Real Estate

Ottawa Real Estate market discussion

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  • Oct 23rd, 2020 7:54 pm
Sr. Member
Aug 14, 2007
516 posts
275 upvotes
Ottawa
cyberfreak123 wrote: Anyone knows if developers are running full steam now? And if they've received more demands than have resources to build new houses? So houses are not built fast enough to satisfy demands that are growing because of the tight supply in the resale market?
I also think all builders are running full steam, simply check out the closing date, most of the new builds are now close in Mid-2020. Builders are now are being greedy on some of the townhouses. For the Cardel home development in Richardson Ridge, the builder is asking over $520k for their townhouses. To be honest, I don't really how Cardel come up with that price in that location. Since they are builder, they should know what they are doing. Smiling Face With Open Mouth
Member
Jun 15, 2009
361 posts
75 upvotes
Nepean
Yes, Blackstone south is not doing as great us other two communities are but they are selling well relatively speaking. I have been there twice in last 2 weeks and indeed see homes selling but they were/are also competing with Abbotsville and Fairwinds, as there is not much price diff so that adds to slow sale. But with Abbotsville going out of equation soon (as they got .2 towns left), they will pick up sell.



William W wrote: With Mattamy, Abbottsville Crossing is more or less sold out, I believe they have less than 7 lots available. And this phase of Fairwind is pretty small, so I think it will probably sell out by summer if not earlier.

I'm curious to see how they price their development in Richmond. I think Caivan was only able to raise their price by $5k for their cheapest single family home since they start selling Fox Run. Which is not a whole lot when you compare the increase of other development in Kanata or Barrhaven in a similar timeline. That to me sounds like they are not selling well. But I'm not surprise because when compared to similar square footage homes, the difference between Fox Run and Blackstone South is minimal. Furthermore, I don't think Blackstone South is selling too well given the number of "Quick Delivery/Discount" homes they have listed on the website.

All to say, in order for Mattamy to do well in Richmond, they will have to priced their 3 stories towns in the low to mid $200ks and their 2 stories towns in the high $200ks to low $300ks and singles has to start at low to mid $300k in order to gain any traction. OTOH, they probably don't want to priced it too low where they might cannibalize sales at their Blackstone South development.
Deal Fanatic
Jul 4, 2004
5618 posts
1690 upvotes
Ottawa
fogetmylogin wrote: They do it because then people say oh I can get a new single family house for only $425k. Yes it is basically a townhouse but people do like to have their own walls. They do meet a need for that product and most people don't use their backyards much anyway. Apples to Oranges comparison to say you are better off buying new.
Chickinvic wrote: Well, not if they don't have one. I use mine all the time.
We also use our backyard all the time and a large backyard is a must (in fact, our yard is probably the main reason we've never moved (we have a pool, hot tub, trampoline and swing set) as well as some grass area)
Sr. Member
Aug 14, 2007
516 posts
275 upvotes
Ottawa
michelb wrote: We also use our backyard all the time and a large backyard is a must (in fact, our yard is probably the main reason we've never moved (we have a pool, hot tub, trampoline and swing set) as well as some grass area)
I am the opposite, I never use my backyard, and my kids prefer to play in the park...
Deal Addict
Jan 15, 2017
3436 posts
2782 upvotes
audiorichard wrote: I also think all builders are running full steam, simply check out the closing date, most of the new builds are now close in Mid-2020. Builders are now are being greedy on some of the townhouses. For the Cardel home development in Richardson Ridge, the builder is asking over $520k for their townhouses. To be honest, I don't really how Cardel come up with that price in that location. Since they are builder, they should know what they are doing. Smiling Face With Open Mouth
$520K for those towns? That is absolutely nuts. I realize that they are only building 7 homes there, but you start to add upgrades and wow - simply wow.
Deal Addict
Nov 13, 2013
2317 posts
1117 upvotes
Ottawa
skeet50 wrote: $520K for those towns? That is absolutely nuts. I realize that they are only building 7 homes there, but you start to add upgrades and wow - simply wow.
And Yet there website says both towns and SFHs are sold out. I know some people work in Kanata so that is different but otherwise I really don't understand why anyone would pay that much to live so far away.
Member
Jun 15, 2009
361 posts
75 upvotes
Nepean
This area has similar pricing for Uniform as well, maybe Cardel stretched a little bit more as they got only a few lots. I remember uniform was asking over 450 for towns in Feb 2018 and there was a huge line up to buy those, was like Minto harmony. This in indeed is a great location for people working in Kanata and got a strong demand. Check Uniform pricing....

https://uniformdevelopments.com/new-hom ... ownstones/

fogetmylogin wrote: And Yet there website says both towns and SFHs are sold out. I know some people work in Kanata so that is different but otherwise I really don't understand why anyone would pay that much to live so far away.
[OP]
Deal Addict
Nov 26, 2004
2588 posts
724 upvotes
fogetmylogin wrote: And Yet there website says both towns and SFHs are sold out. I know some people work in Kanata so that is different but otherwise I really don't understand why anyone would pay that much to live so far away.
I think there is the Kanata Lake effect.

Personally, I consider all ritzy neighborhood in Ottawa are located inside the Greenbelt. They are the Rockcliff, Glebe, Westboro, Rothwell Height, Alta Vista/Faircrest Height, Dows Lake, Civic Hospital, Island Park, etc where there are a number of multi million dollars home in the area . And there are also pockets of very exclusive neighborhood in Manotick, and Cedarview area in Barrhaven with an entire streetful of million dollars home.

But apparently some of the people I know , they don't just live in Kanata, but they stress they lives in Kanata Lake, not the cookie cutter massive subdivision, but a master planned community on par with the neighborhoods I mentioned earlier.
Deal Addict
Nov 13, 2013
2317 posts
1117 upvotes
Ottawa
William W wrote: I think there is the Kanata Lake effect.

Personally, I consider all ritzy neighborhood in Ottawa are located inside the Greenbelt. They are the Rockcliff, Glebe, Westboro, Rothwell Height, Alta Vista/Faircrest Height, Dows Lake, Civic Hospital, Island Park, etc where there are a number of multi million dollars home in the area . And there are also pockets of very exclusive neighborhood in Manotick, and Cedarview area in Barrhaven with an entire streetful of million dollars home.

But apparently some of the people I know , they don't just live in Kanata, but they stress they lives in Kanata Lake, not the cookie cutter massive subdivision, but a master planned community on par with the neighborhoods I mentioned earlier.
Yes I think you are right and not just in the greenbelt but most of the above neighbourhoods are within a few kilometers of Parliament Hill. I think this is unusual in North America. Another unusual thing is most of those neighborhoods are not homogenous but have apartments and townhouses as well (granted they are also generally expensive) Rockcliffe is an exception but nearby Lindenlea/New Edinburgh has the same mix.
Deal Fanatic
User avatar
Dec 27, 2009
6998 posts
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Victoria, BC
William W wrote: I think there is the Kanata Lake effect.

Personally, I consider all ritzy neighborhood in Ottawa are located inside the Greenbelt. They are the Rockcliff, Glebe, Westboro, Rothwell Height, Alta Vista/Faircrest Height, Dows Lake, Civic Hospital, Island Park, etc where there are a number of multi million dollars home in the area . And there are also pockets of very exclusive neighborhood in Manotick, and Cedarview area in Barrhaven with an entire streetful of million dollars home.

But apparently some of the people I know , they don't just live in Kanata, but they stress they lives in Kanata Lake, not the cookie cutter massive subdivision, but a master planned community on par with the neighborhoods I mentioned earlier.
I love our area (Fallowfield Village) because nothing is cookie cutter. Huge lots, custom houses, beautiful setting, close to 416 (so just zip in to work). That to me is worth it. Not some cookie cutter planned community.
Newbie
Dec 12, 2013
52 posts
58 upvotes
As I have previously mentioned in this thread, I am going to be selling my executive townhome this year and have been following the market like a hawk... I don't know what is going on anymore with the pricing... Can town homes actually be selling for this much?

House 1

and

House 2
Deal Fanatic
Jul 4, 2004
5618 posts
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Ottawa
StefanW499 wrote: As I have previously mentioned in this thread, I am going to be selling my executive townhome this year and have been following the market like a hawk... I don't know what is going on anymore with the pricing... Can town homes actually be selling for this much?

House 1

and

House 2
A house is worth whatever someone is willing to pay so it's not always obvious to say how much a property is worth but you have to be a careful when looking only at list price. Anyone can list a property for however much they want. Obviously that doesn't mean that they'll get their price (in this case, the second is CS (it's also an end-unit), the first is still on the market (and it's assessed value is a bit less than the first). If you are planning on selling, what you really need to know is how much comparable homes sold for.
Last edited by michelb on Feb 14th, 2019 10:38 am, edited 1 time in total.
Deal Addict
Nov 13, 2013
2317 posts
1117 upvotes
Ottawa
StefanW499 wrote: As I have previously mentioned in this thread, I am going to be selling my executive townhome this year and have been following the market like a hawk... I don't know what is going on anymore with the pricing... Can town homes actually be selling for this much?

House 1

and

House 2
Are you tracking solds? Or just listings? There is no magic max price for a townhouse. E.g.

https://www.realtor.ca/real-estate/2028 ... stingLink‬
Deal Addict
Jan 15, 2017
3436 posts
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fogetmylogin wrote: And Yet there website says both towns and SFHs are sold out. I know some people work in Kanata so that is different but otherwise I really don't understand why anyone would pay that much to live so far away.
They're releasing 7 new homes soon. Won't be on the website yet. People who are registered with them got the option to buy early.
Deal Fanatic
User avatar
Dec 27, 2009
6998 posts
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Victoria, BC
StefanW499 wrote: As I have previously mentioned in this thread, I am going to be selling my executive townhome this year and have been following the market like a hawk... I don't know what is going on anymore with the pricing... Can town homes actually be selling for this much?

House 1

and

House 2
Yes they are. I know townhouses in Kanata sell like hotcakes. Good luck with your sale!

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