Real Estate

Ottawa Real Estate market discussion

  • Last Updated:
  • Oct 23rd, 2020 7:54 pm
Newbie
Feb 17, 2008
18 posts
7 upvotes
michelb wrote: I haven't really looked into it for a while but I believe as long as the builder provides sufficient notice, they can delay pretty much indefinitely with no penalty.

FWIW, post-COVID or pre-COVID, I believe that everyone I know (myself included) that bought a new build had delays.

Not to mention the at least 2 projects in Ottawa where the builder took deposits but eventually cancelled the development after several years because it wasn't economically viable (I suspect that they just realized that the property values had gone up enough that they could just do a different project and charge more - we'll have to see if that's how it plays out).
On that note, Uniform was telling me that they almost always hit their deadline dates. Does anyone have any idea if this is accurate?
[OP]
Deal Addict
Nov 26, 2004
2588 posts
724 upvotes
michelb wrote: FWIW, post-COVID or pre-COVID, I believe that everyone I know (myself included) that bought a new build had delays.
That being said, Olympia Homes are asking some of their buyers if they want to close early on their purchases. Apparently they are ahead of construction schedule for some of the homes that are schedule to close on May 2021. These homes already have their roof up and they are at the plumbing/electric wiring stage.

I was told by the owner himself that throughout the height of COVID, all his trades and workers were working at "full force" on their sites.
Newbie
Sep 29, 2013
44 posts
29 upvotes
Zero Hope wrote: Based claridge's instagram post, their initial blocks (not sure how many) in Watter's Pointe has sold out on release weekend and they are now releasing 3 more blocks.
I went there last night and they secretly released 3 more blocks.
Cheapest town was 598K.
Most expensive was ~689K.
Member
Nov 10, 2014
314 posts
376 upvotes
Ottawa, ON
LOL, did they manage to sell more lots at that price?
Barrhaven townhomes are becoming a meme stock like the tech stocks now, and cannabis stocks couple of years back. Someone should figure out how to list them on Nasdaq.
Member
Jul 15, 2019
348 posts
241 upvotes
William W wrote: That being said, Olympia Homes are asking some of their buyers if they want to close early on their purchases. Apparently they are ahead of construction schedule for some of the homes that are schedule to close on May 2021. These homes already have their roof up and they are at the plumbing/electric wiring stage.

I was told by the owner himself that throughout the height of COVID, all his trades and workers were working at "full force" on their sites.
I drove by the longwood build site in rockland last weekend, and there was nothing there 2-3months ago. I see a few that are already owner occupied, dang they are quick when they have to be.
[OP]
Deal Addict
Nov 26, 2004
2588 posts
724 upvotes
Tadalafil wrote: LOL, did they manage to sell more lots at that price?
Barrhaven townhomes are becoming a meme stock like the tech stocks now, and cannabis stocks couple of years back. Someone should figure out how to list them on Nasdaq.
It is like parents hitting up every Walmart, BestBuy, Staples, etc this weekend trying to find a Chromebook. Except people are hitting Mattamy's, Minto's Richcraft's, etc sales centre to buy a Town home. :facepalm:
Member
Jul 15, 2019
348 posts
241 upvotes
freeman93 wrote: I drove by the longwood build site in rockland last weekend, and there was nothing there 2-3months ago. I see a few that are already owner occupied, dang they are quick when they have to be.
In other news 6 homes from the Coleman central area have been registered with tarion, which would mean approval of permits I believe.

Idk if anyone was still waiting on that info or not.

https://www.tarion.com/ontariobuilderdi ... ella/11962
Member
May 23, 2007
435 posts
135 upvotes
Kanata
Now that is ot only crazy but scary.

AddictRC wrote: I went there last night and they secretly released 3 more blocks.
Cheapest town was 598K.
Most expensive was ~689K.
Deal Addict
Jul 7, 2007
1082 posts
616 upvotes
Tadalafil wrote: LOL, did they manage to sell more lots at that price?
Barrhaven townhomes are becoming a meme stock like the tech stocks now, and cannabis stocks couple of years back. Someone should figure out how to list them on Nasdaq.
Well, I’ve been taking profits from my 10x leveraged T$LA calls and now I am able to add multiple precon Barrhaven townhomes to my growing portfolio. Treat these precons like calls, only have to pay the down payment for now. What can go wrong guys? Right, RIGHT?

Brb gonna create r/OttawaREBets
Last edited by Zero Hope on Sep 15th, 2020 12:57 pm, edited 1 time in total.
Newbie
Sep 29, 2013
44 posts
29 upvotes
William W wrote: It is like parents hitting up every Walmart, BestBuy, Staples, etc this weekend trying to find a Chromebook. Except people are hitting Mattamy's, Minto's Richcraft's, etc sales centre to buy a Town home. :facepalm:
I saw a few red dots in the new release. I think this is gonna be close to the new "Barrhaven Downtown" or whatever. I'll keep my eye on Mattamy "Promenade".
Member
Jan 29, 2020
241 posts
286 upvotes
Zero Hope wrote: Well, I’ve been taking profits from my 10x leveraged T$LA calls and now I am able to add multiple precon Barrhaven townhomes to my growing portfolio. Treat these precons like calls, only have to pay the down payment for now. What can go wrong guys? Right, RIGHT?

Brb gonna create r/OttawaREBets
It is all about the TQQQ now. Triple leverage - this is the way. More risk, more reward.

In Ottawa, we don't need to take such bets because real estate here can never go down, it's a kind of natural law.
Newbie
Sep 13, 2020
5 posts
1 upvote
Hi Guys, investor newbie question please. For multiple properties is it required to have 20% down for non-primary residences?
Newbie
Sep 29, 2013
44 posts
29 upvotes
Zero Hope wrote: Well, I’ve been taking profits from my 10x leveraged T$LA calls and now I am able to add multiple precon Barrhaven townhomes to my growing portfolio. Treat these precons like calls, only have to pay the down payment for now. What can go wrong guys? Right, RIGHT?

Brb gonna create r/OttawaREBets
Are you serious? You got balls if you are.
If you are treating these as flips:
1. You have to hold them for 1 year or risk losing the HST rebate.
2. You will probably have to pay ~25% capital gains
3. You have to eat the land transfer + legal fees
Newbie
Sep 13, 2020
5 posts
1 upvote
Thanks, any recommended additional resources on getting started with multiple homes or good brokers/accountants specializing in this area?

Related to claridge, closing in 2022. Perhaps that far out is related to crazy prices.

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