Ottawa and Surrounding Area Real Estate market discussion

What pre construction condos you looking at in Ottawa? How much are they selling for (psf)?
In Toronto downtown builders already including next 2-3 years appreciation in current selling price (going for 1300-1350 psf)

Applesmack wrote: ↑ Why the hell would someone rent for 3k a month in Kanata rather than simply buy property? Doesn't make any sense at all. I smell bullshit.

By the way there is only ONE detached house in Kanata on the Kanata Stittsville market for under 500k. The inventory in that price range is more dead than I have ever seen it. We clearly have well eclipsed 500k as a minimum for a detached home in the west end.

Edit: It was only showing 1 because I didn't include Bungalows.. There are actually whopping THREE.... Yeah... Point still stands.

I don't disagree that the article is dubious but although most people want to buy but there are quite a few that don't want to buy. Some believe they can do better investing in the stock market and do not want to buy. Also, for $3k per month you can rent a very nice house and not be tied down. There are also a lot of people only working temporarily in the area that don't necessarily want to buy (unless price of homes appreciates very well (which it has done in the past 2 years), you are probably better off renting if you're not sure you'll stay more than 5 years) and similarly, there are many that think they're situation may change within 5 years so don't want to buy.

FWIW, right now on MLS, there are 11 available and 6 conditionally sold detached homes in Kanata / Stittsville / Bells Corner area (basically West of 416, North of Fallowfield) under $525k (I thought I would include the 3 at $510k. $519 and $523 since they've been on the market for over a month so there might be some flexibility).

BlueSolstice wrote: ↑ At the moment, new build freeholds are very expensive for a couple reasons, one of which is high labor cost of construction. If current trends continue, pre-con condos might not be able to honor the prices buyers signed for, resulting in the project going into receivership and buyers getting their deposit back. After all, condos and freehold towns share the same pool of construction labor. If prices go south, you bet developers will be holding buyers to the contract, going to court if necessary.

Does Ottawa have a "reputable" builder that will finish a condo project even though construction costs have gone through the roof and finishing the project would actually cause them to lose more money?

The majority of the costs do not actually overlap as land and pouring concrete along with marketing and regulatory issues form the bulk of the cost of a high-rise unit.
In Ottawa there are builders who buy the land outright so if Claridge pays $20 million for a sliver of property on Rideau the cost of drywallers isn't going to make them abandon the project. I don't know if the cost of cranes and related concrete trades has also "Skyrocketed" but even so units that have $200k or more in land costs can absorb this if they have to.

Oh and a standard track house costs nowhere near $500k to build. Construction costs haven't gone up that much simply land value and profit expectations have.

Just got this from a friend of mine who is buying townhouse in barrhaven, Investors already started lineup from yesterday to grab the townhomes.

GaryR28626 wrote: ↑ Just got this from a friend of mine who is buying townhouse in barrhaven, Investors already started lineup from yesterday to grab the townhomes.

Kinda cold to be camping outside.

Ottawa should see healthy homebuilding growth in coming years, CMHC predicts

https://obj.ca/article/ottawa-should-se ... c-predicts

Yeah it’s cold, but he got a student and paying him $20/hr to stand in line for him. Good money for students too!

Definitely too cold to be camping outside but in this market you gotta do what you gotta do...we camped out around this time last year for our house and I was definitely freezing the whole night. >_< Boy am I glad to be done with that part of the process! In retrospect, paying a student probably would have been worth it!

Wondering if your friend has price lists from Glenview yet? I'm just curious how they compare with the other builder prices in the area (Mattamy, Caivan, Minto Quinn's Pointe) and Glenview doesn't seem to post price lists on their website.

I think that EQ Homes has a new release in Orleans this weekend and HN Homes has a new release in Riverside South also.

skeet50 wrote: ↑I think that EQ Homes has a new release in Orleans this weekend and HN Homes has a new release in Riverside South also.

Just checked Glenview and HN homes, they both sold out this weekend release.

audiorichard wrote: ↑ Just checked Glenview and HN homes, they both sold out this weekend release.

There are 1726 listings that pop up when I search "Ottawa" in realtor.ca. There were ~2200 listings about a month ago, which was already crazy low. I imagine many people are flocking to new builds as there is hardly anything on the resale market.

GaryR28626 wrote: ↑ Just got this from a friend of mine who is buying townhouse in barrhaven, Investors already started lineup from yesterday to grab the townhomes.

How many nights before new release? I know Mattamys lineups were starting 3 nights before the release but it was a month ago or so

Usually new release happens on sat morning, line up started Thursday morning/afternoon.

Anyone in Ottawa surprised by the AG's newest report that Tarion is failing homeowners:

https://www.cbc.ca/news/canada/ottawa/t ... -1.5340520

I am sure the home owners in Cardinal Creek would agree with many of the audit's findings.

skeet50 wrote: ↑ Anyone in Ottawa surprised by the AG's newest report that Tarion is failing homeowners:

https://www.cbc.ca/news/canada/ottawa/t ... -1.5340520

I am sure the home owners in Cardinal Creek would agree with many of the audit's findings.

I think defective towns and singles don't generate as much sensational headlines as defective condos. You can't show a whole building be evacuated or covered in scaffolding for months or years, because the builder cut some corners. But I'm glad it's finally gathering attention. Hopefully construction standards can be upheld during this boom.

BlueSolstice wrote: ↑ I think defective towns and singles don't generate as much sensational headlines as defective condos. You can't show a whole building be evacuated or covered in scaffolding for months or years, because the builder cut some corners. But I'm glad it's finally gathering attention. Hopefully construction standards can be upheld during this boom.

I hope that it leads to changes in the industry. We bought new builds when we were in BC and were unprepared for the new build and warranty process in ON when we moved here. The industry needs to move away from delivering homes with deficiencies and working with the warranty process to delivering homes without deficiencies.

https://ottawacitizen.com/news/local-ne ... se-contest

"The rules said the couple could cancel the contest and refund the entry fee if it didn’t generate enough interest. McIntosh posted the cancellation on the contest website and Facebook page on Sept. 17 and offered people the option of donating their entry fee to one of three affiliated charities: Operation Come Home; SchoolBOX and Special Olympics. She’s waiting to hear back from entrants before issuing the refunds. A death in the family has also slowed processing the refunds.

Most entries they did get came from North America, although others arrived from Russia, Europe, Asia and Africa, she said.

The couple will deduct the cost of issuing the refund before returning the money.

“If that comes as a shock to someone, then they didn’t read the terms and conditions.”

What an absolute joke. They were criticized from the beginning. Zero accountability. This whole thing was a scam.

Here is the listing:
https://www.realtor.ca/real-estate/2114 ... od-estates?

"Marvellous opportunity to own an upgraded home in sought-after, established Guildwood Estates, an area where politicians & renowned surgeons have been known to hang their hat." Literally laughed out loud reading the description.

^^^ This needs to be tightly regulated. Deducting the cost of issuing the refund from the refund is not right. There is no risk to the people running the contest and all the risk lies with those who bought tickets.

50000 x 25 is $1.25M. Yeah that would be a nice price to sell it at, with no realtor/MLS fees.

And they're doing the bare minimum to notify people of the cancellation. Post it on Facebook instead of direct contact, so they can say they gave ample time and due to no response they can pocket the money.

Can't compete with the CHEO lottery...yeah because one is legit.

There are exactly 1600 listings right now for Ottawa on Realtor.ca. Looking forward to what sales number and price number come in for October.
The pace of price gains don't seem to reflect the number of listings and MOI, which are unbelievably low.