Real Estate

Ottawa and Surrounding Area Real Estate market discussion

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  • Mar 2nd, 2021 11:42 pm
Deal Addict
Dec 4, 2016
1872 posts
892 upvotes
GaryR28626 wrote: Most expensive area to rent a two-bedroom place - Kanata:

https://ottawa.ctvnews.ca/most-expensiv ... -1.4640036
Until recently, purpose-built rental stocks in Kanata is quite old, and definitely below 2000 for a two bedroom. But recently a few "modern" apartment buildings were completed. They appeared to be failed condo projects that got converted to rentals. William's Court lists their two bedroom as starting from 2550, and two bedroom + den as starting from 3180. The newer apartments with more amenities cost even more apparently. I think some of it is really "active retirement" homes, and comes with a lot of services.

A quick glance at Kijiji showed exactly zero two bedroom places over 3000:
https://www.kijiji.ca/b-apartments-cond ... 5a27949001

So the $3000 number is probably a mistake.
Sr. Member
Nov 10, 2014
529 posts
890 upvotes
Ottawa, ON
Poor reporting- 3 bedroom townhomes in Kanata can be rented for $2000/month.
Deal Addict
May 23, 2017
1243 posts
1115 upvotes
Agreed, their data must be extremely skewed. Definitely makes me also question the validity of other articles put out by these news sources if the numbers they are using is so off (and I thought CTV would have done their homework).

Also just to follow-up on my previous post regarding community housing--the property I was interested in ended up going an insane amount above asking...I think the current market has gotten slightly irrational and negative attributes such as community housing (which I think formerly would have given potential buyers pause) is no longer an issue for buyers who are eager to get into the market.
Jr. Member
Jun 21, 2018
155 posts
66 upvotes
Chickinvic wrote:
I don't know where their numbers are coming from, but it isn't realistic. My Facebook group for Kanata was talking about this this morning. It is expensive to rent there, but not THAT expensive.
Could you share the link to that group?
Sr. Member
Dec 19, 2009
835 posts
359 upvotes
Ottawa
Those numbers for Kanata are WAY off. I have a rental 3-bedroom townhouse in south Kanata that rents for $1575/month. Mind you I started renting to the current tenants 2.5 years ago before the market went crazy. I could maybe get $1900 if were to start renting it today.
Deal Addict
Dec 4, 2016
1872 posts
892 upvotes
jk9088 wrote: Agreed, their data must be extremely skewed. Definitely makes me also question the validity of other articles put out by these news sources if the numbers they are using is so off (and I thought CTV would have done their homework).

Also just to follow-up on my previous post regarding community housing--the property I was interested in ended up going an insane amount above asking...I think the current market has gotten slightly irrational and negative attributes such as community housing (which I think formerly would have given potential buyers pause) is no longer an issue for buyers who are eager to get into the market.
Any chance it's below 500? Stress test is really helping properties below 500k that has all kinds of problems, from community housing to older condos with huge (and increasing) fees.
Deal Addict
May 23, 2017
1243 posts
1115 upvotes
BlueSolstice wrote: Any chance it's below 500? Stress test is really helping properties below 500k that has all kinds of problems, from community housing to older condos with huge (and increasing) fees.
It was listed for under 500 but ended up selling for over 500, so my guess is that the sub-500 list price probably attracted a lot more buyers that may have contributed to a bidding war. Pretty sure it went with no conditions either as it was sold firm the day after they were accepting offers.

I definitely don't envy people who really need to buy right now...I saw quite a few young families with little kids at the open house and they are probably looking for a nice place to live and raise their family that is within their budget. Feel bad that they are being squeezed in an insane market due to a combination of investors driving up prices and the stress test.
Newbie
May 28, 2015
39 posts
9 upvotes
Nepean, ON
I know 4 active listings for townhouse rental in black stone at terry fox Kanata. It’s not renting out and barely getting any inquiry. Started at 1900$ now it’s listing at 1750$ 3 bed 2.5 bath Finish basement.
Deal Addict
Nov 13, 2013
2419 posts
1193 upvotes
Ottawa
jk9088 wrote: It was listed for under 500 but ended up selling for over 500, so my guess is that the sub-500 list price probably attracted a lot more buyers that may have contributed to a bidding war. Pretty sure it went with no conditions either as it was sold firm the day after they were accepting offers.

I definitely don't envy people who really need to buy right now...I saw quite a few young families with little kids at the open house and they are probably looking for a nice place to live and raise their family that is within their budget. Feel bad that they are being squeezed in an insane market due to a combination of investors driving up prices and the stress test.
West End? Central areas seem to have substantially slowed down. Perhaps DND and tech focus of West end have ignored election tension. Of course areas I follow have freehold under $500k.

I own a condo in the market and rental market is hot but sales in the building and area have also slowed from what I have seen despite the overall condo.

Everyone is fine to ignore the election but personally I certainly wouldn’t buy something this weekend. This is still basically a one company town.
Deal Addict
Dec 4, 2016
1872 posts
892 upvotes
fogetmylogin wrote: West End? Central areas seem to have substantially slowed down. Perhaps DND and tech focus of West end have ignored election tension. Of course areas I follow have freehold under $500k.

I own a condo in the market and rental market is hot but sales in the building and area have also slowed from what I have seen despite the overall condo.

Everyone is fine to ignore the election but personally I certainly wouldn’t buy something this weekend. This is still basically a one company town.
People are not ignoring the election. They are pricing in a Liberal-NDP coalition, or at least pricing in the absence of a conservative majority. Harper didn't start his layoff until he got his majority.
Deal Addict
Nov 11, 2004
3182 posts
338 upvotes
Ottawa
Hey im in the Orleans area

Im looking to add a bathroom / Bedroom to a unfinished basement

Was wondering if anyone can recommend some companies?
Hello
Deal Addict
May 23, 2017
1243 posts
1115 upvotes
fogetmylogin wrote: West End? Central areas seem to have substantially slowed down. Perhaps DND and tech focus of West end have ignored election tension. Of course areas I follow have freehold under $500k.

I own a condo in the market and rental market is hot but sales in the building and area have also slowed from what I have seen despite the overall condo.

Everyone is fine to ignore the election but personally I certainly wouldn’t buy something this weekend. This is still basically a one company town.
Yes west end but within the greenbelt so definitely more central than Kanata/Barrhaven. Near IKEA. Freehold bungalow around 60 years old (though it was recently very nicely renovated so definitely looks newer, but still, with a house that old I would be wary to buy it without an inspection--though perhaps the buyer did do an inspection prior to bidding). I was surprised that based on the open house, the demand seemed just as high as for Barrhaven townhouses in the spring, which I definitely did not expect especially this time of the year with the election looming as you mentioned.

I'm curious which areas are you looking that have freeholds <500k? Perhaps I should expand the areas I'm tracking. I usually like to keep my rentals near the West end since I live in Kanata so it's much easier to manage than if I owned a property in the east, but if the market is more buyer-friendly in other areas I certainly wouldn't hesitate to go further.
Member
Mar 7, 2011
443 posts
316 upvotes
Ottawa
@michelb Could you please help me find out how much 234 Escarpment Cres in RR actually was sold for?
I was at the open house couple weeks ago, just out of curiosity, and the place was packed.. Wonder how it turned out :)

TIA
Sr. Member
Aug 6, 2011
592 posts
264 upvotes
jk9088 wrote: Yes west end but within the greenbelt so definitely more central than Kanata/Barrhaven. Near IKEA. Freehold bungalow around 60 years old (though it was recently very nicely renovated so definitely looks newer, but still, with a house that old I would be wary to buy it without an inspection--though perhaps the buyer did do an inspection prior to bidding). I was surprised that based on the open house, the demand seemed just as high as for Barrhaven townhouses in the spring, which I definitely did not expect especially this time of the year with the election looming as you mentioned.

I'm curious which areas are you looking that have freeholds <500k? Perhaps I should expand the areas I'm tracking. I usually like to keep my rentals near the West end since I live in Kanata so it's much easier to manage than if I owned a property in the east, but if the market is more buyer-friendly in other areas I certainly wouldn't hesitate to go further.
Ikea, Iris area is a hot spot for investors, due to proximity to Algonquin College probably. The other area I'm monitoring is Riverview Park (close to Train Yard) and vicinity, supply has been very tight since a couple of years. In my opinion it's good location, close to downtown, Ottawa U and the Hospital, which attracts tenants working/studying in health care. I've seen a lots of flips recently. I usually look more centrally, because I live closer to downtown and it's easier to manage.
Newbie
Feb 17, 2013
45 posts
8 upvotes
Riverview Park has been very competitive lately. A 1.5 storey wartime shack went for $480k three doors down from me. A real time capsule with a mouldy basement and asbestos flooring throughout...
Deal Addict
May 23, 2017
1243 posts
1115 upvotes
cyberfreak123 wrote: Ikea, Iris area is a hot spot for investors, due to proximity to Algonquin College probably. The other area I'm monitoring is Riverview Park (close to Train Yard) and vicinity, supply has been very tight since a couple of years. In my opinion it's good location, close to downtown, Ottawa U and the Hospital, which attracts tenants working/studying in health care. I've seen a lots of flips recently. I usually look more centrally, because I live closer to downtown and it's easier to manage.
Yes but I was surprised how much it has heated up. I picked up a similar freehold bungalow in that general area earlier this year for SIGNIFICANTLY cheaper, in an arguably better location actually. This one was definitely much better renovated, but not to the extent of being well over $100k more expensive, IMO. I did not expect that in a few months, the price would have jumped this much (especially comparing the previous spring market to the current fall pre-election market which usually means a slight cooling).

I asked my realtor what she thought the fair value of the property was before it sold--it actually ended up going almost 50k over what the upper limit of her range was (though she did factor in a small discount due to the proximity to community housing which clearly is no longer a deterrent for many buyers). Based on the crazy open house I did also expect it to sell above "fair value" since that often happens in bidding wars, but again, I was still surprised by just how much over it went.
Sr. Member
Aug 6, 2011
592 posts
264 upvotes
jk9088 wrote: Yes west end but within the greenbelt so definitely more central than Kanata/Barrhaven. Near IKEA. Freehold bungalow around 60 years old (though it was recently very nicely renovated so definitely looks newer, but still, with a house that old I would be wary to buy it without an inspection--though perhaps the buyer did do an inspection prior to bidding). I was surprised that based on the open house, the demand seemed just as high as for Barrhaven townhouses in the spring, which I definitely did not expect especially this time of the year with the election looming as you mentioned.

I'm curious which areas are you looking that have freeholds <500k? Perhaps I should expand the areas I'm tracking. I usually like to keep my rentals near the West end since I live in Kanata so it's much easier to manage than if I owned a property in the east, but if the market is more buyer-friendly in other areas I certainly wouldn't hesitate to go further.
Another area I'm monitoring is a small neighborhood called Eastway Gardens, north of Train Yard. There's no community housing there. There's a tunnel on Tremblay road that goes under the highway to the LRT at St-Laurent . Small cheap bungalows that make good rentals, if you can get it for cheap. But prices have increased as well recently... The big vacant land on Tremblay will be developed soon. Offices, commercial and some residential. I wonder which department will move there once it'll be finished.
Last edited by cyberfreak123 on Oct 18th, 2019 2:21 pm, edited 1 time in total.
Deal Addict
May 23, 2017
1243 posts
1115 upvotes
cyberfreak123 wrote: Another area I'm monitoring is a small neighborhood called Eastway Gardens, north of Train Yard. There's no community housing there. There's a tunnel on Tremblay road that goes under the highway to the LRT at St-Laurent . Small cheap bungalows that make good rentals, if you can get it for cheap. But prices have increased as well recently... The big vacant land on Tremblay will be developed soon. Offices, commercial and some residential. I wonder which department will move there once it'll be finished.
Thanks, good to know. I'll take a look further east but it definitely sounds like it is much more difficult now to find a good deal anywhere in the city (or, perhaps we just all need to adjust our expectations of what a "good deal" is!).

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