Real Estate

Ottawa Real Estate market discussion

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  • Dec 10th, 2019 4:45 pm
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Member
Jun 15, 2009
292 posts
37 upvotes
Nepean
All are good, but it also depend on price of the home and incentives you being offered.
Member
Jun 15, 2009
292 posts
37 upvotes
Nepean
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Mattamy's Abottsville Crossing, Blackstone south, fairwinds, Monahan landing- Which is better location wise (school, entertainment, recreation, access to highways, transit etc) for investment purposes.
[/quote]

All are good, but it also depend on price of the home and incentives you being offered.
Deal Addict
Nov 13, 2013
1707 posts
704 upvotes
Ottawa
cyberfreak123 wrote:
Jan 23rd, 2019 1:44 pm
This condo project is interesting. LRT station is at the front door. If I was looking for a condo, I'd look into this. Must be expensive.
https://claridgehomes.com/condos/claridge-moon
I don't know the location is not great. I would prefer the market or closer centretown if I was buying a condo. Assuming you work downtown the walk is not bad but how often would you use the LRT. Maybe to go to the Market/Rideau Centre but why not just live there and be the same distance from most offices.
[OP]
Deal Addict
Nov 26, 2004
2316 posts
405 upvotes
Mann20 wrote:
Jan 24th, 2019 2:40 pm
Mattamy's Abottsville Crossing, Blackstone south, fairwinds, Monahan landing- Which is better location wise (school, entertainment, recreation, access to highways, transit etc) for investment purposes.
In order for us to provide you with a proper answer, you will need to clarify your definition of investment purposes. Are you referring to cash flow/rate of return from rent, or are you really asking about buying for speculation purpose, where you buy and hope value will go up the fastest?

Nevertheless, Monahan Landing is already sold out, Abbottsville Crossing is almost sold out, the only community that hasn't sold out is Blackstone, and they will be releasing new towns at Fairwind tomorrow.
Member
Aug 6, 2011
489 posts
185 upvotes
michelb wrote:
Jan 24th, 2019 11:59 am
Interesting to see but I don't think their numbers are realistic.

IMO, I don't think a household making $50k/year can afford to buy a $370k house (Orleans). If nothing else, I don't think a household making $50k/year could even come up with 20% down ($74k) (not that we're rich but we make quite a bit more than that and it's hard to put away even $5k/year ...)

Even if they had the downpayment, that would mean a $300k mortage and a $1500/month mortgage payment (assuming rates don't go up which certainly no garantee). Add $350/month property taxes, $450/month utilities, $100/month insurance, $100/month maintenance (probably too low) and you're looking at $2500/month on housing alone. Realistically, a household making that much (little) is probably going to put 5% down and then the mortgage jumps to $1850/month.

A household making $50k/year is probably making about $35k/year after taxes so under $3000/month net and they are going to spend $2500/month on housing !!! That would leave less than $500/month for food, transportation, clothing, savings, medicine, entertainment, etc. I think "the experts" say you can't really budget more than 30-40% of your income on housing.

I think those household incomes need to be doubled and then maybe it's possible.
yeah, I see now the minimum income is too low too, after doing the math
Newbie
Apr 3, 2018
34 posts
1 upvote
William W wrote:
Jan 25th, 2019 8:06 am
In order for us to provide you with a proper answer, you will need to clarify your definition of investment purposes. Are you referring to cash flow/rate of return from rent, or are you really asking about buying for speculation purpose, where you buy and hope value will go up the fastest?

Nevertheless, Monahan Landing is already sold out, Abbottsville Crossing is almost sold out, the only community that hasn't sold out is Blackstone, and they will be releasing new towns at Fairwind tomorrow.
Cash flow/rate of return from rent. It does not matter whether it is a bit old or new property.
Deal Addict
Jan 15, 2017
2632 posts
1945 upvotes
Last year this time I started to notice more and more houses starting to come to market. Not seeing the same trend this year. Wonder what we ill start to see over the next couple of months? Anyone have any predictions how this Spring market will do?
Member
Aug 14, 2007
448 posts
200 upvotes
Ottawa
skeet50 wrote:
Jan 29th, 2019 2:27 pm
Last year this time I started to notice more and more houses starting to come to market. Not seeing the same trend this year. Wonder what we ill start to see over the next couple of months? Anyone have any predictions how this Spring market will do?
It is a real story, my friend had put an offer to a townhouse yesterday. The condo townhouse was in the price range under $240k-250k in West end, and the seller received over 40 offer and the winning bid is almost 20% over asking.

I guess this spring market will be very hot for $200k to $400k, but so-so for anything over $700k.....
Member
Jun 15, 2009
292 posts
37 upvotes
Nepean
Seems like, it is going to be a hot market. One of the town I was looking went 32K over asking. I was not even willing to pay the listed price as it was a quiet small town with just 1.5 bath.
audiorichard wrote:
Jan 29th, 2019 3:11 pm
It is a real story, my friend had put an offer to a townhouse yesterday. The condo townhouse was in the price range under $240k-250k in West end, and the seller received over 40 offer and the winning bid is almost 20% over asking.

I guess this spring market will be very hot for $200k to $400k, but so-so for anything over $700k.....
Member
Aug 6, 2011
489 posts
185 upvotes
audiorichard wrote:
Jan 29th, 2019 3:11 pm
It is a real story, my friend had put an offer to a townhouse yesterday. The condo townhouse was in the price range under $240k-250k in West end, and the seller received over 40 offer and the winning bid is almost 20% over asking.

I guess this spring market will be very hot for $200k to $400k, but so-so for anything over $700k.....
So the town was sold for 300K? It's still a good deal. nobody lost their mind... but It's hard for me to judge as I don't know the details.
Deal Addict
Jan 15, 2017
2632 posts
1945 upvotes
Towns will do well. Personally, I think some of the towns are over priced. My neighbour listed his detached home just before Xmas. Has had lots of showings so there are buyers out there. No Sold sign yet though.

On another note - has anyone checked out the new grapevine.ca site? A bit of a disappointment imo. Looks like comfree has really got a solid footing in Ottawa.
Deal Fanatic
User avatar
Dec 27, 2009
6863 posts
4011 upvotes
Ottawa, ON
cyberfreak123 wrote:
Jan 29th, 2019 3:36 pm
So the town was sold for 300K? It's still a good deal. nobody lost their mind... but It's hard for me to judge as I don't know the details.
Condo town though. I wouldn't.
[OP]
Deal Addict
Nov 26, 2004
2316 posts
405 upvotes
skeet50 wrote:
Jan 29th, 2019 4:49 pm
Towns will do well. Personally, I think some of the towns are over priced. My neighbour listed his detached home just before Xmas. Has had lots of showings so there are buyers out there. No Sold sign yet though.

On another note - has anyone checked out the new grapevine.ca site? A bit of a disappointment imo. Looks like comfree has really got a solid footing in Ottawa.
I know hindsight is 20/20, but I think Grapevine is pretty much done. I feel they had a good thing going when they were the go to place for people looking for homes that are for sale by owners or alternatives to the MLS in Ottawa. But when they start including their MLS listing feature to all of their own listing, that pretty much spells the end for them. They more or less gave up their only competitive advantage over other brokerages, their strong branding in the Ottawa market. And they alienated the segment of the market that make them popular.

Because of their strong branding, what they could have done was evolving themselves into the Zillow of Ottawa where they will allow agents to list their properties on Grapevine website. Now, if i were to list my home for sale as an owner, I guess it will either be Kijiji or whichever brokerage that offers the cheapest price that will get me on the MLS.
[OP]
Deal Addict
Nov 26, 2004
2316 posts
405 upvotes
Mann20 wrote:
Jan 25th, 2019 1:56 pm
Cash flow/rate of return from rent. It does not matter whether it is a bit old or new property.
If you are strictly looking for cashflow, i don't think it really matters as they are all within 10 minutes driving of one another and you're targetingthe same tenants pool that will be willingto pay similar rents for the locations you're interested in.. Because you're looking at resale, negotiating for the right deal, regardless of builders, is probably more important.
Deal Addict
Nov 13, 2013
1707 posts
704 upvotes
Ottawa
skeet50 wrote:
Jan 29th, 2019 2:27 pm
Last year this time I started to notice more and more houses starting to come to market. Not seeing the same trend this year. Wonder what we ill start to see over the next couple of months? Anyone have any predictions how this Spring market will do?
Still early it might be weather related.

It does seem like demand will be strong from talking to people I know. (anecdotal and unscientific I know)

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