Ottawa and Surrounding Area Real Estate market discussion

Mrperson wrote: ↑ Richcraft increased their prices for single homes by $5k, today at Stittsville (Westwood)
Price list:
https://www.richcraft.com/wp-content/up ... ricing.pdf

Mrperson wrote: ↑ The base price for 3 bed Watson model from Richcraft is $757k https://www.richcraft.com/home/watson/
Finished basement=$15k, additional bedroom in the second floor=$?k, alternate kitchen=$2k, upgraded countertop and few others, I think with $10k appliance and staging could sell at least for the asking price. IMO

canabiz wrote: ↑ I will get both variable and fixed rates and decide. Even if we go with fixed, we would only sign for 3 year at the most.

I wouldn't necessarily say we are risk takers at this point of our life/career but having gone with variables for all of our properties have saved us a a lot of coins over the years and you know what they say: If it ain't broke, why fix it

AddictRC wrote: ↑ I'm gonna start going variable as well. Especially since it will give me the option to sell if a tenant leaves.

michelb wrote: ↑ Variable does not mean open ... Even if you have a variable rate, if you want to sell before your term is over, you have have pay a mortgage penalty.

old sparks wrote: ↑ I understood that the penalty for leaving a variable rate mortgage was 3 months interest, probably with other fees the bank sees fit to impose...
But is payable at the interest rate at the time the mortgage was renewed, or the current variable rate? Mine is currently 1.69% and I have been thinking about selling this spring...

michelb wrote: ↑ Variable does not mean open ... Even if you have a variable rate, if you want to sell before your term is over, you have have pay a mortgage penalty.

FWIW, personally, although in the past I was a big believer in variable rates, I think the fixed rates are so low that I think if renewing you are better off with the fixed rate. It looks like you can probably get a 5 yr fixed within 0.1 to 0.5 of the variable rate and I think that over the next 5 years, rates will likely climb back up more than that.

old sparks wrote: ↑ I understood that the penalty for leaving a variable rate mortgage was 3 months interest, probably with other fees the bank sees fit to impose...
But is payable at the interest rate at the time the mortgage was renewed, or the current variable rate? Mine is currently 1.69% and I have been thinking about selling this spring...

MikeMOON2 wrote: ↑ I heard they increased more for bigger lots , no?

MikeMOON2 wrote: ↑ Another problem is that watson is not a popular model. Small space. If it was baldwin, it woukld have gone much faster disregarding the upgrades

splatqa wrote: ↑ Looking for advise on the following:
We are looking to move back to Vancouver to be close to family sometime this year. We currently own two rental properties and a primary residence in Kanata. All have appreciated very well with positive rental cash flow. We also own another rental in Vancouver which we plan to move back into in the interim. 
We plan on holding on to the two 2 rentals in Kanata as there are both townhouses. I'm looking for advice on what to do with my primary residence. The plan is to eventually sell both properties, the one in Vancouver and my current primary residence in Ottawa in order to buy another place in Vancouver. However, given the continuing appreciation of property prices I was wondering whether it makes sense to turn my primary residence into a rental before we leave in the summer therefore to capitalize on the continuing gains this year or sell the place altogether. If I do decide to turn it into a rental my concern is that given that the property is almost 3000 sq I don't think there will be much demand or a large rental pool for the property? On the flip side the monthly cost of maintaining the property is approx $1700 (this includes mortgage, property tax, insurance and various utilities).
Any thoughts on what I should do? 

raaaaam wrote: ↑ Minto's Arcadia prices are out for the next release in case someone is interested:
https://www.minto.com/ottawa/Kanata-new ... Homes.html
I think they are up by 30k to 35k for some of the bigger floor plans.

AddictRC wrote: ↑ Good to sell in a sellers market. I have some 3 storeys which are being outpaced by 2 storeys. We feel they have a ceiling... another gamble.

Find a home built for the modern family in Harmony. Three-floor Urban Townhomes and open-concept Executive Townhomes available January 9 at 11AM. You can now view lot availability online, and pricing will become available tomorro

jeeva86 wrote: ↑ Minto Harmony is coming out this Sat with ~35 2-storey TH lots and 6 "urban"(aka 3-storey) TH lots. Prices to be released tomorrow on https://www.minto.com/ottawa/new-homes/ ... tions.html. Site plan is here. Let's see how it compares to Morgan's Creek in Kanata.

jk9088 wrote: ↑ I think the bigger models are actually up by 50k. For example Darlington was $770k last release and now it's $820k, same with the other 43' models.

And many 36' models are up 45k.

AddictRC wrote: ↑ Looks like avg sized singles with double garage are seeing the most appreciation. Too bad you will lose your shirt if you buy one pre-con then have to rent it for 3500! haha

AddictRC wrote: ↑ Looks like avg sized singles with double garage are seeing the most appreciation. Too bad you will lose your shirt if you buy one pre-con then have to rent it for 3500! haha