Real Estate

Ottawa and Surrounding Area Real Estate market discussion

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  • Mar 29th, 2024 10:52 am
Deal Addict
Nov 10, 2014
1278 posts
3034 upvotes
Ottawa, ON
canabiz wrote: My realtor guy told me yesterday he expects to see more inventory in the spring and a good source would come from investors with properties around the 15 years old mark and beyond.

Rent is not increasing, due to COVID restrictions and general economic conditions, and you have to start looking at some fairly major expenses (roof, furnace, possibly windows) for properties around that age soon so why not cash out and move on to other endeavours.
There will be more listings hitting the market as spring typically has the most RE activity. I am skeptical it will be enough to satisfy demand.

Not sure if more investors will offload their rentals than usual. What other endeavors are worth moving towards when every other asset prices are sky high due to the concern that cash is trash? My rental yield is garbage when looking at rent to current price, but so is the return on GIC and PE ratios of stocks. I think most investors including myself would rather hold and pay for the odd furnace or roof replacement here and there rather than trying to find a new vehicle to park their cash/equity.

I was looking at picking up a unit or two in Edmonton with some other posters here since the Edmonton numbers are far better than anything I can hope to find in Ottawa. I considered selling off a townhouse in Barrhaven and trading it for 2 rear lanes in Edmonton, but prospect of paying a brand new bmw amount in capital gains tax killed the idea. I would have so many more ideas if something like 1031 exchange available in the States were available here. Alas we don't, so my investment philosophy/strategy is now reduced to diamond hands and weekly prayer circles for Ottawa RE to go to the moon and beyond.
Deal Addict
Nov 10, 2014
1278 posts
3034 upvotes
Ottawa, ON
keyfox wrote: Hello vividind, Do you mind sharing some tips on booking the lot via email? I tried booking a lot in the same release by sending the email at exact time(11AM) but no luck. Highly appreciate your help.
I believe Morgan's Creek didn't sell out on day of the release, so you didn't need to have an ungodly reaction time and internet connection to get a lot. My guess is people found the development pricey considering it was on a private street.

As for releases that are really competitive, the tin foil hat theory floated here is that you need to befriend some folks working the the builders, or get a job there so that you are in the employee, friends and family queue.
Sr. Member
May 6, 2012
863 posts
649 upvotes
KANATA
Tadalafil wrote: There will be more listings hitting the market as spring typically has the most RE activity. I am skeptical it will be enough to satisfy demand.

Not sure if more investors will offload their rentals than usual. What other endeavors are worth moving towards when every other asset prices are sky high due to the concern that cash is trash? My rental yield is garbage when looking at rent to current price, but so is the return on GIC and PE ratios of stocks. I think most investors including myself would rather hold and pay for the odd furnace or roof replacement here and there rather than trying to find a new vehicle to park their cash/equity.

I was looking at picking up a unit or two in Edmonton with some other posters here since the Edmonton numbers are far better than anything I can hope to find in Ottawa. I considered selling off a townhouse in Barrhaven and trading it for 2 rear lanes in Edmonton, but prospect of paying a brand new bmw amount in capital gains tax killed the idea. I would have so many more ideas if something like 1031 exchange available in the States were available here. Alas we don't, so my investment philosophy/strategy is now reduced to diamond hands and weekly prayer circles for Ottawa RE to go to the moon and beyond.
Why don't you just refinance the Barhaven TH.
Deal Addict
Nov 26, 2004
4462 posts
4130 upvotes
keyfox wrote: I checked the affordability part and I can get both the mortgages. I also have another question " What should I do with $150k equity (2022 down payment) for a year? Any safe bet?
Currently Canadian Tire Bank is offering 1.8% on their HISA. Because you're taking the money out to "invest" in a HISA, this should allow you to deduct your interest expense from your refinance from day 1.
Deal Addict
Nov 10, 2014
1278 posts
3034 upvotes
Ottawa, ON
welcomelm wrote: Why don't you just refinance the Barhaven TH.
I already have a way to get the down payment, but don't know if I can get the mortgages. I am at a point where process of getting another mortgage is dicey. I probably would refinance and buy in more Edmonton if I know I can get away with it, but I don't know if I can and don't want to tempt fate at this point.
Sr. Member
May 6, 2012
863 posts
649 upvotes
KANATA
Tadalafil wrote: I already have a way to get the down payment, but don't know if I can get the mortgages. I am at a point where process of getting another mortgage is dicey. I probably would refinance and buy in more Edmonton if I know I can get away with it, but I don't know if I can and don't want to tempt fate at this point.
I remember a few pages back someone mentioned 20k annual salary increase is pointless comparing to the RE appreciation. Looks like this is where salary actually means something in our life :)
Sr. Member
May 6, 2012
863 posts
649 upvotes
KANATA
freeman93 wrote: Do you actually believe so? its only about 1300 square feet, including the finished basement. Don't think I've found one townhome this small, with no upgrades go for this value in CP. I've certainly seem the larger end units, with good finishes, however, go around that price. I do, however, still believe CP to fetch higher prices than rockland.
Thanks for pointing that out. Didn't realize it is that small. Well, I am pretty sure it is not the last time I embarrass myself Grinning Face
Deal Fanatic
Jul 4, 2004
7430 posts
4677 upvotes
Ottawa
This week's OREB MLS stats

New Listing (463)
Back On Market (21)
Price Decrease (33)
Price Increase (16)
Conditional Sale (116)
Sold (434)
Expired (16)
Leased (0)
Cancelled (60)
Rented (73)
Suspended (5)

So 484 listing coming on, 704 coming off (including 81 that didn't sell/rent).

Too early to tell but seems slightly cooled from the past 2 weeks (Not a lot of change from last week but more listings, less sales / rentals and more leaving market without selling / renting). That said, still very strong sellers market; lots of bidding wars, most listings selling as soon as they come on the market. Still appears to be quite a few rentals on MLS (a sign that the rental market appears much softer than in the past)

Prior weeks:
Feb 15: 460 coming on the market, 743 coming off (including 75 that didn't sell/rent).
Feb 8: 465 coming on the market, 697 coming off (including 130 that didn't sell/rent).
Feb 1: 384 coming on the market, 690 coming off (including 135 that didn't sell/rent).
Jan 25: 379 coming on the market, 673 coming off (including 123 that didn't sell/rent).
Jan 18: 351 coming on the market, 638 coming off (including 91 that didn't sell/rent).
Jan 11: 361 coming on the market, 479 coming off (including 104 that didn't sell/rent).
Jan 4: 117 coming on the market, 393 coming off (including 176 that didn't sell/rent).
Dec 28: 125 coming on the market, 432 coming off (including 78 that didn't sell/rent).
Dec 21: 303 coming on the market, 616 coming off (including 128 that didn't sell/rent).
Dec 14: 396 coming on the market, 726 coming off (including 161 that didn't sell/rent).
Dec 7: 408 coming on the market, 776 coming off (including 176 that didn't sell/rent).
Nov 30: 381 coming on the market, 789 coming off (including 125 that didn't sell/rent).
Nov 23: 481 coming on the market, 927 coming off (including 147 not sold / rented).
Nov 16: 563 coming on the market, 924 coming off (including 160 not sold / rented)
Nov 9: 651 coming on the market, 920 coming off (including 136 not sold/rented)
Nov 2: 625 coming on the market, 1161 coming off (including 257 not sold/rented)
Oct 26: 712 coming on the marking, 1062 coming off the market (including 170 not sold/rented)
Oct 19: 728 coming on the market and 1098 coming off (including 204 not sold/rented)
Oct 12: 730 coming on the market, 1130 coming off (including 178 not sold/rented)
Oct 5: 836 coming on, 1280 coming off (including 256 not sold/rented)
Sept 28 : 828 listings coming on, 1102 coming off (including 151 not sold/rented)
Sept 21 : 793 coming on, almost 1178 coming off (including 135 not sold/rented)
Sept 14 : 805 coming on, 1008 coming off (including 135 not sold/rented)
Sept 8 : 663 coming on, 1151 coming off (including 163 not sold/rented)
Aug 31 : 772 coming on, 1149 coming off (including 127 not sold/rented)
Aug 24 : 751 coming on, 1126 coming off (including 143 not sold/rented)
Aug 17 : 706 coming on, 1076 coming off (including 141 not sold/rented)
Aug 10 : 693 coming on, 1013 coming off (including 132 not sold/rented)
Aug 4 : 588 coming on, 1160 coming off (including 159 not sold/rented)
Jul 6: 682 coming on, 1304 coming off (including 131 not sold/rented)
June 29 : 727 coming on, 1120 coming off (including 124 not sold/rented)
June 22 : 665 coming on, 1176 coming off (including 117 not sold/rented)
June 15 : 648 coming on, 1060 coming off (including 154 not sold/rented)
June 8 : 587 coming on, 1084 coming off (including 165 not sold/rented)
Deal Fanatic
Jul 4, 2004
7430 posts
4677 upvotes
Ottawa
Fela80 wrote: Some condo townhomes are nearing 500K. This one in the south keys area, 3 bed 2 bath and with a condo fee of $430/month just sold for $471,900. It’s a good time to offload condos. For the longest time condo prices were stagnant. https://www.redfin.ca/on/ottawa/3691-Al ... e_app=true
I noticed this one this morning too! It's crazy. It sold in 2006 for $160k, then in Dec 2019 (basically 15 months ago for $265k and then now for $472k. So it gained a lot more value in 15 months than it had gained in over 13 years!!
Sr. Member
Jul 15, 2019
724 posts
588 upvotes
Spirit2 wrote: 3 bedroom SFH in Rockland -
https://www.redfin.ca/on/clarence-rockl ... /148961663 sold $670K

https://www.redfin.ca/on/clarence-rockl ... /148914066 sold $650K

Both of them selling $100K plus over asking last week.

After the old Bungalow sold $160K over asking last week, https://www.redfin.ca/on/clarence-rockl ... /148876571
and this townhome broke $550K https://www.redfin.ca/on/clarence-rockl ... /148882703

I feel the bidding war is now finally happening east of Orleans too and prices are going up in Rockland to catchup.
Trend continues, it’s funny because when this was posted I thought it would go for $650k.

https://www.redfin.ca/on/clarence-rockl ... ntent=link
Sr. Member
Jan 22, 2021
518 posts
943 upvotes
I was trying to see how many cheaper options are still available in Ottawa. I see that some properties are still listed below $500K but they will likely sell for higher.

Filters applied - Minimum 1 bed, House, Townhouse or Other (Zero condo fees properties), Max price 500K

Number Sold last 3 months - 182
Number Sold last month - 24
Number sold last week - 6

Available for sell Now - 35 . Many of these will sell over $500K and the rest are likely not desirable

So we still had some deals and lots of townhomes/Singles were selling below $500K last November-December. However these have vanished now.

Even if slowdown and stagnation were to happen going forward, finding properties that are any decent under $500K will be almost impossible in and around Ottawa (suburbs included).
Deal Addict
Sep 29, 2013
1000 posts
655 upvotes
Tadalafil wrote: There will be more listings hitting the market as spring typically has the most RE activity. I am skeptical it will be enough to satisfy demand.

Not sure if more investors will offload their rentals than usual. What other endeavors are worth moving towards when every other asset prices are sky high due to the concern that cash is trash? My rental yield is garbage when looking at rent to current price, but so is the return on GIC and PE ratios of stocks. I think most investors including myself would rather hold and pay for the odd furnace or roof replacement here and there rather than trying to find a new vehicle to park their cash/equity.
I totally agree with your "hold" stance. How much can these 2 costs possibly be on a middle unit townhome? 4K + 4K at most? Took a quick look at Barrhaven inventory in my favourite areas and after a slight bump, the map has gone down to holiday season / lockdown levels.
Deal Addict
Sep 29, 2013
1000 posts
655 upvotes
NuF518600 wrote: Does anyone have a recommendation for home renovation company in Ottawa? In particular to remodel a kitchen to a modern one.
Damn! No one replied to your post?

I can tell you one thing if you go the DIY route...
Do not buy Rona/Lowes/Reno Depot "Eklipse" cabinets. The white finish is matte, attracts fingerprints like crazy, and doors are fragile as heck cause it is made with high density mdf wrapped in some paper thin stuff. The rest of the box is made with sold 3/4" melamine and has good hinges which are not height adjustable.
If it were for myself, I would choose something shiny. Wood is always good cause it can be refinished.

Once you are done your cabinets. Go see Platinum Granite. If you like white quartz, you are in luck cause that is 80% of his sales and he gets his slabs from Hanstone Canada.
Newbie
Feb 24, 2020
10 posts
7 upvotes
https://www.redfin.ca/on/ottawa/71-Bald ... /174425809

Kanata South, tract build (36' Valleyfield model - Mattamy), unfinished basement and it looks like the house was empty and not staged. $958k!

Same model and looks to be the same/close neighbourhood has just been put up for $725k. I wonder how much over asking this will go.
https://www.redfin.ca/on/ottawa/522-Bri ... /148761653
Sr. Member
Jan 22, 2021
518 posts
943 upvotes
superskss wrote: https://www.redfin.ca/on/ottawa/71-Bald ... /174425809

Kanata South, tract build (36' Valleyfield model - Mattamy), unfinished basement and it looks like the house was empty and not staged. $958k!

Same model and looks to be the same/close neighbourhood has just been put up for $725k. I wonder how much over asking this will go.
https://www.redfin.ca/on/ottawa/522-Bri ... /148761653

Could be just me but the front facade on the second one looks even more ugly than the first one.

we discussed the first house few pages back when it did not sell with a bidding war expectation. The sellers were probably expecting more than a million. At least they got $950 plus after the bidding war did not work out and they raised the price. And the lot is one of the smallest you can have for a 4 Bed Single house to go with the ugly look. I know its 4bed plus loft but the bedrooms are small.

If I am am buying to live in a house then this is one of the worst ways I can spend 1 million on a house. I will feel like $hitt every time I drive in to that driveway that I paid close to 1 million for this.
Sr. Member
Aug 22, 2016
626 posts
408 upvotes
superskss wrote: https://www.redfin.ca/on/ottawa/71-Bald ... /174425809

Kanata South, tract build (36' Valleyfield model - Mattamy), unfinished basement and it looks like the house was empty and not staged. $958k!

Same model and looks to be the same/close neighbourhood has just been put up for $725k. I wonder how much over asking this will go.
https://www.redfin.ca/on/ottawa/522-Bri ... /148761653
Both don't deserve to be close to Million IMO. The one sold for 958K no walkout basement, unfinished basement, backyard got nothing yet. 36X88.9 lot, I guess the overflow parking will be the street for a million dollar house.
Sr. Member
Oct 22, 2007
651 posts
530 upvotes
superskss wrote: https://www.redfin.ca/on/ottawa/71-Bald ... /174425809

Kanata South, tract build (36' Valleyfield model - Mattamy), unfinished basement and it looks like the house was empty and not staged. $958k!

Same model and looks to be the same/close neighbourhood has just been put up for $725k. I wonder how much over asking this will go.
https://www.redfin.ca/on/ottawa/522-Bri ... /148761653
First one is 2021 built, and second one is 2013 built. So I guess the first one is flipping house. The seller probably paid ~$700k one year ago, and sold it at $958k right after closing. Therefore, the seller made a profit of ~$258k (minus HST rebate $24k, LTT, CG tax, broker & legal fees etc etc...). Still the seller made a good chunk of money.
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