Ottawa and Surrounding Area Real Estate market discussion

GaryR28626 wrote: ↑ Good day folks ,

I was wondering if there is a meetup group in Ottawa for Real estate investors (residential).
Would like to meet up with like minded individuals and/or real estate agents who can help build real estate portfolio in Ottawa and surrounding areas.
As we all know home prices keep climbing up and it gets tougher to get mortgages day by day, would be ideal to partner up with a real estate joint venture (JV) to leverage rental portfolios.

There are various meetups that pop up when searching real estate investing on meetups.com. Most of these are hosted by real estate agents/ mortgage brokers targetting completely new investors who are thinking of getting their first rental property. Most of these sessions are basically a sales pitch by the agent/broker hosting the event to get new clients, and don't offer much to more experienced investors. If you or anyone find a meetup that is geared more for experienced investors to network, please share.

As for JV, I personally think it is a minefield filled with gazillion things that can go wrong. Real estate investing is tricky enough even when one party holds all the equity position, calls all the shots, does the work, and eats the resulting profit/loss. I don't want to undertake the risk of a disagreement between partners (even something trivial like who does the emergency toilet fix, and how is that effort and time compensated by the other partner) and subsequent fallout/ lawsuits. The only arrangement where I think where JV can make sense is if one partner fronts all the capital /financing and stays passive, while the other partner is responsible for all the work like maintenance, tenant selection, etc. Even in this situation, I think the active investor should just take a private financing at a higher rate, and the passive investor should park their money in a MIC.

Lastly, I'd be down to go for beers/ coffees to listen to what other people are doing to make money in real estate.

GaryR28626 wrote: ↑ Good day folks ,

I was wondering if there is a meetup group in Ottawa for Real estate investors (residential).
Would like to meet up with like minded individuals and/or real estate agents who can help build real estate portfolio in Ottawa and surrounding areas.
As we all know home prices keep climbing up and it gets tougher to get mortgages day by day, would be ideal to partner up with a real estate joint venture (JV) to leverage rental portfolios.

Just came across this in the front page of real estate thread:
http://forums.redflagdeals.com/help-nee ... 2326614/2/

This case is particularly bad as there was no written agreement in place, but it shows what kind risks you are undertaking when buying with partners.

GaryR28626 wrote: ↑ Good day folks ,

I was wondering if there is a meetup group in Ottawa for Real estate investors (residential).
Would like to meet up with like minded individuals and/or real estate agents who can help build real estate portfolio in Ottawa and surrounding areas.
As we all know home prices keep climbing up and it gets tougher to get mortgages day by day, would be ideal to partner up with a real estate joint venture (JV) to leverage rental portfolios.

I have been to several meet-ups and if you want THE BEST real estate meet-up in Ottawa - this is it: https://www.meetup.com/Ottawa-Realty-In ... -Meetings/.

Ottawa Realty Investors has sessions for the sophisticated investor and for the beginner investor. I have been to two of their sessions. There is no sales pitch, but you obviously get to know the speakers which makes you more likely to use them.

GaryR28626 wrote: ↑ Good day folks ,

I was wondering if there is a meetup group in Ottawa for Real estate investors (residential).
Would like to meet up with like minded individuals and/or real estate agents who can help build real estate portfolio in Ottawa and surrounding areas.
As we all know home prices keep climbing up and it gets tougher to get mortgages day by day, would be ideal to partner up with a real estate joint venture (JV) to leverage rental portfolios.

I'm starting one: https://www.meetup.com/Ottawa-Real-Esta ... s-Network/

There are a few others on Meetup. Some are sales oriented and others have pretty good seminars.

My friend, who is a CPA and fellow RFDer might offer his condo's party room to host events where like-minded investors can chat and share ideas.

huntclub wrote: ↑ I'm starting one: https://www.meetup.com/Ottawa-Real-Esta ... s-Network/

There are a few others on Meetup. Some are sales oriented and others have pretty good seminars.

My friend, who is a CPA and fellow RFDer might offer his condo's party room to host events where like-minded investors can chat and share ideas.

Please post on the thread of upcoming events to keep us updated.

Anyone have insights on what the earlier winter will do to precons in the Ottawa area?

Specifically, I am wondering if builders can still pour foundations in the coming weeks. If not, bunch of projects that were scheduled for completion next spring and early summer will be pushed back substantially adding to the current backlog that most builders seem to be facing due to labour shortage+ outsized demands.

Still love this city, but the BS winters are really getting to me. -_-

I don't think the weather affects new builds at all (except maybe for a few more delays). They'll dig and pour foundation, frame, do roofing, etc in the middle of winter. I'm not convinced it doesn't compromise the quality a bit but I do not believe builders care.

Tadalafil wrote: ↑ Please post on the thread of upcoming events to keep us updated.

I am one of the organizers of Ottawa Realty Investors (ORI) – a meetup group that is typically held once a month. We hold both educational and social events. Our schedule of upcoming events is as follows:

1. November 19, 2019 – “What is Real Estate Wholesaling” – Presented by Canada’s largest wholesaler!
2. November 26, 2019 – “First Time Homebuyer Seminar” – Presented by a real estate lawyer, mortgage agent and a realtor
3. December 10, 2019 – “How a Guy Helped His Mom Retire in 2 Years With 6 Condos While Working Full-Time” – Presented by a speaker that was able to put together a nice portfolio of cash flow positive real estate, all while working full-time in a demanding job.
4. January 20, 2019 – “Taxation of Real Estate (Individuals)” – Presented by a tax lawyer
5. February 24, 2019 – “Taxation of Real Estate (Corporations)” – Presented by a tax lawyer

If you are interested in coming, please join and RSVP in advance (this way you will be informed of any changes that might take place as well) through the following link https://www.meetup.com/Ottawa-Realty-In ... -Meetings/

Thanks!

Can anyone recommend me a good reliable plumber working in Ottawa? Who charges reasonably?

cyberfreak123 wrote: ↑ Can anyone recommend me a good reliable plumber working in Ottawa? Who charges reasonably?

We recently had some minor work done. It's hard to get a booking, and your booking might get cancelled last minute, with only an email for notice. In the end we ended up using handyman connections, and they sent someone on the weekend. No idea how reasonable the cost was, as it was a very small job. We were just happy to finally get it done.

Market right now is relatively calm and boring- probably contributing to the low activity on this thread. Makes sense given the time of year. Looks like we will have to wait until next spring to see if 2019 was a one year pop or the start of a trend in increasing prices.

There are proposals for remaining land beside by Greenbank and Jock River in Barrhaven to be developed as a "Downtown" area. I would prefer an industrial/ office park, hospital, or some post secondary institution, but the development should still be a plus for the area if it goes through.

https://www.cbc.ca/news/canada/ottawa/d ... -1.5370302

Minto will be releasing Harmony Phase 3 in early 2020. This location is Closer to Costco and highway 416.

GaryR28626 wrote: ↑ Minto will be releasing Harmony Phase 3 in early 2020. This location is Closer to Costco and highway 416.

Last release of phase 2 townhomes were priced stupidly high, mid to high 400s before upgrades. Minto still had no problems selling out. We may be seeing 500k+ base townhomes for phase 3 in Barrhaven. What a time to be alive lol.

5 houses on a block near us have gone up for sale in the past few weeks. All went for over asking (as much as 15k) and sold quickly (<10 days). Seems to be bucking the trend of a slower November.

Lone_Prodigy wrote: ↑ 5 houses on a block near us have gone up for sale in the past few weeks. All went for over asking (as much as 15k) and sold quickly (<10 days). Seems to be bucking the trend of a slower November.

The market is definitely staying hot. This old condo building used to have a whole bunch for sale at any time, all priced around 210k:
https://www.realtor.ca/real-estate/2134 ... eaverbrook

Tadalafil wrote: ↑ Market right now is relatively calm and boring- probably contributing to the low activity on this thread. Makes sense given the time of year. Looks like we will have to wait until next spring to see if 2019 was a one year pop or the start of a trend in increasing prices.

Market is nuts right now, I am bating 0 for 4 in the last month. All unconditional offers ranging from $5k to $82k over asking. Feeling very defeated right now.

William W wrote: ↑ Market is nuts right now, I am bating 0 for 4 in the last month. All unconditional offers ranging from $5k to $82k over asking. Feeling very defeated right now.

I understand your frustration but offering over asking doesn't mean that you are offering market value. If a listing is specifically offered at $100k below market value with the intention of attracting multiple offers, offering $82k above (i.e. $18k below market value) will likely not get you the house if it's in a high demand area.

Asking price is really not a very reliable figure and sales below or above asking is really not a useful statistics; all that matters is the actual market value which is really subjective and based solely on what someone else is willing to pay.

michelb wrote: ↑ I understand your frustration but offering over asking doesn't mean that you are offering market value. If a listing is specifically offered at $100k below market value with the intention of attracting multiple offers, offering $82k above (i.e. $18k below market value) will likely not get you the house if it's in a high demand area.

Asking price is really not a very reliable figure and sales below or above asking is really not a useful statistics; all that matters is the actual market value which is really subjective and based solely on what someone else is willing to pay.

Agree. I suppose I should have added in my original post that the offer I made are all based on past sales plus a few thousands. Thus, my offer ranges between 5k to 82k over asking.

I guess it is just my luck that I am running against buyers who are willing to sets records on comparable homes in the area. Though, with a Liberal government essentially being propped up by the NDP, I can understand why the urgency for people wanting to get in now.

Based on what I experienced, I think offering what the last guy paid will no longer work in this crazy market.

I agree and it is same story all across the town. With me being an agent and helping couple of families so far, I could see how people are buying homes with no rationality. In fact I helped a friend of mine last week to secure a purchase, but we knew we overpaid by roughly 5K for that home, but they really wanted that home for so many reasons, so we had to ensure we get that home and it is similar story everywhere right now.

William W wrote: ↑ Agree. I suppose I should have added in my original post that the offer I made are all based on past sales plus a few thousands. Thus, my offer ranges between 5k to 82k over asking.

I guess it is just my luck that I am running against buyers who are willing to sets records on comparable homes in the area. Though, with a Liberal government essentially being propped up by the NDP, I can understand why the urgency for people wanting to get in now.

Based on what I experienced, I think offering what the last guy paid will no longer work in this crazy market.

michelb wrote: ↑ I understand your frustration but offering over asking doesn't mean that you are offering market value. If a listing is specifically offered at $100k below market value with the intention of attracting multiple offers, offering $82k above (i.e. $18k below market value) will likely not get you the house if it's in a high demand area.

Asking price is really not a very reliable figure and sales below or above asking is really not a useful statistics; all that matters is the actual market value which is really subjective and based solely on what someone else is willing to pay.

In a hot market like the current one in Ottawa, "market price" becomes somewhat difficult to estimate. It's easy to look back 12 month later, and calculate a "fair market price" based on MLS records for that area and that time period, but that doesn't really help buyers and sellers who are in the market and need to make decisions. Real estate is less "efficient" in this way, compared to stocks, bonds, and commodities. In these kind of markets, a competent realtors with the analytical skills is definitely important, for making a best guess of market price at time of purchase.