Real Estate

Ottawa and Surrounding Area Real Estate market discussion

  • Last Updated:
  • Jan 20th, 2021 12:05 am
Deal Guru
Oct 30, 2006
14788 posts
4258 upvotes
Wonder if it's just confirmation bias but I've noticed about 3-4 houses going up for the sale recently in my neighbourhood. Checking realtor.ca, they're priced similarly. Must be trying to sell before winter hits.
TripleQ wrote:I read Click magazine for the articles!
Deal Addict
Dec 23, 2010
1849 posts
909 upvotes
Moon
The closing date of my new home is approaching and I'm looking for an experienced home inspector who knows the Tarion warranty very well and will be able to conduct an inspection and produce a detailed report for me that I can submit to Tarion.

Also looking for a good electrician to install potlights.

Anyone have recommendations?
Deal Addict
Dec 4, 2016
1866 posts
888 upvotes
For those who looked at new builds recently, does the builder make your assume responsibility for the rental tank, as in a signing a contract for it, or is it still the underhanded "you sign your contract when you pay your first bill" kind of thing?
Deal Fanatic
Jul 4, 2004
5856 posts
1917 upvotes
Ottawa
BlueSolstice wrote: For those who looked at new builds recently, does the builder make your assume responsibility for the rental tank, as in a signing a contract for it, or is it still the underhanded "you sign your contract when you pay your first bill" kind of thing?
Haven't bought a new home in almost 25 years so I'm not sure if it's a special clause or if it's just under "buyer assumes all rentals" generic clause but I strongly suspect it's in the contract and speaking with a friend who's a lawyer for a firm that does the contracts for Minto, she says those clauses are bulletproof and you won't get out of them without doing the buy-out.
Deal Fanatic
User avatar
Feb 2, 2014
8496 posts
2398 upvotes
Toronto
BlueSolstice wrote: For those who looked at new builds recently, does the builder make your assume responsibility for the rental tank, as in a signing a contract for it, or is it still the underhanded "you sign your contract when you pay your first bill" kind of thing?
You (the buyer) assume the rental contract.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
Nov 13, 2013
2368 posts
1155 upvotes
Ottawa
Applesmack wrote: The closing date of my new home is approaching and I'm looking for an experienced home inspector who knows the Tarion warranty very well and will be able to conduct an inspection and produce a detailed report for me that I can submit to Tarion.

Also looking for a good electrician to install potlights.

Anyone have recommendations?
I have always skipped an inspector when doing a new build. With Tarion you are covered for defects for various periods of time. I found them myself or the builder pointed them out as we went through the Tarion checklist. Maybe I was just lucky but it didn't seem like I missed anything.

Can't help you with potlights but it will be expensive. Builders charge a lot for a reason.

As for the rentals-You probably signed for it when you bought the pre-build. At least the contracts I have seen have had that clause. Once I walked away from a condo during the cool off period as they had several rentals and sub meters and other fees.
Sr. Member
Aug 6, 2011
590 posts
261 upvotes
BlueSolstice wrote: October stats are out. Sales up YOY. Seems market is still fairly hot:

https://www.oreb.ca/newsroom/halloween- ... me-buyers/
Asking rent for new tenants in townhouses have been increased substantially since last year. Last year it was 1750, and I thought it was too expensive, now asking almost 2000. let's see if how fast it can be rented.
Deal Addict
Nov 13, 2013
2368 posts
1155 upvotes
Ottawa
BlueSolstice wrote: October stats are out. Sales up YOY. Seems market is still fairly hot:

https://www.oreb.ca/newsroom/halloween- ... me-buyers/
Not quite hot but maybe very warm? Price appreciation slowing down a bit though things are still selling fast and it looks like people are gravitating to cheaper areas which is normal after a burst of price increases. I think the fundamentals are still good and you still have a lot of people buying a lot less house than they can afford which does allow for more appreciation. Suspect we are looking at a few more years of 5-8 % annual growth.

Anecdotally I know a lot (admittedly some I didn't talk to directly) of people who didn't get houses this summer so are still renting or in their condo and are eager to get something next year but will wait until then. If this missing the boat feeling is widespread prices could shoot up in the spring when it looks like there will be more buyers than houses again.
Deal Addict
Nov 11, 2004
3171 posts
333 upvotes
Ottawa
Ottawa's Real Estate Marketplace ~ November 2018 Edition



During the month of October 2018, members of the Ottawa Real Estate Board sold 1,383 residential properties, compared to 1,237 in Oct 2017, an increase of 11.8% in the number of properties sold vs the previous year.

It took an average of 60 days for properties of all types to sell in October 2018 which is 12 days shorter than the average in Oct 2017 and 4 day shorter than the month before, September 2018.

Of these 1,383 sales, 1,059 were freehold houses, and 324 were condominiums.

The average sales price for a freehold house sold in October 2018, was $449,005 showing an increase of 5.7% over Oct 2017. While condominium average prices rose 0.6% from last year to $271,350.

1,732 new properties were listed for sale in October 2018, bringing the total number of properties for sale to 3,948 a decrease of 21.9% from Oct of last year.

http://www.hometeamottawa.com/stats/
Hello
Sr. Member
Aug 6, 2011
590 posts
261 upvotes
fogetmylogin wrote: Not quite hot but maybe very warm? Price appreciation slowing down a bit though things are still selling fast and it looks like people are gravitating to cheaper areas which is normal after a burst of price increases. I think the fundamentals are still good and you still have a lot of people buying a lot less house than they can afford which does allow for more appreciation. Suspect we are looking at a few more years of 5-8 % annual growth.

Anecdotally I know a lot (admittedly some I didn't talk to directly) of people who didn't get houses this summer so are still renting or in their condo and are eager to get something next year but will wait until then. If this missing the boat feeling is widespread prices could shoot up in the spring when it looks like there will be more buyers than houses again.
In my area, houses below 500K that went on the market within the last month are almost all sold, those not sold yet are only good for contractors or very expensive (more 650K). Inventory is extremely low for boyeurs with low budget. So unless winter sees a surge in listing, sellers in the next spring will try higher price for sure.

Also, I have some friends who went to buy a bigger house and decided to keep their old house for renting instead of selling, because the rental market is good I suppose. In normal time, I'm sure those houses would be put on the market.
Deal Addict
Nov 13, 2013
2368 posts
1155 upvotes
Ottawa
cyberfreak123 wrote: In my area, houses below 500K that went on the market within the last month are almost all sold, those not sold yet are only good for contractors or very expensive (more 650K). Inventory is extremely low for boyeurs with low budget. So unless winter sees a surge in listing, sellers in the next spring will try higher price for sure.

Also, I have some friends who went to buy a bigger house and decided to keep their old house for renting instead of selling, because the rental market is good I suppose. In normal time, I'm sure those houses would be put on the market.
The bulk of the rest of Canada seems to be coming in for a soft landing. Will this have a psychological effect on Ottawa buyers? People in Ottawa seem super cautious to me.
[OP]
Deal Addict
Nov 26, 2004
2712 posts
931 upvotes
fogetmylogin wrote: The bulk of the rest of Canada seems to be coming in for a soft landing. Will this have a psychological effect on Ottawa buyers? People in Ottawa seem super cautious to me.
Generally speaking, I think Public Servants are a risk adverse group, so in that sense I agree people in Ottawa tends to be more cautious than others.

I think the increase in real estate prices we have seen in the last couple of years is due to the creation of new good paying jobs by current government in the capital regions and bringing more people in to the national capital region. This trend should probably continue into 2019. Another factor that can play in to this is whether the unions and the government can settle on the recently expired contracts prior to the election next year. If they can settle on a new compensation package, it is possible that Real Estate in Ottawa will get another boost due to pay increases and retroactive payments. But all bets are off if the Liberal can not hold on to power in 2019.
Last edited by William W on Nov 20th, 2018 2:55 pm, edited 1 time in total.
Deal Addict
Jan 15, 2017
3620 posts
2977 upvotes
William W wrote: Generally speaking, I think Public Servants are a risk adverse group of people, so in that sense I agree people in Ottawa tends to be more cautious than others.

I think the increase in real estate prices we have seen in the last couple of years is due to the current government created new good paying jobs in the capital regions, bringing more people in to the national capital region. And this trend will probably continue into 2019. An other factor that can play in to this is whether the unions and the government can settle on the recently expired contracts prior to the election next year. It is possible that Real Estate in Ottawa will get another boost due to pay increases and retroactive payments if that happen next year. But all bets are off if the Liberal can not hold on to power in 2019.
I agree. Whether you like the Liberals or not, I believe that if you are concerned about protecting your home's value, you should vote Liberal in Ottawa in 2019.
[OP]
Deal Addict
Nov 26, 2004
2712 posts
931 upvotes
skeet50 wrote: I agree. Whether you like the Liberals or not, I believe that if you are concerned about protecting your home's value, you should vote Liberal in Ottawa in 2019.
Unlike Vancouver or Toronto, Ottawa's Real Estate market is very driven by the local economic fundamentals.

In a way, one can argue it is not that difficult to time the market in Ottawa simply by looking at the platform of the various political parties and their odds of forming government.
Deal Fanatic
Jul 4, 2004
5856 posts
1917 upvotes
Ottawa
William W wrote: Generally speaking, I think Public Servants are a risk adverse group, so in that sense I agree people in Ottawa tends to be more cautious than others.

I think the increase in real estate prices we have seen in the last couple of years is due to the creation of new good paying jobs by current government in the capital regions and bringing more people in to the national capital region. This trend should probably continue into 2019. Another factor that can play in to this is whether the unions and the government can settle on the recently expired contracts prior to the election next year. If they can settle on a new compensation package, it is possible that Real Estate in Ottawa will get another boost due to pay increases and retroactive payments. But all bets are off if the Liberal can not hold on to power in 2019.
Historically, I think there's very little chance that will happen. The contracts usually take a few years and are signed 2-3 years after the previous one expired. I believe for most groups, the latest one expired last year.

I'm in the CS group and I believe we got our retroactive pay this year or last year (I can't remember) but in any case, any retroactive payment would be pretty minimal as the latest contract was up to Dec 2017 (i.e. if it's signed before the election, it would less than a year of retro-active payments. They usually do less than 1% annual increases so that's probably under $500, most likely under $1000 for pretty much all government employees - I'm sure all employees would rather get it than not have it but it's not exactly a huge spending spree.
[OP]
Deal Addict
Nov 26, 2004
2712 posts
931 upvotes
michelb wrote: Historically, I think there's very little chance that will happen. The contracts usually take a few years and are signed 2-3 years after the previous one expired. I believe for most groups, the latest one expired last year.

I'm in the CS group and I believe we got our retroactive pay this year or last year (I can't remember) but in any case, any retroactive payment would be pretty minimal as the latest contract was up to Dec 2017 (i.e. if it's signed before the election, it would less than a year of retro-active payments. They usually do less than 1% annual increases so that's probably under $500, most likely under $1000 for pretty much all government employees - I'm sure all employees would rather get it than not have it but it's not exactly a huge spending spree.
I would agree with you on this as historically speaking, it takes at least a couple of years for the unions to hammer out a deal with the employer. However, I'm not sure if you're aware, even though, the employer has not provided a mandate to the TB negotiator, but they have already met with PSAC 4x since their contract expired in the summer. This is more frequent than previous rounds of negotiation and the sense from union negotiators are the current government is looking for a deal before the election in order to buy some labour peace and check off a box from their last election promise. Rumors has it that some execs at PSAC felt that a deal will be struck by December if not January, but I seriously doubt that can be done. However, I will not be surprise if the government opening offer will be in the 1 to 1.5% range this time plus some group may get their pay grid restructured. At the end of the day, any wage increase helps as it will increase the amount public servants are qualified to borrow.
Newbie
Dec 9, 2017
61 posts
19 upvotes
Hi all,

I have been scouring the internet for any and all information pertaining to the next time KNL will be releasing their next phase for sale in the Kanata Lakes/North area? Would anyone happen to know when Urbandale, Richcraft, and HN intend to release their next offering?

I am particularly keen on purchasing a single home with either HN or Urbandale if the price is right! Hopefully within the new year :)
Deal Fanatic
User avatar
Dec 27, 2009
7100 posts
4262 upvotes
Victoria, BC
dngyn420 wrote: Hi all,

I have been scouring the internet for any and all information pertaining to the next time KNL will be releasing their next phase for sale in the Kanata Lakes/North area? Would anyone happen to know when Urbandale, Richcraft, and HN intend to release their next offering?

I am particularly keen on purchasing a single home with either HN or Urbandale if the price is right! Hopefully within the new year :)
Have you checked out Buildinghomes.ca? There is a section for Ontario, you click on Ottawa. Then you click on Ottawa. They have threads talking about all the new developments.
Newbie
Dec 9, 2017
61 posts
19 upvotes
Chickinvic wrote: Have you checked out Buildinghomes.ca? There is a section for Ontario, you click on Ottawa. Then you click on Ottawa. They have threads talking about all the new developments.
Yes I have actually lol, I’ve visited quite frequently hoping for an update but to no avail.

I visited HN’s head office today with my brother who was signing the final paperwork for his purchase and they also had no idea. Apparently, they’re waiting on the go ahead from the city 🤷🏻‍♀️

Guess I’ll just be forced to patiently wait hahah

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