Real Estate

Ottawa Real Estate market discussion

  • Last Updated:
  • Nov 28th, 2020 4:42 am
Sr. Member
Aug 6, 2011
590 posts
261 upvotes
fisher44 wrote: I know this forum is for Ottawa, not Gatineau... however I have an older relative who wants to move back to the Ottawa area to be with family. He's got a small but fixed monthly income of approx. $1200/month from OAS and some other retirement programs. He's hoping to avoid renting an apartment.

I'm wondering if it would make sense to buy a cheap house somewhere in Gatineau or and have him as a permanent tenant. I trust this person enough to pay rent on time and be a perfect tenant, and without sounding too morbid I think he'll be around for another 15 years at least.

Any thoughts on where to start or where to look? I wouldn't mind being a little cash flow negative for the sake of helping this person out.
i’d look in Hull because it’s more central. Prices are rising due to limited inventory so don’t wait too long. median price is 10% up YoY.
Member
Mar 6, 2017
362 posts
238 upvotes
golfyfan wrote: I think that's pretty much the market price these days. Lots of condo townhomes in Orleans have sold over $320k, in central nepean I've seen them going close or over $400k and this unit is inside the greenbelt.

It'll have no issues getting $1500-1700 / month plus utilities, if it didn't use electrical baseboard for heating, it would've sold for and could rent for more.
302 is a very fair price then and I’m assuming investors are probably competing in there as well
Member
Nov 10, 2014
330 posts
397 upvotes
Ottawa, ON
Corona be damned, Ottawa RE hitting new highs every week. Mattamy increased prices by 25k in a week on the 46' model in Blackstone South. I was whining 10k/ week was ridiculous couple of pages back. I guess i need to catch up with the time.
Jr. Member
Jul 1, 2015
115 posts
44 upvotes
ON
Richcraft in RSS sold out today on all 13 TH lots. Increase of 23k since January where the most expensive model went for 550K.
[OP]
Deal Addict
Nov 26, 2004
2614 posts
762 upvotes
fisher44 wrote: I know this forum is for Ottawa, not Gatineau... however I have an older relative who wants to move back to the Ottawa area to be with family. He's got a small but fixed monthly income of approx. $1200/month from OAS and some other retirement programs. He's hoping to avoid renting an apartment.

I'm wondering if it would make sense to buy a cheap house somewhere in Gatineau or and have him as a permanent tenant. I trust this person enough to pay rent on time and be a perfect tenant, and without sounding too morbid I think he'll be around for another 15 years at least.

Any thoughts on where to start or where to look? I wouldn't mind being a little cash flow negative for the sake of helping this person out.
I think an alternative is to find a duplex or a single with an inlaw suite, and use the rent from the other unit to subsidize your relative.

No idea what this neighbourhood is like. But something like this may work.

https://www.realtor.ca/real-estate/2157 ... 3%A9-ville
Last edited by William W on Mar 7th, 2020 8:37 pm, edited 1 time in total.
Newbie
Oct 4, 2007
98 posts
9 upvotes
Hi All,

Would like to ask for your expert advice:

I work for Foreign Affairs and have been away from Ottawa on postings since 2013. I'm now lined up for another assignment that will keep me out of the NCR until 2025 at least. I bought into Vanier a decade ago and sold my freehold last fall to cash out during (what I assumed would be the peak of) the hot market, so currently no primary residence.

I have another 2br rental condo on Beechwood (new Domicile build, 2015 occupancy). Not meeting cashflow, but we have unicorn tenants that more than make up for it. Comparable units in the building were selling at around $480-500K last summer, but there haven't been any listings lately so I'm not sure of what it would fetch at the moment.

I've never lived in the unit but like the neighborhood (easy walk to work - no interest in a vehicle commute). Due to the nature of the job, over the next few decades I will probably have a few 2-3 years stints in Ottawa, but I don't plan on living in here post-retirement. Ultimate goal is eventually being able to pick up property in BC at a discount if at some point there's a market correction.

I keep seeing the stats on how crazy the Ottawa market is getting - especially for condos - but am not sure about this particular market segment. Would welcome your views on the wisdom of selling now vs locking down on the current super-cheap interest rates ahead of renewal in November.

Thanks in advance for your help!
Newbie
Feb 24, 2020
6 posts
2 upvotes
Mattamy release in HMB (6 singles) today all sold out. 35k - 45k price change for some models since January release. Spring is looking to be busy...
Member
Feb 7, 2018
251 posts
318 upvotes
gyunei wrote: Due to the nature of the job, over the next few decades I will probably have a few 2-3 years stints in Ottawa, but I don't plan on living in here post-retirement.
Sell the unit and rent when you come back to Ottawa. FYI it wiill be harder to sell if tenanted and losing money (means that new buyer will lose even more $$ every month than you are), you will likely have to come down on your price expectations or expect it to languish on the market.
Newbie
Nov 2, 2019
17 posts
7 upvotes
It doesn't include all sales. Maybe only Royal LePage sales. Property I bought in Sandy Hill in May 2019 did not show up.
Sr. Member
Aug 14, 2007
520 posts
275 upvotes
Ottawa
DavidB79638 wrote: It doesn't include all sales. Maybe only Royal LePage sales. Property I bought in Sandy Hill in May 2019 did not show up.
I can find the property that I sold by myself nine months ago, so maybe the website does not have the complete list or you do not use the right filter on the website.
Sr. Member
May 23, 2017
815 posts
545 upvotes
For anyone in the market to buy a house right now, are you seeing a lot more listings now offering a lower commission to the buy side agent since the market is so hot? (i.e. 2% or 1.5% instead of the typical 2.5%.)

I haven't been in the market to buy in the last year so I'm out of the loop...it used to be that majority of listings offered 2.5%, with only a few (mostly ones that were done through Purple Bricks etc.) offering lower, and the conventional wisdom was that it wasn't worth it to lower the commission since real estate agents might preferentially try to ignore your listing in favour of others offering full commission. However, I am curious if that has changed now since the market is so lopsided--inventory is so low and demand so high that agents are already having a hard time trying to close a deal for their clients, I don't think they can afford to "ignore" or put your listing at a lower priority just because the commission offered is lower than 2.5%.

Any thoughts/observations?
Deal Fanatic
Jul 4, 2004
5708 posts
1769 upvotes
Ottawa
YusufC72702 wrote: Anyone knows how much 2029 GATINEAU VIEW CRESCENT went for?
It's still marked as active (it's likely they are negotiating with the buyers of the best offer). Sale price will not be available until it's marked as sold.

(My personal opinion is that given recent local sales, this will likely be above $500k but I haven't seen it (condo townhome a few blocks away recently sold for around $365k and I think this will go well above that)).

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