Real Estate

Ottawa and Surrounding Area Real Estate market discussion

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  • Mar 3rd, 2021 3:36 am
Deal Addict
Dec 4, 2016
1872 posts
892 upvotes
jk9088 wrote: Wait, so even after you told him he missed a deal that would have netted him an extra 30k, he didn't seem to care and was still happy? I'm kind of confused.

I feel so bad that this sweet older man got completely taken advantage of (and wonder how many other people got ripped off in this kind of market that moves too fast for the average person to keep up with). I imagine with so many offers, it was easy for the agent to push that one specific offer over the others and play out how good it is (30k over asking, no conditions). I believe agents are obligated to "present" all offers but I'm guessing there is a grey area in terms of what "present" means? Like could he just have printed out all the offer forms and laid it on the table, telling the seller "hey look these are all the other offers we got, some offered you higher prices but each offer has different conditions included". In a more normal market if there are only say two offers it would be easy for the seller to pick out the best one, but as you mentioned, with the current frenzy the seller can easily be overwhelmed by the many offers and feel pressured to make a decision quickly. Technically the agent could have followed all the rules but clearly in this case he did not act in his client's best interest at all.

The most infuriating part of this is that the seller probably is super grateful to the agent for getting him an "amazing price" and is probably going to recommend this scam artist to all his friends as well. I almost wish I had bid on this house myself just so I can personally report him to OREB and hope he gets what he deserves. golfyfan, I'm sure all of us in here are cheering you on if you decide to pursue complaints against him (although obviously it's understandable if you don't feel like investing all the time/effort into something that is essentially water under the bridge).

Overall I definitely think the whole process needs an overhaul and be more transparent, I still don't think it's fair that buyers have no idea what other bids are. This means it's easy for someone to overpay by a LOT (e.g. bidding 50k over the second highest bid because you don't know what other people are offering), and worst of all, it makes it easy for agents to double-end deals because obviously they are the only ones who can see exactly what all the bids are and can therefore tell their clients to just bid $100 over the top offer to secure a house (putting all the other potential buyers at a big disadvantage).
BC banned double ending for a reason. Ontario, and especially Ottawa, is very late to this RE party, and most people still see their house as a place to live rather than an asset to get rich on. As more and more stories like this hit the media, perhaps the general public would be more aware and better regulations would be put in place.
Member
Jun 15, 2009
488 posts
191 upvotes
Nepean
Listed for 330 and sold for 380.
William W wrote: Can anyone here let us know how much 100 Dahlia Street, Rockland sold for? Thanks!
Jr. Member
Mar 29, 2016
157 posts
120 upvotes
Toronto
2:00pm EST: received email from Urbandale on new town release @ Cowan's Grove To book appointment
2:02pm EST: Appointments for townhomes at Cowan's grove are fully booked

In 2 minutes all 8 lots are booked!
Sr. Member
Aug 6, 2011
592 posts
264 upvotes
casanova2001 wrote: 2:00pm EST: received email from Urbandale on new town release @ Cowan's Grove To book appointment
2:02pm EST: Appointments for townhomes at Cowan's grove are fully booked

In 2 minutes all 8 lots are booked!

I don't see the pricing. Does anyone know?
Deal Fanatic
Jul 4, 2004
5962 posts
2054 upvotes
Ottawa
dc200 wrote: Can someone help me interpret this terribly written article?

https://www.cbc.ca/news/canada/ottawa/h ... -1.5415644



When they say that prices are expected to increase by 10 to 12 per cent, to which area are they referring to? Ottawa, Gatineau or both? IMO that number makes more sense for Ottawa without any doubt.
In the article, I believe the 10-12% they are referring to is specifically for Gatineau.
Jr. Member
Mar 29, 2016
157 posts
120 upvotes
Toronto
cyberfreak123 wrote: I don't see the pricing. Does anyone know?
Price as of Feb 26th - 2020
======================

Block 51 & Block 50 released (Shuttleworth Drive / Rathburn Lane) - total 8 TH
Apollo - 1765sq ft - 467,900 / 492,900 End Unit
Calypso - 1770sq ft - 474,900/499,900 End Unit
Discovery - 2098 sq ft - 500,900/525,900 End Unit
Endeavour - 2088 sq ft - 502,900/527,900 End Unit
Atlantis - 2324 sq ft - 516,900/541,900 End Unit
Atlantis 2 - 2,426 sq ft - 524,900/549,900 End unit
Santa Maria (End unti with double car garage) - 2,077 sq ft - 564,00
Deal Addict
Dec 4, 2016
1872 posts
892 upvotes
casanova2001 wrote: Price as of Feb 26th - 2020
======================

Block 51 & Block 50 released (Shuttleworth Drive / Rathburn Lane) - total 8 TH
Apollo - 1765sq ft - 467,900 / 492,900 End Unit
Calypso - 1770sq ft - 474,900/499,900 End Unit
Discovery - 2098 sq ft - 500,900/525,900 End Unit
Endeavour - 2088 sq ft - 502,900/527,900 End Unit
Atlantis - 2324 sq ft - 516,900/541,900 End Unit
Atlantis 2 - 2,426 sq ft - 524,900/549,900 End unit
Santa Maria (End unti with double car garage) - 2,077 sq ft - 564,00
So 500 average base price of new build towns is now standard, before lot premiums. Any insight on how much of a price hike for this release and how many weeks has it been?
Deal Addict
User avatar
Mar 30, 2010
2979 posts
770 upvotes
Kagaaruk, NU
I was just going to poke fun at how people are going nuts over towns, but then I saw the square footage on some of these things.

2400 sqft in a townhouse? That's as big as most four bedroom detached homes...
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Deal Addict
May 23, 2017
1243 posts
1115 upvotes
BlueSolstice wrote: BC banned double ending for a reason. Ontario, and especially Ottawa, is very late to this RE party, and most people still see their house as a place to live rather than an asset to get rich on. As more and more stories like this hit the media, perhaps the general public would be more aware and better regulations would be put in place.
Interesting, I had no idea it was banned in BC. They are definitely on to something. Does it have to be the same agent though or would the same agency also be disallowed? Otherwise I guess it would still be easy to get around that rule (like this case wouldn't have violated that rule.)
Deal Addict
May 23, 2017
1243 posts
1115 upvotes
dc200 wrote: I was just going to poke fun at how people are going nuts over towns, but then I saw the square footage on some of these things.

2400 sqft in a townhouse? That's as big as most four bedroom detached homes...
I find that usually townhouse sq ft numbers include the basement, while detached homes do not, so it's not quite an apples to apples comparison. (Although I am not familiar with this specific development.)

So typically a detached 4-bedroom double garage house would still be larger. But yes, the larger newer townhomes being built are often bigger than the smallest (single garage) detached houses offered, which is why so many people seem to be happy paying close to the same amount of money for it.
Deal Addict
User avatar
Mar 30, 2010
2979 posts
770 upvotes
Kagaaruk, NU
jk9088 wrote: I find that usually townhouse sq ft numbers include the basement, while detached homes do not, so it's not quite an apples to apples comparison. (Although I am not familiar with this specific development.)

So typically a detached 4-bedroom double garage house would still be larger. But yes, the larger newer townhomes being built are often bigger than the smallest (single garage) detached houses offered, which is why so many people seem to be happy paying close to the same amount of money for it.
Personally, I would rather have a smaller detached home with front/back yards and not have to share walls, but to each their own I guess.

It's interesting how the price gap between detached and townhouses is getting narrower and narrower because townhouses seem to be appreciating quicker than detached.
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Jr. Member
Jan 25, 2016
157 posts
135 upvotes
Ottawa DST
dc200 wrote: Personally, I would rather have a smaller detached home with front/back yards and not have to share walls, but to each their own I guess.
Me too; it's the most astounding thing to me about Ottawa's townhome surge.. I wonder how many of these recent buyers will change their minds on shared walls once they have a baby, or have to share a bedroom wall with one.

Attached neighbors can get real old real fast..
Newbie
Feb 14, 2012
77 posts
9 upvotes
Ottawa
Tadalafil wrote: Realtors on this thread can correct me if I am wrong, but I am sure that listing agent has the obligation to present any and every offer that comes in to their client.
You're right 100%
Newbie
Feb 25, 2020
52 posts
42 upvotes
Anyone can tell me how much 381 Livery Street, sold for? Thanks in advance.
Member
Dec 21, 2010
226 posts
140 upvotes
Anyone who can find out the sale price for 666 bridleglen crescent in Kanata? It's a detach 50 foot 3000sq+ house built by HN homes. It was asking at 950k where the same model only sells at 830k at the Orleans.

Thanks
Member
Jun 15, 2009
488 posts
191 upvotes
Nepean
Listed for 530 - sold for 540
AjayA2050 wrote: Anyone can tell me how much 381 Livery Street, sold for? Thanks in advance.
Member
Jun 15, 2009
488 posts
191 upvotes
Nepean
Sold for 927,175
khkchan wrote: Anyone who can find out the sale price for 666 bridleglen crescent in Kanata? It's a detach 50 foot 3000sq+ house built by HN homes. It was asking at 950k where the same model only sells at 830k at the Orleans.

Thanks
Sr. Member
Nov 10, 2014
529 posts
890 upvotes
Ottawa, ON
Global equities are starting to get wrecked by the effects of corona virus, yet Ottawa RE is still hitting new highs every week.

Aside from blind speculation, a case could be made for buying investment RE in Ottawa at nosebleed prices and negative cashflow under certain circumstances. When both bond yields (and hence interest rates) are low, and equity valuations are high, alternative investments (eg. cashflow negative properties) are easier to swallow as there is no reasonable risk adjusted returns available. This will no longer be the case if the equities continue their sell off. For those with larger portfolios, I think it is worthwhile to liquidate a portion of it to buy indexes.
Deal Addict
Dec 4, 2016
1872 posts
892 upvotes
jk9088 wrote: Interesting, I had no idea it was banned in BC. They are definitely on to something. Does it have to be the same agent though or would the same agency also be disallowed? Otherwise I guess it would still be easy to get around that rule (like this case wouldn't have violated that rule.)
I think it's only for the agent. Word on the ground says agents easily get around this rule by using other agents of the same brokerage, or simply their friends who are also agents. It's definitely not enough to eliminate shady dealings, but it's a step in the right direction.
Deal Addict
Jan 15, 2017
3754 posts
3164 upvotes
khkchan wrote: Anyone who can find out the sale price for 666 bridleglen crescent in Kanata? It's a detach 50 foot 3000sq+ house built by HN homes. It was asking at 950k where the same model only sells at 830k at the Orleans.

Thanks
HN Homes doesn't build in Orleans.

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