Real Estate

Ottawa and Surrounding Area Real Estate market discussion

  • Last Updated:
  • Jan 26th, 2021 11:42 pm
Jr. Member
Feb 14, 2006
176 posts
27 upvotes
Ottawa
arbytor wrote: One of those surprizes. The house is in the best neighbourhoods of Kanata and at 550K no takers. Just that dated look, everyone is looking for super shiny modern look and feel. When this was listed, I thought it was priced low to witness a bidding war but here we go. It is not over yet, the sell price may still be closer or over 600K.
So this finally sold for 540k. Good deal on a SFH in a great neighborhood given the current prices IMHO.

6 Hemlo
Deal Addict
May 23, 2017
1052 posts
844 upvotes
Spec wrote: So this finally sold for 540k. Good deal on a SFH in a great neighborhood given the current prices IMHO.

6 Hemlo
Great price indeed. The house will look great with just some minor updates. Although, something I missed when I looked at the listing last time--the house only has 2 bathrooms (one on 2nd floor). That could be a major dealbreaker for many, most people these days want a master bedroom ensuite plus separate full washroom on second floor. It's a feature people want in townhouses nevermind a detached. I've seen houses go for significantly less compared to another similar house just because they only have 1 vs. 2 bathrooms upstairs. Along with the dated look could be a big reason why it went for so low.

Obviously still a good deal regardless considering townhouses are going in the 500s in Kanata Lakes. But the buyer may run into same difficulty trying to sell down the road due to washroom issue.
Member
May 6, 2012
381 posts
227 upvotes
KANATA
Spec wrote: So this finally sold for 540k. Good deal on a SFH in a great neighborhood given the current prices IMHO.

6 Hemlo
this tells me land in the burbs in not appreciating. It is the building that appreciates. Wait, this contradicts with what I used to learn from the book. :(
Newbie
Feb 17, 2008
18 posts
7 upvotes
welcomelm wrote: this tells me land in the burbs in not appreciating. It is the building that appreciates. Wait, this contradicts with what I used to learn from the book. :(
Me too! Yet my realtor was saying that it's the turn-key, modern looking houses that are going the fastest and asking the highest prices. Is this really possible, and, if so, how long does the "honeymoon" period last? Houses built in 2010 now look utterly outdated compared to those built today. In terms of getting maximum value, does that mean flipping a new and shiny house within a 5-7 year window?
Sr. Member
Nov 6, 2007
735 posts
245 upvotes
jk9088 wrote:
Great price indeed. The house will look great with just some minor updates. Although, something I missed when I looked at the listing last time--the house only has 2 bathrooms (one on 2nd floor). That could be a major dealbreaker for many, most people these days want a master bedroom ensuite plus separate full washroom on second floor. It's a feature people want in townhouses nevermind a detached. I've seen houses go for significantly less compared to another similar house just because they only have 1 vs. 2 bathrooms upstairs. Along with the dated look could be a big reason why it went for so low.

Obviously still a good deal regardless considering townhouses are going in the 500s in Kanata Lakes. But the buyer may run into same difficulty trying to sell down the road due to washroom issue.
Could be ~$15k to add a second bath on the second floor (if even possible and sufficient room). Some just don't want to deal with the hassle.

I agree for families, have 2 adults share one bath with 1 or 2 kids just ain't ideal.
Deal Addict
May 23, 2017
1052 posts
844 upvotes
R8247 wrote: Could be ~$15k to add a second bath on the second floor (if even possible and sufficient room). Some just don't want to deal with the hassle.

I agree for families, have 2 adults share one bath with 1 or 2 kids just ain't ideal.
Yes exactly, and I imagine most people looking at a detached are likely a family with kids so the single bathroom is a big deal.

I do wonder how easy it would be to add a bathroom...like you mentioned, may not even be possible depending on the layout upstairs and a hassle to do. But, it would be well worth it for resale and will greatly increase the value/appeal of the house if the buyers could make it work.

Generally I always avoid houses with only a single upstairs bathroom for this reason. Before the pandemic even these less desirable houses were going quickly, but now that the market seems to have cooled slightly in Kanata Lakes (still seller's market but not as red-hot) it shows that it's a lot harder to find someone to take these houses off your hands.
Member
Aug 22, 2016
400 posts
210 upvotes
That was a good deal for the buyer. I am curious now to see if it gets relisted for 700K with all the fancy renovations.
Deal Addict
May 23, 2017
1052 posts
844 upvotes
Monari wrote: Me too! Yet my realtor was saying that it's the turn-key, modern looking houses that are going the fastest and asking the highest prices. Is this really possible, and, if so, how long does the "honeymoon" period last? Houses built in 2010 now look utterly outdated compared to those built today. In terms of getting maximum value, does that mean flipping a new and shiny house within a 5-7 year window?
Mentioned this before but IMO the big lesson here is to spend a little money and effort to do some cosmetic updates on your house and it can pay big dividends. This seems to be key to selling houses right now--buyers definitely want a move-in ready house. Does not necessarily mean flipping a relatively new house.

We sold a townhouse recently and spent maybe $8000 total for minor upgrades (very little money in the grand scheme of things). House was almost 30 years old, good condition but definitely dated. Sold quickly with the help of these upgrades (meanwhile another house nearby sat for a looong time because it looked so much more dated even though it was priced WAY lower).

Brief list of what we did: new modern LED light fixtures throughout, potlights, new satin nickel door lever handles (replacing the dated round brass doorknobs), new handles/knobs on all cabinets in house (instant cheap refresh), quartz countertops with new sink/faucet in kitchen/bathroom, kitchen backsplash, new stainless steel kitchen appliances. New paint is also a good idea, we skipped it as the paint job was fairly recent and still looked good.

Again, cheap cosmetic upgrades that are much easier than a full reno but looked like a WAY more modern house after we were done.
Member
Jul 15, 2019
387 posts
266 upvotes
Monari wrote: Me too! Yet my realtor was saying that it's the turn-key, modern looking houses that are going the fastest and asking the highest prices. Is this really possible, and, if so, how long does the "honeymoon" period last? Houses built in 2010 now look utterly outdated compared to those built today. In terms of getting maximum value, does that mean flipping a new and shiny house within a 5-7 year window?
This house to me didn’t look 10 years old tough. The paint job on the inside, and the selection finishes chosen made it like identical to my parents house built in 1995 without any updates ever done to the place.

I think it’s very common today that you don’t list your house without updating your kitchen, and your en-suite. At the very least the kitchen.

You look at this house and you already think oh my I need to put $20k into a kitchen, I need to repaint this place. Refinish things, it only has an en-suite bathroom and a partial toilet room.
Deal Addict
Dec 4, 2016
1871 posts
891 upvotes
welcomelm wrote: this tells me land in the burbs in not appreciating. It is the building that appreciates. Wait, this contradicts with what I used to learn from the book. :(
I kinda feel RE in Ottawa is really not appreciating that much or remotely overvalued. During the downturn in 2011-2016, background inflation never stopped, increasing the cost of construction. Which means when local economy picks up, and builders once again start competing for trades people, the cost of constructions comes as a sticker shock.

If the house that sold for 540k truly was undervalued, a flipper should be able to buy it and renovate it to "modern" standards, and make a huge profit. Obviously, not too many people are doing it -- cost of skilled trades is just too high for that to be profitable.
Sr. Member
Nov 6, 2007
735 posts
245 upvotes
jk9088 wrote:
Mentioned this before but IMO the big lesson here is to spend a little money and effort to do some cosmetic updates on your house and it can pay big dividends. This seems to be key to selling houses right now--buyers definitely want a move-in ready house. Does not necessarily mean flipping a relatively new house.

We sold a townhouse recently and spent maybe $8000 total for minor upgrades (very little money in the grand scheme of things). House was almost 30 years old, good condition but definitely dated. Sold quickly with the help of these upgrades (meanwhile another house nearby sat for a looong time because it looked so much more dated even though it was priced WAY lower).

Brief list of what we did: new modern LED light fixtures throughout, potlights, new satin nickel door lever handles (replacing the dated round brass doorknobs), new handles/knobs on all cabinets in house (instant cheap refresh), quartz countertops with new sink/faucet in kitchen/bathroom, kitchen backsplash, new stainless steel kitchen appliances. New paint is also a good idea, we skipped it as the paint job was fairly recent and still looked good.

Again, cheap cosmetic upgrades that are much easier than a full reno but looked like a WAY more modern house after we were done.
This is very impressive if you were able to do quartz, new appliances, sink and backsplash for $8k all in (essential whioe kitchen minus cabinet s).

Upgrades where it matters the most Thumbs Up Sign
Last edited by R8247 on Jul 9th, 2020 11:01 am, edited 1 time in total.
Deal Addict
May 23, 2017
1052 posts
844 upvotes
BlueSolstice wrote: I've always felt RE in Ottawa is really not appreciating that much or remotely overvalued. During the downturn in 2011-2016, background inflation never stopped, increasing the cost of construction. Which means when local economy picks up, and builders once again start competing for trades people, the cost of constructions comes as a sticker shock.

If the house that sold for 540k truly was undervalued, a flipper should be able to buy it and renovate it to "modern" standards, and make a huge profit. Obviously, not too many people are doing it -- cost of skilled trades is just too high for that to be profitable.
Good point. My realtor was telling me how construction costs have skyrocketed recently, labour costs etc. have become way more expensive. Rule of thumb not too long ago used to be $200/sq ft for construction, my realtor says to now expect more like $280/sq ft. No doubt that's one reason for increasing house costs especially with new builds.
Last edited by jk9088 on Jul 9th, 2020 11:06 am, edited 1 time in total.
Deal Addict
May 23, 2017
1052 posts
844 upvotes
R8247 wrote: This is very impressive if you were able to do quartz, new appliances, sink and backsplash for $8k all in (essential whioe kitchen minus cabinet s).

Upgrades where it matters the most Thumbs Up Sign
Well, it was for a townhouse so kitchen wasn't that big. :P Quartz countertop for the kitchen ran about $3000, 4 kitchen appliances $2000 (tax included--the 25% Ontario rebate we got on the fridge and dishwasher definitely helped a lot!). Those were the two biggest costs.

Luckily we could leave the cabinets as is (previous owner had already stained them from the original light yellow oak to a deep brown which looked fine). For anyone with dated-looking oak cabinets, I'd definitely recommend painting them to a more modern colour. (Will be much cheaper and easier than doing a full-out replacement.)
Member
Jan 10, 2012
220 posts
64 upvotes
Ottawa
Minto in Arcadia raised the price of 36 and 43 feet houses by 15k today. They are now around 35k more expensive compared to April!
Last edited by raaaaam on Jul 9th, 2020 12:33 pm, edited 1 time in total.
Member
May 6, 2012
381 posts
227 upvotes
KANATA
jk9088 wrote: Well, it was for a townhouse so kitchen wasn't that big. :P Quartz countertop for the kitchen ran about $3000, 4 kitchen appliances $2000 (tax included--the 25% Ontario rebate we got on the fridge and dishwasher definitely helped a lot!). Those were the two biggest costs.

Luckily we could leave the cabinets as is (previous owner had already stained them from the original light yellow oak to a deep brown which looked fine). For anyone with dated-looking oak cabinets, I'd definitely recommend painting them to a more modern colour. (Will be much cheaper and easier than doing a full-out replacement.)
I tend to do these kind of upgrade 2 or 3 years before selling if you plan well. So that at least you get to enjoy it somehow not just for the buyers.
Sr. Member
Feb 18, 2010
886 posts
355 upvotes
Greely
freeman93 wrote: If I could afford it I would have done Orleans over Rockland, out of all the burbs... the transit is the best to DT. They have all the amenities you need, just like any other suburb. It's no longer high percentage of french, its more 60/40.
I used to live in Orleans off of Sunview, and the express bus was quick and efficient.

w.r.t. to the Trillium line extension, I think that service will get 'dialed in' pretty quickly. The work seems to be going quite well, and the diesel trains are pretty reliable tech...
Member
Oct 6, 2011
415 posts
59 upvotes
What are you guys thoughts on properties that back onto the Queensway (or on-ramp)? How much percent increase would you wager if it was an identical house on the opposite side of the street?


Something like this:
https://www.realtor.ca/real-estate/2207 ... ar-heights

I wonder if this will have a hard time selling because of it.
Deal Addict
Sep 2, 2009
1298 posts
952 upvotes
Ottawa
zherdev wrote: What are you guys thoughts on properties that back onto the Queensway (or on-ramp)? How much percent increase would you wager if it was an identical house on the opposite side of the street?


Something like this:
https://www.realtor.ca/real-estate/2207 ... ar-heights

I wonder if this will have a hard time selling because of it.
Should look a few pages back :)

(1910 Southampton Crt)

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