Real Estate

Ottawa and Surrounding Area Real Estate market discussion

  • Last Updated:
  • Jan 15th, 2021 9:59 pm
Deal Fanatic
Jul 4, 2004
5842 posts
1894 upvotes
Ottawa
This week's MLS stats


New Listing (607)
Back On Market (56)
Price Decrease (89)
Price Increase (42)
Conditional Sale (277)
Sold (628)
Expired (61)
Leased (0)
Cancelled (88)
Rented (83)
Suspended (14)

About 660 coming on, about 1150 coming off the market
Member
Aug 22, 2016
391 posts
205 upvotes
R8247 wrote: Yup. Besides the fancy finish and paint. It's a 3 bedroom multi-level Mattamy. These were models were selling for less then $650 ish on the resale market around May and June (although not finished as nicely).
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.
Will be interesting to see the market direction when all the free money stops and interest rates go back to the pre-covid rates.
Sr. Member
Nov 6, 2007
717 posts
234 upvotes
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
These newer well renovated, turnkeys homes are in high demand and churning out top dollar.

Another one that sold for high $700s in Kanata South (Bridlewood).

3 beds 3 baths. Well renovated finished basement.

See Spring 2019 sales price and photos. Doesn't look like any work was done. Crazy flip even when you factor in commission, transfer tax and closing.

https://www.redfin.ca/on/ottawa/993-Shi ... /151105886
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Deal Fanatic
Jul 4, 2004
5842 posts
1894 upvotes
Ottawa
Here are the month-to-month changes:

Dec 2018 - Avg condo : $278,295, avg residential : $453,011
Jan 2019 - Avg condo : $283,990, avg residential : $432,829
Feb 2019 - Avg condo : $288,354, avg residential : $466,540
Mar 2019 - Avg condo : $290,181, avg residential : $480,143
April 2019 - Avg condo : $307,659, avg residential : $488,729
May 2019 - Avg condo : $297,731, avg residential : $493,691
June 2019 - Avg condo : $308,842, avg residential : $500,716
July 2019: - Avg condo : $299,655, avg residential : $487,308
Aug 2019: - Avg condo : $308,781, avg residential : $484,921
Sept 2019: - Avg condo : $309,373, avg residential : $487,438
Oct 2019: - Avg condo : $319,208, avg residential : $483,405
Nov 2019: - Avg condo : $313,734, avg residential : $501,201
Dec 2019: - Avg condo : $310,675, avg residential : $500,306
Jan 2020: - Avg condo : $338,077, avg residential : $516,229
Feb 2020: - Avg condo : $349,813, avg residential : $563,694
March 2020: - Avg condo : $369,311, avg residential : $559,779
April 2020: - Avg condo : $327,813, avg residential : $521,694
May 2020: - Avg condo : $343,589, avg residential : $548,140
June 2020: - Avg condo : $360,922, avg residential : $575,623
July 2020: - Avg condo : $357,764, avg residential : $585,084
Aug 2020: - Avg condo : $383,640, avg residential : $592,548

No huge surprises for anyone following the local market, condo and residential at all time highs and significantly above last year. Condo does fluctuate quite a bit which is a bit to be expected given the range of condo prices in the city. Residential prices seem to be leveling off a bit but this can change quickly.

(Sorry about the delay, I was out of town when the stats were put out and I forgot to do it when I got back home)
Deal Fanatic
Dec 28, 2006
6060 posts
612 upvotes
Kanata
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.
Deal Fanatic
Jul 4, 2004
5842 posts
1894 upvotes
Ottawa
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.
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?
Deal Guru
User avatar
Jun 28, 2003
10198 posts
3285 upvotes
Ottawa
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.
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Deal Addict
Oct 24, 2010
1181 posts
950 upvotes
Ottawa
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.
Newbie
Apr 9, 2020
45 posts
40 upvotes
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.
Richcraft new release in RSS is sold out within hours. It's nuts:)
Sr. Member
May 23, 2017
991 posts
744 upvotes
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.
Deal Addict
Sep 2, 2009
1250 posts
898 upvotes
Ottawa
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.
Which house/address?
Sr. Member
May 23, 2017
991 posts
744 upvotes
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?
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.
Deal Addict
Sep 2, 2009
1250 posts
898 upvotes
Ottawa
Dynatos wrote: 838 Chapman Blvd
Yeah, the info may not get listed if it never hit MLS (found nothing on the sale as of right now)
Sr. Member
May 23, 2017
991 posts
744 upvotes
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.
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.
Member
Jul 15, 2019
384 posts
266 upvotes
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.
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.

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