Real Estate

Ottawa and Surrounding Area Real Estate market discussion

  • Last Updated:
  • Jan 17th, 2021 10:11 pm
Member
Feb 7, 2018
282 posts
354 upvotes
AddictRC wrote: Damn I just looked it up and Toronto ptax is only like .6% for 1M$. Still thats only a difference of 5k.
I really dont like where we are going cause its gonna suck for the next generation of buyers.
Salaries are not much different between Ottawa/Toronto so the only direction we can go is up is my gut feeling.

Question:
Anyone here have properties in a hold co?
Ptax on $1M in Ottawa should be around 10k/yr at current mill rate (1%), although most $1M homes are assessed lower. Ptax on $1M in Toronto is $6500/yr. That $3400/yr difference allows you to qualify for $100k more in mortgage. Ptax in Vancouver on $1M home is $2500/yr. That $7500/yr difference allows you to qualify for ~$210k more in mortgage.

Ottawa’s property tax rates will limit growth in home prices.
Jr. Member
Sep 29, 2013
176 posts
97 upvotes
I never knew we were getting ripped so hard on Ptax. I learned something today. Hey... atleast our land transfer tax is 1/2 of Toronto's!! That's another stupid cost the we should all budget for when buying houses.
Deal Addict
May 23, 2017
1003 posts
759 upvotes
wiab89 wrote: We will hit $1M but not in 3 or 6 months, more likely 7-10 years. Mostly starter / mid-tradeup homes are on fire right now. We may be hitting a ceiling sooner than you think, Ottawa is less desirable than Toronto and our major marketing strategy for the past 3 years is that you can have 90% of Toronto lifestyle for 50% of the costs. As the price gap shrinks, the allure fades.

Once you hit the $1M mark there are a lot of new obstacles that come your way: interest rates are higher, no CMHC backstop means 20% down minimum, home insurance premiums are much higher, and Ottawa’s property tax rate will hurt your qualification.
rosemere21 wrote: It depends on the size of the pre-con singles, but it's coming sooner than we expect.

Like these Minto Avalon 43' models (Starting from $935k ~ $950k).
https://www.minto.com/ottawa/Orleans-ne ... JZ20MG9qu0
I agree, there are already builders offering precons in the high 800s to low 900s, for what aren't huge houses (definitely well-sized but still under 3000 square feet). Depending on how much upgrades are added (really easy to rack up), these houses are already pushing 1 million. (Which is kind of crazy because you can find some really beautiful nice houses in the suburbs if you have 900k to drop on the resale market. Not sure if resale prices for detached will catch up soon or if precon prices will stagnate.) But I also don't think it will take 7-10 years to see many middle-of-the-road precon singles hitting the 1 million mark, it's probably coming in under 5, potentially even 2-3 years if the pace keeps up.

I do agree though that at 1 million we will probably start hitting a ceiling (all the obstacles you mentioned), I don't see the crazy price increases continuing much beyond that since the buyer pool will probably shrink.
Last edited by jk9088 on Dec 8th, 2020 12:01 pm, edited 1 time in total.
Deal Addict
May 23, 2017
1003 posts
759 upvotes
AddictRC wrote: I never knew we were getting ripped so hard on Ptax. I learned something today. Hey... atleast our land transfer tax is 1/2 of Toronto's!! That's another stupid cost the we should all budget for when buying houses.
I don't think it's a fair comparison to only look at the % though because the same house is way more expensive in Toronto. We do still pay higher taxes for the same size/type of house I think, but it's not close to double. It would actually be less fair if we had the same % property taxes since someone in Ottawa would end up paying the same taxes on their huge single compared to someone with a small townhouse in Toronto lol.

And I could be wrong but I fully expect Ottawa's property tax % to drop after MPAC does their next assessment. The last assessment was in 2016, many houses have almost doubled in value since then. Although the MPAC values will probably still be on the conservative side and undervalued compared to market prices, most people will see their houses jump up significantly.

Property taxes should only see a small increase though so it would only make sense for the % to decrease.
Member
Mar 7, 2011
421 posts
272 upvotes
Ottawa
Just got an email from Uniform reg RR phase 4:
Keep an eye on your emails – our Pre-Sale for Phase 4 is launching this week!

HERE IS HOW WE ARE GOING TO DO IT:

We will send an email to registrants with password protected web content detailing our lots, our homes and our pricing for this release. You can view the information online in the comfort of your home in advance of the general public.

24 hours later a follow up email will be sent with a link to an online form. To proceed to ‘next steps’ towards purchasing a home, you need to fill out the form and submit. This form will arrive to our Sales Representative time stamped and in order of submission. (Form will remain live for 24 hours)

Our community Sales Representative will then reach out to you to confirm your interest, secure a formal reservation and book an appointment to proceed with your purchase.
Member
May 6, 2012
360 posts
212 upvotes
KANATA
sky417 wrote: Just got an email from Uniform reg RR phase 4:
deposit require

Single:
$60,000 – over 180 days:
10,000 at signing, $10,000 due 60 days, $20,000 due 120 days, $20,000 due 180 days
Member
Nov 1, 2020
228 posts
111 upvotes
welcomelm wrote: deposit require

Single:
$60,000 – over 180 days:
10,000 at signing, $10,000 due 60 days, $20,000 due 120 days, $20,000 due 180 days
curious about the starting price for small single. if thats someting close to 1M, i just tell my friend dont worry about it....
Member
May 6, 2012
360 posts
212 upvotes
KANATA
arbytor wrote: 666,666 or 666,888
Fist of all, bravo, very funny.

Second, I heard that Chinese money is becoming less and less due the tension between China and western world. You would expect more money from India and middle east than China now.
Member
Aug 22, 2016
391 posts
205 upvotes
MikeMOON2 wrote: r a c i _ t ? ? ?
welcomelm wrote: Fist of all, bravo, very funny.

Second, I heard that Chinese money is becoming less and less due the tension between China and western world. You would expect more money from India and middle east than China now.
Hope you guys taking this as possible estimate based on some of the successful bids that happened recently in the Morgan's Grant area. I am just trying to put in some lucky numbers that worked.
I live in this neighbourhood and enjoy that.
Jr. Member
Aug 25, 2010
110 posts
97 upvotes
sky417 wrote: Just got an email from Uniform reg RR phase 4:
Price list and site plan attached....
Starting at $860k
Images
  • Price List.JPG
  • Site plan.JPG
Member
Nov 1, 2020
228 posts
111 upvotes
NomNomNom wrote: Price list and site plan attached....
Starting at $860k
I can imagine this is "CHEAAAAAAAAAAAP" for those guys??
Member
Aug 22, 2016
391 posts
205 upvotes
NomNomNom wrote: Price list and site plan attached....
Starting at $860k
That is the new street they opened up on Terry Fox. That will be a lot of houses coming up all along Terry Fox.
Member
Jun 15, 2009
408 posts
108 upvotes
Nepean
Are these new floor plans. I don't see them listed on their website.
NomNomNom wrote: Price list and site plan attached....
Starting at $860k

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