Ottawa and Surrounding Area Real Estate market discussion

jeeva86 wrote: ↑ Seems like this thread is starting to become very active... gta part 2 in the making.

Yes, approximately 300 pages in the last 12 months alone, almost as many as the total number of pages combine between the years 2011 to 2019.

I guess with the pandemic, people has nothing better to do than to talk local real estate with a bunch of like minded people.

jk9088 wrote: ↑ I found another crazy one: https://www.redfin.ca/on/ottawa/78-Russ ... /149003336

I'm pretty sure this is the Bronte model from Minto in Quinn's Pointe. It's their smallest 36' model at only 2100 sq ft. Sold for $880k! Nice finishes but not even a finished basement.

Do I look beautiful today? Yes. Does size matter? No

R8247 wrote: ↑ And yet CMHC with another absolutely ridiculous "forecast". I mean I understand it's their job to be risk adverse and give a pessimistic outlook on worst case scenario - and preach responsible borrowing and don't overleverage blah blah if interest rates go up. But this is boarder line dooms day ...

https://www.google.com/amp/s/ca.finance ... 40208.html

Haven't they embarrassed themselves enough with the May 2020 forecast?

I'd like to know which markets declined between 9-18%. More like the exact opposite.

"Canada Mortgage and Housing Corp. forecast in May that average prices would fall between 9 per cent and 18 per cent from pre-pandemic levels before beginning to recover in the first half of 2021.

When I say I stand by our forecasts, it’s really with respect to what are the broad trends we expect moving forward,” Dugan said Monday on a conference call with reporters. “When I look at the housing market there are a tremendous number of risks.”

https://www.google.com/amp/s/www.bnnblo ... 9.amp.html





https://www.google.com/amp/s/www.bnnblo ... 9.amp.html

we bought the week before that forecast came out last may. Sleepless nights for a while there.
Now sleep ok

William W wrote: ↑ Yes, approximately 300 pages in the last 12 months alone, almost as many as the total number of pages combine between the years 2011 to 2019.

I guess with the pandemic, people has nothing better to do than to talk local real estate with a bunch of like minded people.

Yup. Lock down. Polar vortex this weekend. Can only watch so much Netflix. No winter vacations.

The investment forum is blowing up as well. Folks have a lot of spare $$$ and time on their hands. Gotta utilize it somehow.

William W wrote: ↑ Yes, approximately 300 pages in the last 12 months alone, almost as many as the total number of pages combine between the years 2011 to 2019.

I guess with the pandemic, people has nothing better to do than to talk local real estate with a bunch of like minded people.

We are also seeing some crazy price actions that we haven't seen before. Most property owners in Ottawa are making far more money (on paper) from their RE gains than their day jobs. I find browsing Redfin on my phone far more gripping than watching a hockey game on TV these days.

Participating in this thread is also the most "social" activity that I participate in right now since I stopped having friends over for beers... Covid life is sad and depressing.

Even old dated 20 year old homes are goin for $750k in Kanata South. It ain't that big either. 2,200sf, 3 bed and unfinished basement.

The interior is ouuuuf. The greeen carpets and green counter tops are cringe inducing.

I see minimum $100k of updates to bring this somewhat up to date.

https://www.redfin.ca/on/ottawa/43-Thun ... /151279876

Tadalafil wrote: ↑ We are also seeing some crazy price actions that we haven't seen before. Most property owners in Ottawa are making far more money (on paper) from their RE gains than their day jobs. I find browsing Redfin on my phone far more gripping than watching a hockey game on TV these days.

Participating in this thread is also the most "social" activity that I participate in right now since I stopped having friends over for beers... Covid life is sad and depressing.

And when this whole thing is all over, for those who is willing to make the trek out, may be we can do a "real" RFD social gathering event when I take possession of my pre-construction out in you know where.

Though, please take off your shoes when you visit as the hardwood is brand new and I don't want any marks on them.

I have just started a thread summary, feel free to suggest posts that you will like to "bookmark" in the thread summary and I will add that on.

Simply use the "reply with quote" button and give me the post # and I will add it on the thread summary page.

Almost $1M for this? Anyone else think this is crazy? Or am I out to lunch?

https://www.redfin.ca/on/ottawa/111-Loc ... ntent=link

WGretzky wrote: ↑ Almost $1M for this? Anyone else think this is crazy? Or am I out to lunch?

https://www.redfin.ca/on/ottawa/111-Loc ... ntent=link

No bungalows in the area sold this year (anything in 2020 or earlier is no longer a useful comp).

Two homes sold in the area this year, both 2 story builds with larger square footage.
https://www.redfin.ca/on/ottawa/356-Sha ... /149238541 2008 build
https://www.redfin.ca/on/ottawa/170-Cul ... /149348597 2016 build.

Bungalows seem to be very popular, especially among the retiree crowds with chunk of cash. My guess is this will sell at ask or slightly above.

WGretzky wrote: ↑ Almost $1M for this? Anyone else think this is crazy? Or am I out to lunch?

https://www.redfin.ca/on/ottawa/111-Loc ... ntent=link

Not crazy. Two EQ bungalows in Fernbank Crossing sold in Nov:

$950k for this one: https://www.redfin.ca/on/ottawa/402-Pac ... /150003801
$902k for this one: https://www.redfin.ca/on/ottawa/404-Pac ... /150095754

Interestingly enough EQ currently has as an early occupancy for $889k the same model that sold for $902k in Nov and yet it sits not sold. I wonder if selling it fully furnished is the problem?

I do believe that bungalows don't necessarily attract the same level of interest as two storey homes. But it will be interesting to see how they do on the Uniform home.

Just realized that there’s zero homes for sale in Kanata Lakes. Are they waiting for more price hike?

WGretzky wrote: ↑ Tamarack will be Releasing towns in Findlay Creek and Cardinal Creek (orleans) on January 23.

https://www.tamarackhomes.com/findlay-c ... -sales.php

Findlay creek towns ranging from $603K for approx 1860sq ft to $661K for 2155 at ft



Cardinal Creek prices slightly lower but not by much

All Appointments got booked in first 5 seconds.

rosemere21 wrote: ↑ Just realized that there’s zero homes for sale in Kanata Lakes. Are they waiting for more price hike?

Im guessing that due to lack of inventory there's probably not a lot to choose from hence many are staying put.

Just read through an informative thread on how people are qualifying for mortgages:
how-people-getting-approved-2439049/

There is a lot of discussion about paying a back alley broker a fee to get an a-la-carte access to forged documents and access to prime lenders without meeting any of the lending requirements. In the past I heard of my parents talk about a broker in Toronto that their friends use when they can't get approved by a bank. I didn't think much of it at a time, but now know how that was done.

I am sure there is some of this shenanigans going on in Ottawa right now too. I wonder if it will become more prevalent as people have harder time meeting the stress test due to rising home prices.

Tadalafil wrote: ↑ Just read through an informative thread on how people are qualifying for mortgages:
how-people-getting-approved-2439049/

There is a lot of discussion about paying a back alley broker a fee to get an a-la-carte access to forged documents and access to prime lenders without meeting any of the lending requirements. In the past I heard of my parents talk about a broker in Toronto that their friends use when they can't get approved by a bank. I didn't think much of it at a time, but now know how that was done.

I am there is some of this shenanigans going on in Ottawa right now too. I wonder if it will become more prevalent as people have harder time meeting the stress test due to rising home prices.

Yeah I've definitely heard of some shady business going on in mortgage approvals in Toronto.

And do you even need to pay for forged documents? I also always thought how easy it is to just Photoshop yourself the numbers in all the documents that the bank requests...not that I would ever do it myself obviously, but it seems pretty simple for people to fake their salaries for example. I don't think the bank ever call up employers to verify the info?

These shady dealings definitely put people who are honest at a disadvantage so I do hope something can be done about it.

jk9088 wrote: ↑ Yeah I've definitely heard of some shady business going on in mortgage approvals in Toronto.

And do you even need to pay for forged documents? I also always thought how easy it is to just Photoshop yourself the numbers in all the documents that the bank requests...not that I would ever do it myself obviously, but it seems pretty simple for people to fake their salaries for example. I don't think the bank ever call up employers to verify the info?

These shady dealings definitely put people who are honest at a disadvantage so I do hope something can be done about it.

This is what a local realtor *recommended* to me when a family member, who is not a Canadian resident, was looking to purchase a property here. The realtor left me with the impression that anything can be done to *pass the test*, if you will, and get my family member to qualify for a mortgage. I did not feel comfortable at all with that suggestion and circumstances changed so we never proceeded.

Just like other professions (dirty cop, corrupt physiotherapists colluding with others for fake insurance claims etc), I am sure there are rotten apples in the real estate/mortgage industry as well and you are right, I hope the appropriate authorities crack down on these shady practices but I am afraid there is simply too much money at stake, to turn a blind eye to. Not saying that is the right thing to do but it's just the reality we are dealing with.

canabiz wrote: ↑ This is what a local realtor *recommended* to me when a family member, who is not a Canadian resident, was looking to purchase a property here. The realtor left me with the impression that anything can be done to *pass the test*, if you will, and get my family member to qualify for a mortgage. I did not feel comfortable at all with that suggestion and circumstances changed so we never proceeded.

Just like other professions (dirty cop, corrupt physiotherapists colluding with others for fake insurance claims etc), I am sure there are rotten apples in the real estate/mortgage industry as well and you are right, I hope the appropriate authorities crack down on these shady practices but I am afraid there is simply too much money at stake, to turn a blind eye to. Not saying that is the right thing to do but it's just the reality we are dealing with.

Without a doubt there are bad apples in every profession. The challenge with the mortgage industry is that while the industry claims to take mortgage fraud seriously, the Home Capital/Trust fiasco in 2017 showed clearly that the industry only pays attention when mortgage defaults start to rise. I recall at that time that Home Trust attempted to lessen shareholders fears by stating that a review of the mortgages where fraud had occurred showed that the mortgages were current and up to date.

Even now during the pandemic we have seen a historical high number of mortgage holders requesting mortgage deferrals and yet mortgage lending continues to increase and is at its highest level ever. You would think with the high number of deferrals that mortgage lenders would review their lending criteria but the record high amount of mortgage lending would indicate that it didn't happen. Nothing happens until the default number starts increasing.

This one is so cheap compared to 600k+ TH, even though built 1969.

https://www.redfin.ca/on/ottawa/10-Bant ... ntent=link

rosemere21 wrote: ↑ This one is so cheap compared to 600k+ TH, even though built 1969.

https://www.redfin.ca/on/ottawa/10-Bant ... ntent=link

I think the problem with resale right now is list price means nothing. Nowadays, sold price is more or less determined by what is the maximum qualified amount of other bidders on the property.