Real Estate

Ottawa Real Estate market discussion

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  • Dec 2nd, 2020 11:55 pm
Deal Fanatic
User avatar
Dec 27, 2009
7080 posts
4230 upvotes
Victoria, BC
wiab89 wrote: Possible pot shop in Barrhaven as per CBC. What do people think about the effect of this on real estate there? If something like this was scheduled to open up in my neighbourhood I’d be listing tomorrow.
Why? Who gives a shit? A little pot never hurt anybody. You sound silly.
Newbie
Sep 27, 2018
35 posts
46 upvotes
A friend has agreed to sell her place privately before even listing it. Word of mouth type of thing.
If anyone here can recommend a lawyer to close the deal, kindly PM me.
Sr. Member
Mar 9, 2014
660 posts
663 upvotes
Ottawa
chipspew wrote: Hey there. A house in the area I am looking at for my aunt just had a SOLD sign pop up today. There was no sign there yesterday? It is not listed on mls that we can find. How does this work? We are also curious if anyone her knows what it sold for? The address is 4 Conacher Gate, Kanata.

Thanks
4 Conacher Gate was sold without going through MLS. The Realtor just placed the sign there to advertise himself/herself.
Sr. Member
Mar 9, 2014
660 posts
663 upvotes
Ottawa
Meha68 wrote: Hey,anyone can help me to find any details about 81 baneberry crescent ottawa,sold value ,conditions etc
I will PM you the details.
Sr. Member
Apr 5, 2017
502 posts
97 upvotes
Is Ottawa a good place for investment properties ? Like rentals...
Sr. Member
Aug 6, 2011
590 posts
261 upvotes
MK1986 wrote: Is Ottawa a good place for investment properties ? Like rentals...
I'd say yes but it depends what you're looking for. Different investors have different style of investment. Myself, I'm more a buy and hold long term guy and I'm pretty happy with it. I like properties in strategic locations inside the Greenbelt. Most properties don't cashflow like crazy at purchase, maybe slighly cashflow positive at best in decent neighborhood. But high cashflow is possible if you improve it, rent by rooms or choose less desirable neighborhoods. I'm currently looking for a tenant for a vacant unit and responses from my ads are beyond my expectation, despite big increase in asking rent. Rentals demand is very high.
Sr. Member
Apr 5, 2017
502 posts
97 upvotes
cyberfreak123 wrote: I'd say yes but it depends what you're looking for. Different investors have different style of investment. Myself, I'm more a buy and hold long term guy and I'm pretty happy with it. I like properties in strategic locations inside the Greenbelt. Most properties don't cashflow like crazy at purchase, maybe slighly cashflow positive at best in decent neighborhood. But high cashflow is possible if you improve it, rent by rooms or choose less desirable neighborhoods. I'm currently looking for a tenant for a vacant unit and responses from my ads are beyond my expectation, despite big increase in asking rent. Rentals demand is very high.
What's the average price there for a 3 or 4 bedroom in decent neighborhoods ? Which areas are the best if I'm planing to hold the property for long term and rented it out as you do ?
Sr. Member
Aug 6, 2011
590 posts
261 upvotes
MK1986 wrote: What's the average price there for a 3 or 4 bedroom in decent neighborhoods ? Which areas are the best if I'm planing to hold the property for long term and rented it out as you do ?
I like detached bungalow in mature neighborhoods with good transit. I'd say 450K or cheaper if you can find it, but it'll likely require some work. But you can find semis for cheaper. I convert the basement into a legal basement unit. When the units looks modern and clean, I have no problem attracting decent tenants. But you can find already built basement unit as well. If you buy right, it's good cashflow. As which neighborhood, I like convenient access to universities (Ottawa U or Carleton U), colleges (Algonquin), close to hospitals ,close to the LRT.
I like multifamilies for their strong and stable income but they're crazy expensive, unless you go to Gatineau...
Deal Fanatic
Jul 4, 2004
5717 posts
1774 upvotes
Ottawa
cyberfreak123 wrote: I'd say yes but it depends what you're looking for. Different investors have different style of investment. Myself, I'm more a buy and hold long term guy and I'm pretty happy with it. I like properties in strategic locations inside the Greenbelt. Most properties don't cashflow like crazy at purchase, maybe slighly cashflow positive at best in decent neighborhood. But high cashflow is possible if you improve it, rent by rooms or choose less desirable neighborhoods. I'm currently looking for a tenant for a vacant unit and responses from my ads are beyond my expectation, despite big increase in asking rent. Rentals demand is very high.
Honestly, I kind of disagree that Ottawa rentals are that good for investors. Although there's a very strong demand for rentals in the city and rental prices have gone up quite a bit, given the real estate prices, I don't think there's huge profits to be made. There is profit to be made but I suspect factoring the opportunity cost (i.e. whatever you have in the rental property you could invest elsewhere and get decent returns) and the work involved in having rentals, personally I think you can probably do better than buying rentals. I do agree that you can make more money with cheaper / less desirable properties.

FWIW, I own 2 rental apartments (actually 3 but 1 is rented to my in-laws at a low rent so I don't really count that one) and both are cash positive but we bought both when prices were quite a bit lower. We've owned 1 for about 18 years, over that time, it's appreciated maybe 50% and until a few years ago, we simply had it in the rental pool and it was cash negative. The second we bought about 3 years ago as a "handyman special" so the price was quite low and it has appreciated quite a bit in the last few years. We were renting both on AirBnb which was quite profitable (although certainly more work) but the condo board has since banned short term rentals so we had to stop that. We still do well with the rentals because we rent fully furnished, all-included for 6 months and I think we've managed to find a niche market (I think we rent for at least 50% more than the rental pool rents but we do have more costs).
Deal Fanatic
Jul 4, 2004
5717 posts
1774 upvotes
Ottawa
cyberfreak123 wrote: I like detached bungalow in mature neighborhoods with good transit. I'd say 450K or cheaper if you can find it, but it'll likely require some work. But you can find semis for cheaper. I convert the basement into a legal basement unit. When the units looks modern and clean, I have no problem attracting decent tenants. But you can find already built basement unit as well. If you buy right, it's good cashflow. As which neighborhood, I like convenient access to universities (Ottawa U or Carleton U), colleges (Algonquin), close to hospitals ,close to the LRT.
I like multifamilies for their strong and stable income but they're crazy expensive, unless you go to Gatineau...
Unless you buy / convert the single family residences to multiple units, I think it's hard to make money, for a detached single family 3 or 4 bedroom, I think you are looking at least $450k-600k pretty much anywhere in the city and I think you'd be hard pressed to get more than $2500-$3000 per month in rent (from my observations, I think the rental market is pretty much non-existant above that despite it being very strong below $2500). At those prices, I just don't think the returns are really worth it once you factor your holding cost, expenses and return.
Jr. Member
Mar 1, 2016
174 posts
101 upvotes
OttawaGardener wrote: Hintenburg is changing. My son lives here with two others (and his dog). Listed last Wednesday, one- hour of showings on Thursday, and apparently now sold.

Tear-down on a double lot, $899,999! Assume the landlord got close to or = asking.

https://www.century21.ca/Property/ON/K1 ... 1421049454
What was the work order issue that the buyer needed to address with the city? Found that a bit curious in a $900K listing.
Deal Addict
Aug 30, 2011
3459 posts
1217 upvotes
Ottawa
BigDurian wrote: What was the work order issue that the buyer needed to address with the city? Found that a bit curious in a $900K listing.
I wondered that too. My son doesn't know, in fact he wasn't aware the property was to be up for sale until the sign went up. To me it would have been a courtesy of the landlord to give a heads up.
Deal Addict
Nov 13, 2013
2347 posts
1142 upvotes
Ottawa
OttawaGardener wrote: Hintenburg is changing. My son lives here with two others (and his dog). Listed last Wednesday, one- hour of showings on Thursday, and apparently now sold.

Tear-down on a double lot, $899,999! Assume the landlord got close to or = asking.

https://www.century21.ca/Property/ON/K1 ... 1421049454
If this is a full 80 X 100 lot that is a good price. Easily put 4 units in there that will sell for $950k each. $450k for a tear down lot is good and having two next door is even better (plus only one house to tear down).

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