Real Estate

Ottawa and Surrounding Area Real Estate market discussion

  • Last Updated:
  • Jan 18th, 2021 9:25 am
Sr. Member
Aug 14, 2007
524 posts
281 upvotes
Ottawa
AddictRC wrote:
Sorry man my numbers are based on real data which I prefer not to divulge on a public forum. ;) This was data from summer rentals and when the competition was less then it is now.

I agree it is good to be conservative. Losing 100-200/mo. is not much so long as the the appreciation outpaces the rental loss of 1200-2400 /yr.

This listing is conditionally sold though. The units with smaller street numbers have $50/mo lower condo fees due to the outside finishings.
I am not saying it is impossible, but it is not a good idea to cherry pick a rental transaction in summer (usually summer rent is a bit higher than other season) to do your analysis. Go to rental.ca or kijiji to follow the rental listing, then estimate what is the "normal" rental price in the area.
Deal Guru
User avatar
Jun 28, 2003
10208 posts
3290 upvotes
Ottawa
audiorichard wrote: I am not saying it is impossible, but it is not a good idea to cherry pick a rental transaction in summer (usually summer rent is a bit higher than other season) to do your analysis. Go to rental.ca or kijiji to follow the rental listing, then estimate what is the "normal" rental price in the area.
This is what I did before I jumped into the market. I followed and recorded data from Kijiji (rental prices, how long the listings stayed up, type of properties etc) for rental listings in areas that I was interested in for almost 2 years, to give me a decent sample size.

It doesn't have to be fancy. A little Excel spreadsheet would do the trick. Is this scientific? No it is not. Did it give me the data I need to make informed decisions about areas to invest in and how much I should be asking to make my listing competitive? You bet.
[removed]
Sr. Member
Aug 14, 2007
524 posts
281 upvotes
Ottawa
canabiz wrote: This is what I did before I jumped into the market. I followed and recorded data from Kijiji (rental prices, how long the listings stayed up, type of properties etc) for rental listings in areas that I was interested in for almost 2 years, to give me a decent sample size.

It doesn't have to be fancy. A little Excel spreadsheet would do the trick. Is this scientific? No it is not. Did it give me the data I need to make informed decisions about areas to invest in and how much I should be asking to make my listing competitive? You bet.
When you are in the property rental business for over 15years, you will learn it from experience. Most of the time when I talk to realtor broker for investment property, they almost always give you an over-market rental estimate. At the end of the date, brokers are just trying complete the transaction and make the commission. Buyers should do their homework before jump into the market, especially information are just a click away unlike 15 years ago, you do not have to rely on broker to provide you information.
Newbie
Sep 19, 2020
15 posts
3 upvotes
jk9088 wrote: No problem.



Sorry, forgot to mention this earlier...do keep in mind that for tax implications, the money you pull from your current property's HELOC will NOT be tax deductible because you are borrowing money for your new principal residence (rather than borrowing for investment).

If possible, if you have savings or stock investments, I would pull money from there instead. A workaround using stock investments is to for example sell $100k worth of stock to fund your new house purchase, then borrow $100k from your HELOC to re-purchase those same stocks. This way everything is tax-deductible. Obviously, you will need to consider other implications...transaction fees and market swings should be relatively minimal--unless you are selling many different stocks--but you may need to consider capital gains if you are pulling from non-registered accounts. TFSAs make this process much easier. And keep in mind if you are selling with a loss in the stocks, you cannot claim that loss as it is considered "superficial" if you are re-purchasing it shortly.

If you cannot fund the new property with current savings or investments and have no option, that's fine. You may then wish to look into the "cash damming" strategy to gradually convert your HELOC from non-tax-deductible to tax-deductible.

Since you are looking at a new build you may have more time to figure out the logistics. If it gets too complicated a good real estate accountant should be able to help you out (the tax savings will be worth it).
Thanks again. Appreciate your valuable inputs. I don't have any stocks. I have savings in my TFSA and savings account for most of my down payment, I would use from my Heloc depending on the property I get to choose.
Sr. Member
Nov 6, 2007
723 posts
240 upvotes
arbytor wrote: In Ottawa updates matter.
In highly sought after Kanata Lakes everyone says a detached house is million dollars. large detached houses sell for well below million dollars if sold with no updates.
https://www.redfin.ca/on/ottawa/104-Sha ... /150269771
https://www.redfin.ca/on/ottawa/35-Evan ... /150332326
True dat. Modern home. Modern updates bringing in top dollar in Kanata South.

https://www.redfin.ca/on/ottawa/612-Bri ... ty-history
Member
Nov 1, 2020
228 posts
111 upvotes
wiab89 wrote: 933k for a 35’ lot... sellers must be over the moon
well if you look at the pre cons, quite few 35 models start from 800k+ already....
Sr. Member
Feb 28, 2009
547 posts
390 upvotes
Ottawa
I’m having issues setting up a Redfin account - I keep getting a message to verify my email then when I click the verify link, it spits out an error message that it was unable to send.

Anyone else have issues like this?

Is Redfin the best resource to view sold data in ottawa?

Thanks
Sr. Member
Feb 28, 2009
547 posts
390 upvotes
Ottawa
WGretzky wrote: I’m having issues setting up a Redfin account - I keep getting a message to verify my email then when I click the verify link, it spits out an error message that it was unable to send.

Anyone else have issues like this?

Is Redfin the best resource to view sold data in ottawa?

Thanks
Figured it out - I verified my email
Through the app and now works!
Deal Addict
Apr 27, 2004
2335 posts
67 upvotes
Toronto
Ottawa experts - what do you think about Bells Corner area for investing in a stack townhome?
Newbie
Apr 9, 2020
48 posts
40 upvotes
sshe11 wrote: Ottawa experts - what do you think about Bells Corner area for investing in a stack townhome?
Very low income neighbourhood. I personally would avoid.
Deal Addict
Apr 27, 2004
2335 posts
67 upvotes
Toronto
ZhaoW9051 wrote: Very low income neighbourhood. I personally would avoid.
Interesting - home prices seem expensive for a low income neighbourhood, do you feel it's slowly transitioning because of proximity to Barrhaven and Kanata?
Deal Guru
User avatar
Jun 28, 2003
10208 posts
3290 upvotes
Ottawa
sshe11 wrote: Ottawa experts - what do you think about Bells Corner area for investing in a stack townhome?
My colleague paid $1,800 for a 3-bedroom stacked townhouse rental in Bells Corners for a few years. He is leaving next month, not because the area is bad but because he bought his first home.

The area was going through a revitalization period with DND relocating most of their staff in the National Capital Region to the former Nortel building at Carling and Moodie. Then the pandemic hit and I suppose most of those folks are now working from home, at least for the foreseeable future.

I do like the area, it is close to both highway (416 and 417) and a short drive to Kanata/Barrhaven. I don't know if there is any new build here as I believe Phoenix completed their small town community behind the Mosque a few years ago. That's where my colleague rented and probably what you have in mind.

I don't know how much these stacked townhouses are selling for these days but I do believe you can still command $1,800/rent.
[removed]
Member
Mar 7, 2011
421 posts
272 upvotes
Ottawa
canabiz wrote: My colleague paid $1,800 for a 3-bedroom stacked townhouse rental in Bells Corners for a few years. He is leaving next month, not because the area is bad but because he bought his first home.

The area was going through a revitalization period with DND relocating most of their staff in the National Capital Region to the former Nortel building at Carling and Moodie. Then the pandemic hit and I suppose most of those folks are now working from home, at least for the foreseeable future.

I do like the area, it is close to both highway (416 and 417) and a short drive to Kanata/Barrhaven. I don't know if there is any new build here as I believe Phoenix completed their small town community behind the Mosque a few years ago. That's where my colleague rented and probably what you have in mind.

I don't know how much these stacked townhouses are selling for these days but I do believe you can still command $1,800/rent.
Remind me of...
Is Bells Corners Ottawa's next Westboro?
"It's a hidden gem. It's the next Westboro."
- Joe Varner, Bells Corners BIA
Sr. Member
Feb 28, 2009
547 posts
390 upvotes
Ottawa
sshe11 wrote: It was listed for $325K in August this year ...
Thansk! Where can you see this info?
Deal Addict
Apr 27, 2004
2335 posts
67 upvotes
Toronto
canabiz wrote: My colleague paid $1,800 for a 3-bedroom stacked townhouse rental in Bells Corners for a few years. He is leaving next month, not because the area is bad but because he bought his first home.

The area was going through a revitalization period with DND relocating most of their staff in the National Capital Region to the former Nortel building at Carling and Moodie. Then the pandemic hit and I suppose most of those folks are now working from home, at least for the foreseeable future.

I do like the area, it is close to both highway (416 and 417) and a short drive to Kanata/Barrhaven. I don't know if there is any new build here as I believe Phoenix completed their small town community behind the Mosque a few years ago. That's where my colleague rented and probably what you have in mind.

I don't know how much these stacked townhouses are selling for these days but I do believe you can still command $1,800/rent.
Don't have a particular property in mind. Also, the new Amazon warehouse east of 416/Strandherd will be a short drive south on Moodie. Maybe that will help this area?
Sr. Member
Feb 28, 2009
547 posts
390 upvotes
Ottawa
sshe11 wrote: It's on the link you shared. Just scroll down, half way through the page.
Ugh Thanks - sorry about that. New Redfin user! Lol

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