they were 600 ish in fall 2019. I saw few houses around August/September 2019 but these 600ish houses did not have some of these nicer finishes, backyard work and finished basement. sounds like the market in that neighbourhood is super hot, easily a growth of 100K in one year.
These newer well renovated, turnkeys homes are in high demand and churning out top dollar.R8247 wrote: ↑
Kanata is getting pretty crazy. $140k over asking (not even Kanata Lakes). Very nice reno and finishes though.
https://www.redfin.ca/on/ottawa/195-Flo ... /151098669
raaaaam wrote: ↑ Another townhouse that was sold above 600k:
https://www.redfin.ca/on/ottawa/471-Cel ... ntent=link
This is a 4 bedroom house.
4 bedroom detached houses around that neighbourhood were 650ish early this year.raaaaam wrote: ↑ Another townhouse that was sold above 600k:
https://www.redfin.ca/on/ottawa/471-Cel ... ntent=link
This is a 4 bedroom house.
I have to agree that the market isn't really logical (I still think there will be a COVID correction but so far, I'm certainly wrong) - I think it's mostly fueled by FOMO. That said, I do think it's still significantly cheaper than similar Toronto suburbs; can you get a single family detached home within 15 minutes of downtown Toronto for $700k?rivet wrote: ↑ I really don't understand the Ottawa RE market, it is not like the economy is flying here. Does it still worth to invest any RE here now or there will be any cool down time here? I really feels like the price in a suburb like Kanata lakes are really already not cheaper than similar suburb in Toronto, don't forget the property tax is way higher than Toronto, which means way higher cost for the house at the same price.
Richcraft new release in RSS is sold out within hours. It's nuts:)canabiz wrote: ↑ My friend reported seeing people waiting in lineup outside Claridge's sales office on Greenbank Road last night in the cold, in anticipation of the new lot release for the new community. This is across Minto's Riverbend community, near St-Joseph Catholic High School.
Can anyone living in the 'Haven confirm this is the case? Builders traditionally release new lots on Saturday mornings so these folks would have had to wait almost 2 full days. Unbelievable.
From my research, Claridge's quality leaves some to be desired for but their price points are fairly attractive, on par with Mattamy, although I don't know if that is still the case in today's market.
Yes, Claridge's new Watter's Pointe community is having their first release tomorrow. Not surprised there is a lineup. Minto's recent Harmony release supposedly received over 600 emails according to someone on another forum (it was a first-come-first-serve by email release, no lineups). Demand is crazy right now.canabiz wrote: ↑ My friend reported seeing people waiting in lineup outside Claridge's sales office on Greenbank Road last night in the cold, in anticipation of the new lot release for the new community. This is across Minto's Riverbend community, near St-Joseph Catholic High School.
Can anyone living in the 'Haven confirm this is the case? Builders traditionally release new lots on Saturday mornings so these folks would have had to wait almost 2 full days. Unbelievable.
From my research, Claridge's quality leaves some to be desired for but their price points are fairly attractive, on par with Mattamy, although I don't know if that is still the case in today's market.
Which house/address?Dynatos wrote: ↑ We just saw an estate sale on our street. The house (1950s Campeau bungalow) has been vacant since we moved in to ours in January.
It said "Coming Soon" on Monday.
It said "Sold" on Tuesday.
It didn't even hit MLS. Now I'm super curious what it sold for.
Edit:
We bought in fall 2019 in Elmvale Acres. At the time, older and in many cases poorly updated houses in AltaVista proper, Old Ottawa South, and Old Ottawa East were actually in our stretch budget. An upgraded home in Elmvale Acres was at a price point we found manageable to allow for considerable savings.
Less than a year later and we'd be stretching to get into an updated home in Elmvale Acres.
It's nuts.
FOMO may be part of the driving force behind skyrocketing prices but the fundamentals are there to support the market, IMO. Many millennials are finally starting to enter the housing market en masse. This is now the biggest generation (even more than Baby Boomers now) and an article recently mentioned how Ottawa is a top destination for millennials. Anecdotally I know plenty of people getting into the market recently, also on the Ottawa subreddit these days you can constantly see threads about people talking about being overbid trying to find a house.michelb wrote: ↑ I have to agree that the market isn't really logical (I still think there will be a COVID correction but so far, I'm certainly wrong) - I think it's mostly fueled by FOMO. That said, I do think it's still significantly cheaper than similar Toronto suburbs; can you get a single family detached home within 15 minutes of downtown Toronto for $700k?
If it was a private sale or occurred before hitting MLS it will be difficult to find out the sale price unless you ask the sellers/buyers involved. Chances are buyers got a great deal. You can wait about 6 months and look it up on MPAC, they have all sale prices including private sales but do take time to update data.
Dual income young couples are certainly out there in masses, if you look at many of the new home release lines ups this is who I see most.jk9088 wrote: ↑ FOMO may be part of the driving force behind skyrocketing prices but the fundamentals are there to support the market, IMO. Many millennials are finally starting to enter the housing market en masse. This is now the biggest generation (even more than Baby Boomers now) and an article recently mentioned how Ottawa is a top destination for millennials. Anecdotally I know plenty of people getting into the market recently, also on the Ottawa subreddit these days you can constantly see threads about people talking about being overbid trying to find a house.
There is real demand driving the market in Ottawa (i.e. not just speculators or foreign buyers) and plenty of these buyers have money/well-paying jobs. I am not surprised by the overall strength in the market (yes even in the face of COVID-19), though I am taken aback by just how fast the growth is. I don't see prices dropping but it does feel like the current growth is unsustainable...but, real estate can often keep snowballing for much longer than expected so who knows.
