Real Estate

Ottawa Real Estate market discussion

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  • Oct 13th, 2019 11:26 am
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Member
Aug 6, 2011
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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?
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Dec 27, 2009
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fogetmylogin wrote:
Feb 12th, 2019 2:27 am
most people don't use their backyards much anyway.
Well, not if they don't have one. I use mine all the time.
Member
Jun 15, 2009
284 posts
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Nepean
Unless you do fix and flip or buy a home built before 2010, just because of the modest price difference, I prefer new home over resell. I find resell prices are very much in line with new home builds. And does not matter how the market unfolds, as long rental market stays healthy, I don't see an issue in buying today or in the long run. Though, I am having hard time finding new homes which will be break even forget about cash flow...
jeeva86 wrote:
Feb 11th, 2019 5:20 pm
Any investors out there looking at pre construction towns/singles or already in the market?
Member
Jun 15, 2009
284 posts
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Nepean
I guess they are running full steam, but there is plenty of supply offered by the new home builder especially Mattamy with 3 location in Kanata. Some of the builders I visited in last couple weeks are not budging on the price and not willing to negotiate and have always seen 1/2 people in process of signing the agreement.
cyberfreak123 wrote:
Feb 12th, 2019 9:59 am
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?
Member
Jun 15, 2009
284 posts
32 upvotes
Nepean
Does anyone have any experience in owning rental units in neighbouring cities surrounding Ottawa like Russel, North Gower, Greely, Cornwall, Prescott etc.

Do you suggest Multiplex or single unit?
How is the rental market like how easy is to rent out and rent amount, churn etc?

Any pointers will be appreciated
[OP]
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Nov 26, 2004
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ghasita wrote:
Feb 12th, 2019 10:24 am
I guess they are running full steam, but there is plenty of supply offered by the new home builder especially Mattamy with 3 location in Kanata. Some of the builders I visited in last couple weeks are not budging on the price and not willing to negotiate and have always seen 1/2 people in process of signing the agreement.
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.
Last edited by William W on Feb 12th, 2019 11:03 am, edited 1 time in total.
Member
Aug 14, 2007
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Ottawa
cyberfreak123 wrote:
Feb 12th, 2019 9:59 am
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
284 posts
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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:
Feb 12th, 2019 11:00 am
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.
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Jul 4, 2004
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fogetmylogin wrote:
Feb 12th, 2019 2:27 am
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:
Feb 12th, 2019 10:05 am
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)
Member
Aug 14, 2007
442 posts
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Ottawa
michelb wrote:
Feb 12th, 2019 12:46 pm
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...
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Jan 15, 2017
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audiorichard wrote:
Feb 12th, 2019 11:01 am
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.
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Nov 13, 2013
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skeet50 wrote:
Feb 12th, 2019 7:00 pm
$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
284 posts
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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:
Feb 13th, 2019 4:48 am
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]
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Nov 26, 2004
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fogetmylogin wrote:
Feb 13th, 2019 4:48 am
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.
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William W wrote:
Feb 13th, 2019 6:54 am
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.

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