Real Estate

Ottawa Real Estate market discussion

  • Last Updated:
  • Nov 27th, 2020 6:37 am
Newbie
Aug 25, 2010
94 posts
55 upvotes
HotDealBreaker wrote: Just find same 43' singles in Minto's Avalon in orleans are $80,000 higher than those in Arcadia. Anyone knows why the difference?
odd catch..thats a pretty big difference. 37' only seem to be $5k higher. Do they have any different incentives/upgrades included for 43'?
Deal Fanatic
Dec 28, 2006
5988 posts
556 upvotes
Kanata
NomNomNom wrote: Late winter/early spring 2022. Dates and premiums for tomorrow's release attached...
Thanks, what about the towns, can we find those on their website? I cannot.
Newbie
May 5, 2020
15 posts
18 upvotes
Zero Hope wrote: I bought a Laguna during Feb 2020 peak when it was 467k. Now its 14% higher 7 months later.

May 2019 (412,900) to February 2020 (467,900) = 13% increase over over 9 months
February 2020 (467,900) to September 2020 (532,900) = 14% increase over 7 months

Post-COVID gains have been faster than pre-COVID gains.
I bought a Laguna in July, 2020 , 494k , the yesterday release is 532k, that means 38k increase in 2 months. My closing date is Nov. 2021

What's interesting for me is the fact that not every townhome model was increased at the same amount or comparable. At the time I purchased Laguna by 494k, Haven was 492k, now Laguna is 532k and Haven is 519k. I had a similar experience with Richcraft. My guess is that builders increase the price of their models based on the popularity of the model, maybe! I'm not sure Laguna is more popular than Haven tho.
Member
Jul 15, 2019
363 posts
253 upvotes
Mrperson wrote: I bought a Laguna in July, 2020 , 494k , the yesterday release is 532k, that means 38k increase in 2 months. My closing date is Nov. 2021

What's interesting for me is the fact that not every townhome model was increased at the same amount or comparable. At the time I purchased Laguna by 494k, Haven was 492k, now Laguna is 532k and Haven is 519k. I had a similar experience with Richcraft. My guess is that builders increase the price of their models based on the popularity of the model, maybe! I'm not sure Laguna is more popular than Haven tho.
Generally this is the case the models that are moving the quickest get raised more at times. While some models don’t even actually sell, but the price is increased regardless.
Deal Guru
Oct 30, 2006
14712 posts
4126 upvotes
129 Post Road, listed at $499,900 and sold for $640,000.
TripleQ wrote:I read Click magazine for the articles!
Sr. Member
Nov 6, 2007
658 posts
170 upvotes
Lone_Prodigy wrote: 129 Post Road, listed at $499,900 and sold for $640,000.
Huge, huge lot backing on to a park.

I guess some people really value that lot and yard.
Member
Aug 22, 2016
365 posts
200 upvotes
Lone_Prodigy wrote: 129 Post Road, listed at $499,900 and sold for $640,000.
The house has enough updates to command that price. It was listed low to attract multiple bidders.
[OP]
Deal Addict
Nov 26, 2004
2611 posts
756 upvotes
rivet wrote: I really don't understand the Ottawa RE market, it is not like the economy is flying here. Does it still worth to invest any RE here now or there will be any cool down time here? I really feels like the price in a suburb like Kanata lakes are really already not cheaper than similar suburb in Toronto, don't forget the property tax is way higher than Toronto, which means way higher cost for the house at the same price.
I think Ottawa has a way to go before it will match Toronto prices.

I would say Rockcliff is equivalent to Rosedale in Toronto. Take this one for example:

https://www.realtor.ca/real-estate/2196 ... liffe-park

It is a fixer uppper, and let's say the buyer sink $1M to reno the place, I doubt one can buy a 4000+ sq ft waterfront home on a 3/4 acre lot that is only 4km from Queens Park for $2.75M. May be double that.
Member
May 23, 2007
441 posts
136 upvotes
Kanata
Can you say Asbestos?

On a side note does anyone know where you can actually buy a new construction townhouse in and around Ottawa, besides Arcadia? Seems like most builders are sold out.

William W wrote: I think Ottawa has a way to go before it will match Toronto prices.

I would say Rockcliff is equivalent to Rosedale in Toronto. Take this one for example:

https://www.realtor.ca/real-estate/2196 ... liffe-park

It is a fixer uppper, and let's say you have a $1M reno budget, I doubt one can buy a 4000+ sq ft waterfront home on a 3/4 acre lot that is only 4km from Parliament Hill / Queens Park for $2.75M.
[OP]
Deal Addict
Nov 26, 2004
2611 posts
756 upvotes
z613 wrote: Can you say Asbestos?

On a side note does anyone know where you can actually buy a new construction townhouse in and around Ottawa, besides Arcadia? Seems like most builders are sold out.
I would like to think the Asbestos can be remediated for $100k.

Depends on how far you want to drive. As of a month ago, you can still walk in to the Sales Centre at Olympia Homes in Carlton Place and Arnprior and still be able to buy one without lining up.
Deal Addict
Nov 13, 2013
2342 posts
1139 upvotes
Ottawa
William W wrote: I think Ottawa has a way to go before it will match Toronto prices.

I would say Rockcliff is equivalent to Rosedale in Toronto. Take this one for example:

https://www.realtor.ca/real-estate/2196 ... liffe-park

It is a fixer uppper, and let's say the buyer sink $1M to reno the place, I doubt one can buy a 4000+ sq ft waterfront home on a 3/4 acre lot that is only 4km from Queens Park for $2.75M. May be double that.
This house has issues for sure but in Toronto you are looking at way more than double. A swim-able lake and bikeable to downtown? $20 million or more probably. Actually it seems under-priced even for Ottawa. "As is" scares most away I guess.

Ottawa prices will probably never approach Toronto prices especially at the high end. Incomes are high and fundamentals are strong but Ottawa is not a world city that attracts the world's wealthy.
Last edited by fogetmylogin on Sep 14th, 2020 8:02 am, edited 1 time in total.
Deal Fanatic
Jul 4, 2004
5708 posts
1768 upvotes
Ottawa
Here are the weekly OREB MLS numbers

New Listing (755)
Back On Market (50)
Price Decrease (111)
Price Increase (41)
Conditional Sale (248)
Sold (556)
Expired (20)
Leased (0)
Cancelled (109)
Rented (66)
Suspended (9)

Approx 800 coming on the market, 1000 coming off the market. Still a buyers market but I believe the numbers have been trending more towards balanced and, although there are still a lot of bidding wars, more properties are starting to sell at or below asking.
Jr. Member
Jan 10, 2012
174 posts
44 upvotes
Ottawa
NomNomNom wrote: Any word on how Mintos Arcadia weekend release went?
Based on the map, all lots are sold!
Newbie
Aug 25, 2010
94 posts
55 upvotes
NomNomNom wrote: Any word on how Mintos Arcadia weekend release went?
Nevermind, Looks like it was very successful:
Site plan before this weekend (note the available lots in yellow): https://media.minto.com/doc/ppages/38/A ... 0_2020.pdf
Site plan after this weekend's release (all red = sold now): https://media.minto.com/doc/ppages/38/A ... 4_2020.pdf

Madness continues...

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