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dreaderus wrote:
Jul 8th, 2018 11:09 pm
What are your guys opinion of old century homes?
I visited a few houses in downtown area. 80 years or so, some of them still have old electrical wiring knob and tube. It was deal breaker for me. I think insurances don't like them and I was afraid of the cost of replacing them.
But some of them have structure built very strong to last another century. A lot of them also have water based heating system, which I don't think it's bad, but I don't know much about it.

Besides that, their location is very good.
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dreaderus wrote:
Jul 8th, 2018 11:09 pm
What are your guys opinion of old century homes?
Lots of charm. Just make sure you have deep pockets. They are usually difficult to heat and cool and always needing repairs. Unless the location is the key, almost all the features of these homes can be built into new homes.

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