Real Estate

Ottawa and Surrounding Area Real Estate market discussion

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  • Apr 14th, 2021 10:04 pm
Banned
Jun 18, 2019
69 posts
73 upvotes
Zero Hope wrote: To play devils advocate, why does it matter to you that a certain ethnic group likes to purchase in a specific pocket of a suburb? Is it disturbing the “fair price” of which you judge properties in the area “should” be worth? If people think that area is overpriced, then they can take their money elsewhere and buy in other kanata suburbs or other suburbs in Ottawa. Kanata Lakes has always had a premium as far as I remember. Back when my parents bought their first house in 1999, it was more expensive than Morgan’s Grant and Bridlewood and back then there were barely any asians to influence the market.
I'm trying to understand this increasingly bizarre situation, and it's hard to do that without noticing the Chinese interest in Kanata Lakes. I don't particularly care that one ethnic group or another is buying in the neighborhood. And I agree that if people think a neighborhood is overpriced they will take their money elsewhere - that's what I was saying before. Why buy a 600k townhouse in Kanata Lakes when you can buy a single nearby for cheaper?

I have a problem with what you seem to agree is an endless pit of money that happens to be coming from China that has an unending thirst for the area among other areas in the city, and who knows how high it can go? What's stopping townhouses from hitting 900k by the end of the year? I doubt that money will dry up. I don't think that will be good for the city and I care about the city. I don't want to become the next Vancouver. Mid-unit towns in Kanata Lakes were ~350k as recently as 2.5 years ago.
Deal Addict
Jul 7, 2007
1204 posts
774 upvotes
annoyedenoughtoregister wrote: I'm trying to understand this increasingly bizarre situation, and it's hard to do that without noticing the Chinese interest in Kanata Lakes. I don't particularly care that one ethnic group or another is buying in the neighborhood. And I agree that if people think a neighborhood is overpriced they will take their money elsewhere - that's what I was saying before. Why buy a 600k townhouse in Kanata Lakes when you can buy a single nearby for cheaper?

I have a problem with what you seem to agree is an endless pit of money that happens to be coming from China that has an unending thirst for the area among other areas in the city, and who knows how high it can go? What's stopping townhouses from hitting 900k by the end of the year? I doubt that money will dry up. I don't think that will be good for the city and I care about the city. I don't want to become the next Vancouver. Mid-unit towns in Kanata Lakes were ~350k as recently as 2.5 years ago.
I won’t speculate on how high prices will go but Chinese demand will not die down anytime soon. The growth of newly minted high net worth individuals over there is insane and many are looking to diversify and look for safety in attractive housing markets overseas (especially dirty money that they want to move out, away from control of the CPC). Canada is one of the easiest markets to invest in and I don’t see our weak willed politicians doing too much about it (just lol @ FBT).

The government, at all levels, love real estate gains and are hooked on it like crack. We’re just all along for the ride whether we like it or not. All you can do is put yourself in the best position to benefit. It’s everyone for themselves out there and you would be naive to “depend” on the government to “protect” you.
Member
Oct 22, 2007
239 posts
79 upvotes
Ottawa
annoyedenoughtoregister wrote: I'm trying to understand this increasingly bizarre situation, and it's hard to do that without noticing the Chinese interest in Kanata Lakes. I don't particularly care that one ethnic group or another is buying in the neighborhood. And I agree that if people think a neighborhood is overpriced they will take their money elsewhere - that's what I was saying before. Why buy a 600k townhouse in Kanata Lakes when you can buy a single nearby for cheaper?

I have a problem with what you seem to agree is an endless pit of money that happens to be coming from China that has an unending thirst for the area among other areas in the city, and who knows how high it can go? What's stopping townhouses from hitting 900k by the end of the year? I doubt that money will dry up. I don't think that will be good for the city and I care about the city. I don't want to become the next Vancouver. Mid-unit towns in Kanata Lakes were ~350k as recently as 2.5 years ago.
I think Kanata Lakes is still way cheaper than GTA suburban (Richmon Hill, Oakville, Milton, Markham, Aurora etc.). For example, 500k townhomes are almost half price in Kanata vs. GTA suburban. BTW, buyers in Kanata Lakes are not only China but Indians, Russians, Arabs, Koreans etc. I'm pretty sure all house price in Kanata Lakes will go up sharply this year, because of Earl of March SS. We should never underestimate all immigrant parents' mindset for their children's future (?). And, I heard that ~ 20% buyers in Ottawa RE are investors from GTA or Vancouver.
Sr. Member
Aug 14, 2007
531 posts
283 upvotes
Ottawa
Claridge home just increase their townhouses price in Bridlewood for another $10k despite the fact that they are not selling well in their last release. It is at least $35 k increase (higher for lower end model) in three weeks. I wonder what is the resale "standard" townhome price now. Builders are not stupid, they know what they are doing. Does the market changing very quickly in the past month?
Newbie
Nov 18, 2014
3 posts
Ottawa, ON
How much did 172 Colliston Cres sell at? It was gone within a few days!
Member
Oct 22, 2007
239 posts
79 upvotes
Ottawa
audiorichard wrote: Claridge home just increase their townhouses price in Bridlewood for another $10k despite the fact that they are not selling well in their last release. It is at least $35 k increase (higher for lower end model) in three weeks. I wonder what is the resale "standard" townhome price now. Builders are not stupid, they know what they are doing. Does the market changing very quickly in the past month?
Mind to share price list?
[OP]
Deal Addict
Nov 26, 2004
2986 posts
1463 upvotes
rosemere21 wrote: Just for curiosity, why is property tax in Carleton Place is higher than Ottawa? Seems like it's almost 1.5%.
Good question. I don't really know. But economy of scale and population density can be a large factor.

This can be wishful thinking, but with more business and residence moving in, I would like to think it may be easier for the council there to hold the line on future increase, at least it is trending that way

For 2020:
“An increase of 6.23 per cent,” McConkey noted. “However, with many new homes and businesses added to our tax roll, $456,516 of it is paid by that, resulting in a real tax increase of 1.99 per cent or $213,798.”
https://www.insideottawavalley.com/news ... ary-costs/

For 2019:
The overall revenue requirements for the town rose from $10,016,331 in 2018 to $10,760,469 for 2019. While this represents a 7.43% increase, town treasurer Trisa McConkey explained that over half of that increase would come from development growth, leaving the 2.97% figure applying to existing taxpayers.
https://www.hometownnews.ca/carleton-pl ... -increase/
Deal Addict
Nov 13, 2013
2569 posts
1296 upvotes
Ottawa
William W wrote: I think this one would better illustrate your point.
https://www.realtor.ca/real-estate/2148 ... ewater-bay
It is an extra 15 minutes commute to work, but you get a similar age single for less than a Townhome in Kanata.
15 minutes is a lot. If you work in Kanata it's more than doubling the commute. If you work downtown why would you live anywhere near Kanata?
The thing is these are totally different neighborhoods with different neighbors. It's relatively green because of the gold course and you have retail on both sides. It's the same everywher. Look at New Edinburgh and Vanier. One block over can knocks 40% off the price of a house. Same thing Old Ottawa South and Alta Vista. Location, Location, Location.
[OP]
Deal Addict
Nov 26, 2004
2986 posts
1463 upvotes
fogetmylogin wrote: 15 minutes is a lot. If you work in Kanata it's more than doubling the commute. If you work downtown why would you live anywhere near Kanata?
The thing is these are totally different neighborhoods with different neighbors. It's relatively green because of the gold course and you have retail on both sides. It's the same everywher. Look at New Edinburgh and Vanier. One block over can knocks 40% off the price of a house. Same thing Old Ottawa South and Alta Vista. Location, Location, Location.
Don't get me wrong, of course, real estate is all about location, everyone knows that.

But since the other poster was trying to convince others for similar price, a 60s bungalow in Bells Corner is comparable to a 2010s town in Kanata.

Don't you think, in order to have a better argument, it would have been better comparing properties that are similar by at least 2 of the 3 factors. In this case, a 2010s built single vs a 2010s built town that are similar in price. And simply highlight the only difference between these two properties is the location?
Sr. Member
Jun 15, 2009
529 posts
220 upvotes
Nepean
When I was there on Wednesday, there were 3 homes sold and there were two families who were grabbing two lots each. In my IMHO, the increase is warranted with the new upcoming release of Mattamy pricing, which is not too far from Claridge old pricing (if you factor in all the features and superior location)
audiorichard wrote: Claridge home just increase their townhouses price in Bridlewood for another $10k despite the fact that they are not selling well in their last release. It is at least $35 k increase (higher for lower end model) in three weeks. I wonder what is the resale "standard" townhome price now. Builders are not stupid, they know what they are doing. Does the market changing very quickly in the past month?
Deal Addict
Jul 7, 2007
1204 posts
774 upvotes
Just checked out Minto Arcadia's website, they were selling their Aberdeen 3 story rear lane townhomes for 450k on February 1. They released about 5 more of them on February 15. It is currently listed as available starting at 493k. I can't believe its almost gotten to 500k for a 3 story townhome backing onto a busy street. They were only 390k in May 2019. More than a 25% increase in 10 months!?!?

These units were 310k back in Jan 2018, thats a 60% increase in 26 months.
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Banned
Jun 18, 2019
69 posts
73 upvotes
Zero Hope wrote: Just checked out Minto Arcadia's website, they were selling their Aberdeen 3 story rear lane townhomes for 450k on February 1. They released about 5 more of them on February 15. It is currently listed as available starting at 493k. I can't believe its almost gotten to 500k for a 3 story townhome backing onto a busy street. They were only 390k in May 2019. More than a 25% increase in 10 months!?!?

These units were 310k back in Jan 2018, thats a 60% increase in 26 months.
lol, love the meme.
Zero Hope wrote: The government, at all levels, love real estate gains and are hooked on it like crack. We’re just all along for the ride whether we like it or not. All you can do is put yourself in the best position to benefit. It’s everyone for themselves out there and you would be naive to “depend” on the government to “protect” you.
Can't say I disagree that it's naive and that anyone who depends entirely on government will be left behind. I personally would never rely on that. But I also subscribe to the "we rise by lifting others" mentality, and I think even the quality of life of those of us who are well off will suffer if we price the current citizens out of the city.
Sr. Member
Aug 6, 2011
593 posts
266 upvotes
Zero Hope wrote: Just checked out Minto Arcadia's website, they were selling their Aberdeen 3 story rear lane townhomes for 450k on February 1. They released about 5 more of them on February 15. It is currently listed as available starting at 493k. I can't believe its almost gotten to 500k for a 3 story townhome backing onto a busy street. They were only 390k in May 2019. More than a 25% increase in 10 months!?!?

These units were 310k back in Jan 2018, thats a 60% increase in 26 months.
no wonder i’m starting to see turnkey townhouses sold for close to 600k in good neighborhoods within the Greenbelt. the appetite for townhouses is mind blogging.
Deal Addict
Dec 4, 2016
1879 posts
899 upvotes
Zero Hope wrote: Just checked out Minto Arcadia's website, they were selling their Aberdeen 3 story rear lane townhomes for 450k on February 1. They released about 5 more of them on February 15. It is currently listed as available starting at 493k. I can't believe its almost gotten to 500k for a 3 story townhome backing onto a busy street. They were only 390k in May 2019. More than a 25% increase in 10 months!?!?

These units were 310k back in Jan 2018, thats a 60% increase in 26 months.
Love the meme. For me personally, my S&P unhedged has done better than my condo town outside greenbelt, as I bought just because Harper got his majority, and started investing in S&P 500 around that time. On the other hand, my primary residence is leveraged, and my index fund is not, so the return on capital for my down payment is probably decent.
Jr. Member
Aug 15, 2007
148 posts
57 upvotes
flagprime wrote: How much did 172 Colliston Cres sell at? It was gone within a few days!
$460k sold firm on the offer day. According to the seller agent the seller is out of the country. I am assuming an overseas Chinese investor is the one selling to cash in on recent gains.
Deal Addict
Nov 20, 2011
4055 posts
247 upvotes
Ontario, Canada
flagprime wrote: How much did 172 Colliston Cres sell at? It was gone within a few days!
Market is moving fast. I had family purchase a town for 481K the other day in the East end at sales center, got the last lot. Noted to them probably the last new build under 500,000. I tried to purchase an older single family home and it was gone within a week.
Traveling 😁
Deal Fanatic
Jul 4, 2004
6121 posts
2200 upvotes
Ottawa
arbytor wrote: Anyone that has seen this house can share the details of their experience. Love to hear more about this listing.
Wanted to check the house but it was way over my budget. It was steal for sure - much larger house, is 3 garage considered unlucky in any of the Asian cultures? This could all be timing of the listing as there were much newer looking houses that were in the market around the time this was listed. In Kanata RE anything that is over 800K+ and not well renovated/not near new has difficulty selling.
I don't know if we have the same definition of "a steal" but I do think it looks like a nice house. That said, it's 30 years old, sold for probably $100k above the city appraised value and it didn't sell when it was listed (for the same price) from Oct 2019 to Dec 31 2019 so I think the $800k price is more a factor of FOMO and current market rather than the actual value of the house.

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