Real Estate

Ottawa and Surrounding Area Real Estate market discussion

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Deal Fanatic
User avatar
Dec 27, 2009
7162 posts
4343 upvotes
Victoria, BC
wiab89 wrote: I agree - I think it takes time for the demand to flow upwards (and even harder now b/c of B20 pressures). Townhomes spiked last year and small singles didn't see the same gains, now we're seeing small singles move higher as people in townhomes "move up" the property ladder. Homes priced above average in the suburbs also have to compete with smaller, but similarly priced options in the city - lots of $700k+ houses in the west end that aren't moving at all. For example, I wouldn't personally buy into a $700-800k house in the suburbs when it could get me an older single or newer townhouse in westboro/glebe area where I can cut down my commute time and be closer to amenities. Other people have different tastes for sure, but in those price ranges people have other options than the suburbs - rather than settling for suburbs b/c you can't afford to live in the better areas of the city.
Some of us have zero desire to be in the city, and consider the outer areas more desirable. That is their market. Even as a young person you couldn't pay me enough to live right in a city. Hate it.
Deal Addict
Mar 28, 2007
3066 posts
578 upvotes
michelb wrote: The last sale on the street was a few days ago for $384k but from the pictures, the one sold might be a bit smaller. There was another one that sold about 1 1/2 weeks ago for $442k but that one might have been a bit bigger. In the area, prices for townhomes are kind of all over the place ranging from $330k (older) to $445k.
How are you seeing the sale prices so quick? Any online resources I can check?
Deal Fanatic
Jul 4, 2004
5954 posts
2038 upvotes
Ottawa
blackdragon12 wrote: How are you seeing the sale prices so quick? Any online resources I can check?
An agent can send you sale prices as soon as they are on the system (i.e. if you work with an agent, they can set it up so that whenever a property that matches your criteria comes on the market or is market as sold you get an email with the details).

As far as I know there aren't any public websites that include all the information. There are a few that have been mentioned in this thread but I think they contain mostly Toronto data and only have some Ottawa sales.
Deal Addict
Mar 28, 2007
3066 posts
578 upvotes
michelb wrote: An agent can send you sale prices as soon as they are on the system (i.e. if you work with an agent, they can set it up so that whenever a property that matches your criteria comes on the market or is market as sold you get an email with the details).

As far as I know there aren't any public websites that include all the information. There are a few that have been mentioned in this thread but I think they contain mostly Toronto data and only have some Ottawa sales.
Ah, thanks. Redfin does show some sales data, but it isn't updated as often (I don't think so at least)
Deal Fanatic
Jul 4, 2004
5954 posts
2038 upvotes
Ottawa
blackdragon12 wrote: Ah, thanks. Redfin does show some sales data, but it isn't updated as often (I don't think so at least)
Good to know. I actually hadn't realized Redfin showed any sold info in Canada.
Sr. Member
Nov 10, 2014
519 posts
848 upvotes
Ottawa, ON
sirLYZ wrote:
Any one got some advice for first time home buyer here? Is summer a quieter period where less people make offers and market is less competitive? Would be nice to know what happened last year.
Spring is always the most frantic time of the year, but this year feels a little different. Short answer to your question is I am skeptical that RE this year will be significantly quieter in the summer and fall as I don't see supply increasing or demand decreasing on entry level homes.

The inventory is so low compared to last year and years before- especially in the entry level segment priced <400k. Meanwhile, the demand for the <400k properties are at an all time high from:
- young first time home buyers
- empty nesters downsizing
- investors looking for cashflow and appreciation (lower priced homes tend to cashflow better)

I don't see the demand from these buyers tapering as the year goes on, especially since the current demand is not being met by limited inventory. If the current trends persist throughout the spring, I can see prices and the frenzy actually increasing due to frustrated buyers who are willing to pay whatever to get something. I can see some cashflow sensitive investors backing out due to higher prices, only to be replaced by more speculative investors who are attracted by the increasing price.

I am little more unsure on what will happen on the supply side. I can't say exactly whats causing the limited supply, but these are the most common explanations I see from others:
-effects of mortgage stress test- people who were previously able to sell their entry level house to upgrade to detached singles in 500~700k+ house range can no longer qualify for the higher mortgages, so they stay put. (explaining why the single detached market is relatively slow)
- would be sellers don't want to put their homes on the market because there is nothing to buy, further decreasing supply.

My suggestion (I am talking out of my ass so please do your own DI) is to not wait out the entire spring market as it may get worse throughout the year for buyers. I would be inclined to:
-buy a new build as above poster suggested
-retain a great buying agent, get your financing in place before submitting offers, comb through the listings daily, and consistently submit reasonably priced offers with minimal conditions until one sticks. I am looking at Barrhaven and Kanata sales data for the last month (provided by my own agent), and there were couple of sales where I was jealous of the buyers. Be prepared to write many offers, but you just need one to be accepted.
Sr. Member
Nov 10, 2014
519 posts
848 upvotes
Ottawa, ON
Anyone remember this video below?


Living in Farrhaven was a butt end of a joke for years- now its actually becoming somewhat desirable lol
Deal Addict
May 23, 2017
1235 posts
1093 upvotes
ghasita wrote: Update: It is sold - went for 447K.
https://www.realtor.ca/real-estate/2048 ... ille-north
That link doesn't work for me anymore but this was a detached single garage home right? It's astonishing to me how narrow the gap is right now between townhomes and detached homes. Smaller single garage detached going for less than $450k while larger townhomes are getting ~$425k.

I actually saw two recently sold houses in Barrhaven on the same street, one was a end-unit townhome that went for $439k, another was a detached that went for $438k. That's insane to me. (Granted the townhome was beautiful and seemed quite large, but based on pictures both seemed to be in really great move-in ready condition. It wasn't like the detached needed renovations. Also the townhouse was sold more recently so maybe took advantage of the crazy spring market in the last week or two...but still.)

I can't imagine this tight gap narrowing any further. Wonder what will give--will detached finally start picking up or have townhomes hit a ceiling?
Deal Fanatic
Jul 4, 2004
5954 posts
2038 upvotes
Ottawa
jk9088 wrote: That link doesn't work for me anymore but this was a detached single garage home right? It's astonishing to me how narrow the gap is right now between townhomes and detached homes. Smaller single garage detached going for less than $450k while larger townhomes are getting ~$425k.

I actually saw two recently sold houses in Barrhaven on the same street, one was a end-unit townhome that went for $439k, another was a detached that went for $438k. That's insane to me. (Granted the townhome was beautiful and seemed quite large, but based on pictures both seemed to be in really great move-in ready condition. It wasn't like the detached needed renovations. Also the townhouse was sold more recently so maybe took advantage of the crazy spring market in the last week or two...but still.)

I can't imagine this tight gap narrowing any further. Wonder what will give--will detached finally start picking up or have townhomes hit a ceiling?
Part of it is just the "bidding war brain loss". Buyers don't want to lose a place and they lose perspective on price.
Deal Addict
May 23, 2017
1235 posts
1093 upvotes
michelb wrote: Part of it is just the "bidding war brain loss". Buyers don't want to lose a place and they lose perspective on price.
I agree there are definitely examples of this happening right now (e.g. the one that went 70k over asking recently with an insane amount of offers), but in my previous example I don't think it was a bidding war. This townhouse actually sold for slightly under asking--I thought it was priced very high to begin with, but clearly someone felt it was fairly priced and offered close to asking, it didn't seem to be the result of a bidding war. From what I've seen, most of the bidding wars with houses going 20k+ over asking seem to happen on townhouses priced <$400k, then the bidding drives it over $400k.

Well, if anyone is looking to buy a detached house now seems to be a great time! A lot more "bang for your buck" in this market. (I guess the problem is, seniors downsizing don't want to deal with the extra maintenance of a detached and younger homebuyers may not be able to qualify for the higher price range even if they want to buy a detached.)
Member
Jun 15, 2009
484 posts
188 upvotes
Nepean
Looks like listing got removed, yeah, it was detached single with 1500 Sq feet + finished basement posted a few days ago here.
jk9088 wrote: That link doesn't work for me anymore but this was a detached single garage home right? It's astonishing to me how narrow the gap is right now between townhomes and detached homes. Smaller single garage detached going for less than $450k while larger townhomes are getting ~$425k.

I actually saw two recently sold houses in Barrhaven on the same street, one was a end-unit townhome that went for $439k, another was a detached that went for $438k. That's insane to me. (Granted the townhome was beautiful and seemed quite large, but based on pictures both seemed to be in really great move-in ready condition. It wasn't like the detached needed renovations. Also the townhouse was sold more recently so maybe took advantage of the crazy spring market in the last week or two...but still.)

I can't imagine this tight gap narrowing any further. Wonder what will give--will detached finally start picking up or have townhomes hit a ceiling?
Member
Jun 15, 2009
484 posts
188 upvotes
Nepean
Indeed the case - buyer are losing the sight and getting more and more frustrated and bidding irrationally.
michelb wrote: Part of it is just the "bidding war brain loss". Buyers don't want to lose a place and they lose perspective on price.
Sr. Member
Mar 9, 2014
660 posts
664 upvotes
Ottawa
michelb wrote: An agent can send you sale prices as soon as they are on the system (i.e. if you work with an agent, they can set it up so that whenever a property that matches your criteria comes on the market or is market as sold you get an email with the details).

As far as I know there aren't any public websites that include all the information. There are a few that have been mentioned in this thread but I think they contain mostly Toronto data and only have some Ottawa sales.
Correct. The few Ottawa sales were there because they were cross-posted on the Toronto Real Estate Board by ComFree and similar companies.
Sr. Member
Aug 14, 2007
527 posts
281 upvotes
Ottawa
I wonder why Ottawa real estate sold price is not available to the public? There are a lot of apps provide sold price in GTA.
Deal Addict
May 23, 2017
1235 posts
1093 upvotes
Applesmack wrote: Hoping for a bidding war. Will sell well over asking guaranteed. I'm pricing it at about 380k. Would be over 400k as an end unit.
Underpriced for sure to generate demand but I don't think it's worth anywhere that high. House is quite old (especially compared to other homes in the Morgan's Grant area, many of which are at least a decade newer) plus it looks pretty small, and most importantly it's only 1.5 bathrooms (which always goes for a significant discount compared to the typical 2.5 bathroom townhouse that is popular these days). I don't think comparables in the area support a price point of 380k. I'd say 350k is closer to fair value.

Although in this market we have definitely seen houses being overbid into insane territory (like the recent examples in Barrhaven) so I guess it's possible someone desperate to get a house will bid that high.
Deal Addict
Dec 23, 2010
1849 posts
909 upvotes
Moon
jk9088 wrote: Underpriced for sure to generate demand but I don't think it's worth anywhere that high. House is quite old (especially compared to other homes in the Morgan's Grant area, many of which are at least a decade newer) plus it looks pretty small, and most importantly it's only 1.5 bathrooms (which always goes for a significant discount compared to the typical 2.5 bathroom townhouse that is popular these days). I don't think comparables in the area support a price point of 380k. I'd say 350k is closer to fair value.

Although in this market we have definitely seen houses being overbid into insane territory (like the recent examples in Barrhaven) so I guess it's possible someone desperate to get a house will bid that high.
Taking another look I think you are right that it being only 1.5 bathrooms makes 380k unlikely. I think being 1.5 bathrooms makes it unlikely they will see a large bidding war as well. 1.5 bathrooms is as bad as 2 bedrooms. Maybe even worse.

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