Real Estate

Ottawa and Surrounding Area Real Estate market discussion

  • Last Updated:
  • Apr 13th, 2021 11:45 pm
Member
Jan 22, 2021
217 posts
263 upvotes
William W wrote: Given what you just shown, I suppose whoever picked up this one got a bargain as it got the coveted almost extinct triple car garage plus a pandemic essential in ground pool. All for $1,273 more in the opposite end of the exurbs.

https://www.redfin.ca/on/carleton-place ... /148885354
What a great buy that is. Carleton place is more hot than Rockland and Townhomes have cracked $600K like the ones below.
https://www.redfin.ca/on/carleton-place ... /174294916
https://www.redfin.ca/on/carleton-place ... /168911456

Single houses selling for $700K
https://www.redfin.ca/on/carleton-place ... /148840066 -- $710K
https://www.redfin.ca/on/carleton-place ... /148960004 -- 711K and close to the house you posted.
https://www.redfin.ca/on/carleton-place ... /148873785 --$701K
[OP]
Deal Addict
Nov 26, 2004
2983 posts
1458 upvotes
Spirit2 wrote: This semi in Kanata sold for $502K. It was listed at $369K.

https://www.redfin.ca/on/ottawa/11-Ball ... /149918510

I went to see the property last weekend as we were looking for deals in Ottawa and hoping to get something low that wont be cash flow negative. As soon as me, my wife entered the house we were like no.. oh crap, it cant be rented to decent tenants and talked a bunch of negatives within the first 2 minutes. Our realtor joined in too. we thought this would likely be the property that sets a low sell record in Kanata by selling low 400k area.
For laughs and giggles, for those who have some cash kicking around and can take possession in 60 days, you can pick up a smaller brand new single for less than $340k that can be rented for $1500 to $1600 per month. And it even comes with 5 pieces appliances.

https://www.realtor.ca/real-estate/2277 ... plands-the

Just trying to say those buying now in Ottawa for rental is really speculating, not necessarily investing.
Member
Jan 22, 2021
217 posts
263 upvotes
William W wrote: For laughs and giggles, for those who have some cash kicking around and can take possession in 60 days, you can pick up a smaller brand new single for less than $340k that can be rented for $1500 to $1600 per month. And it even comes with 5 pieces appliances.

https://www.realtor.ca/real-estate/2277 ... plands-the

Just trying to say those buying now in Ottawa for rental is really speculating, not necessarily investing.
Alberta seems to have affordable housing. This is how it should be Ontario as well but unfortunately the prices have gone too high.

I wish I had cash to pick one up in Alberta. But if prices remain steady, May eventually pick one in few years. I like Calgary more than Edmonton but either will do.
Member
Jan 22, 2021
217 posts
263 upvotes
R8247 wrote: Kitchen and baths may turn some off as the colours and finishes are dated.

However the premium on the backyard is going to be huge. Pool, fully landscaped and no rear neighbors backing on to green space. Checks off all the COVID work from home play from boxes.

I'm going to go high here and guess $925k. (Which is pretty high for a smaller older 3 bedroom)

Edit - ohh just noticed unfinished basement. So my $925 is really high lol

Apparently not high enough..lol

https://www.redfin.ca/on/ottawa/18-Beec ... /148784113 -- Went for $970K Face With Tears Of Joy

None of us guessed this one.

@twostepdrew
Newbie
Jun 14, 2020
50 posts
16 upvotes
jeeva86 wrote: I've successfully executed the B&E workaround, brought my penalty from $13.5k, down to $2.2k. Thank you MMM!
Was this Scotia? I am in the process of asking for B&E for my condo. Anything specific I need to ask in order to ensure that the new contract will be able to be broken, or is it just the standard B&E.

Also for those searching for a mortgage I was approved last week for my new build SFH closing next month at 1.28 variable with cibc, 2000 cashback, appraisal covered with CIBC so the rates you just posted seem high. Started this process 2-3 weeks ago so rates may have changed.

Also my Student rental was refinanced in October and I was offered the Same rate as If it was a primary residence.
Newbie
Nov 23, 2014
96 posts
55 upvotes
Toronto, ON
I recently signed a 4 yr 1.49 fixed on a rental with td. If you have more then one mortgage and service usually they will try to match competitor rates. It took a while to get the approval but eventually got done
Zero Hope wrote: Those rates for rentals seem to be in line with other banks. I am closing on a rental in May and the best rate I've gotten from the banks is from BMO (for DND/CAF community):
1.70% 5 years fixed 25 year amortization for rental property
1.80% 5 years fixed 30 year amortization for rental property
Member
Sep 29, 2013
384 posts
223 upvotes
gohabsgo1 wrote: Was this Scotia? I am in the process of asking for B&E for my condo. Anything specific I need to ask in order to ensure that the new contract will be able to be broken, or is it just the standard B&E.

Also for those searching for a mortgage I was approved last week for my new build SFH closing next month at 1.28 variable with cibc, 2000 cashback, appraisal covered with CIBC so the rates you just posted seem high. Started this process 2-3 weeks ago so rates may have changed.

Also my Student rental was refinanced in October and I was offered the Same rate as If it was a primary residence.
Both guys here were with Meridian I believe. I was the one with Scotia who said if you do it, you cant close the mtg for 1yr.

Regarding rates... Ive been doing 1.5 variable and 1.69 fixed. Both 5 yr terms, 30yr amortization.

I really like variable for rentals. I wish I would have went that route at the beginning.
Deal Addict
Nov 13, 2013
2567 posts
1291 upvotes
Ottawa
Spirit2 wrote: Thinking that is too much to ask. Am I out of touch with reality ?
Actually this is down from 10 years ago. Assuming it's a real 2 bedroom. These were asking closer to $4k in 2010. The building (700 Sussex( is probably the most marquee in Ottawa. A ton of units sold in the building in the fall after years of stagnation. That unit is probably worth somewhere in the low 700s (assuming no increase since fall which seems likely for luxury condos. Meanwhile with condo fees around $1000 and taxes and insurance another $1000 doesn't leave much return on investment. I've looked there a few times and always am unimpressed with the finishes. 90 George is better on that front but has its own problems and the Byward market itself has really deteriorated with no improvement in sight. There is a big expensive makeover planned but money spent won't change much. Fancy interlock pavement with an aggressive homeless person sitting on it is still not desirable for most people. You can buy a unit in 90 George for the same as when it was built in 2008.

The luxury rental condo market is stable with embassy and corporate relocations still continuing. The lower end condo rental market has seen a huge surge in inventory (at least on Realtor.ca).
Deal Fanatic
User avatar
Jul 4, 2005
6824 posts
1073 upvotes
Ottawa
AddictRC wrote: Both guys here were with Meridian I believe. I was the one with Scotia who said if you do it, you cant close the mtg for 1yr.

Regarding rates... Ive been doing 1.5 variable and 1.69 fixed. Both 5 yr terms, 30yr amortization.

I really like variable for rentals. I wish I would have went that route at the beginning.
@ElDudeorino doesn’t see this forced 1y policy on his new term.
Deal Addict
May 18, 2015
1603 posts
587 upvotes
Ottawa,Ont
NeedforSpeed wrote: I recently signed a 4 yr 1.49 fixed on a rental with td. If you have more then one mortgage and service usually they will try to match competitor rates. It took a while to get the approval but eventually got done
wow thats a great rate, i just signed for 1.43% -VARIABLE with CIBC on a rental-30yr amort
Sr. Member
May 6, 2012
588 posts
353 upvotes
KANATA
This is not Ottawa RE related. But can someone tell me why CPP' board chief had to resign just because he went UAE for Vaccine shots? Is that against rule?
Deal Addict
May 18, 2015
1603 posts
587 upvotes
Ottawa,Ont
welcomelm wrote: This is not Ottawa RE related. But can someone tell me why CPP' board chief had to resign just because he went UAE for Vaccine shots? Is that against rule?
It's not illegal per say...but its a bad look
Sr. Member
May 6, 2012
588 posts
353 upvotes
KANATA
nikels21 wrote: It's not illegal per say...but its a bad look
It doesn't look bad if you and I do it on our own cost, I guess.
Deal Addict
May 18, 2015
1603 posts
587 upvotes
Ottawa,Ont
welcomelm wrote: It doesn't look bad if you and I do it on our own cost, I guess.
If I had the means/stomach to use a private plane to fly somewhere and be injected at a private clinic I probably would Face With Tears Of Joy
Deal Addict
Jul 10, 2014
2829 posts
1124 upvotes
Ottawa, ON
William W wrote: For laughs and giggles, for those who have some cash kicking around and can take possession in 60 days, you can pick up a smaller brand new single for less than $340k that can be rented for $1500 to $1600 per month. And it even comes with 5 pieces appliances.

https://www.realtor.ca/real-estate/2277 ... plands-the

Just trying to say those buying now in Ottawa for rental is really speculating, not necessarily investing.
My family lives in Edmonton and want to leave ASAP. There's also just so much land to grow into and keep building. Prices will stagnate there for decades.
Deal Addict
May 23, 2017
1303 posts
1217 upvotes
djdestroyer wrote: My family lives in Edmonton and want to leave ASAP. There's also just so much land to grow into and keep building. Prices will stagnate there for decades.
I think it could go both ways...I have heard that the Alberta market has been heating up a lot lately (much like the rest of Canadian RE). Obviously, how much of this is driven by actual growth and demand in the local area, vs. how much is driven by outside (mostly rest of Canada) investors drawn to it by much cheaper pricing compared to the rest of the country, is up for debate. I definitely think the RE FOMO taking over the rest of Canada can sweep up Alberta as well and lead to a surge of prices there. A rising tide lifts all boats and all that. On the other hand, I am not familiar with the local economy and if the surge is not supported by underlying fundamentals, I am also unsure how long this can keep going.

Ultimately I still think it's a good buy becasue it is just so cheap compared to everything else available to buy, although the uncertainties have prevented me from jumping in. (Well, that and the fact that I have other precons in Ottawa I need to close on so can't have too much on my plate and commit to more housing in Edmonton...)
Sr. Member
Nov 10, 2014
591 posts
1045 upvotes
Ottawa, ON
djdestroyer wrote: My family lives in Edmonton and want to leave ASAP. There's also just so much land to grow into and keep building. Prices will stagnate there for decades.
I daydream of quitting my job, liquidating everything in Ottawa, and moving to Alberta to live a comfy life watching Twitch and eating tendies all day everyday.
I've only spent a few days in Edmonton a couple of years ago and it looked like most other cities I've seen across North America. What is so bad about living in Edmonton?
Sr. Member
Feb 28, 2009
630 posts
429 upvotes
Ottawa
Tadalafil wrote: I daydream of quitting my job, liquidating everything in Ottawa, and moving to Alberta to live a comfy life watching Twitch and eating tendies all day everyday.
I've only spent a few days in Edmonton a couple of years ago and it looked like most other cities I've seen across North America. What is so bad about living in Edmonton?
I’ve been to many cities across Canada. Edmonton was ok, the downtown area by the new rink was revitalized recently and is nice.

Winnipeg on the other hand, is a complete s&$t hole of a place
Newbie
Mar 1, 2020
57 posts
37 upvotes
Tadalafil wrote: I daydream of quitting my job, liquidating everything in Ottawa, and moving to Alberta to live a comfy life watching Twitch and eating tendies all day everyday.
I've only spent a few days in Edmonton a couple of years ago and it looked like most other cities I've seen across North America. What is so bad about living in Edmonton?
The out of the blue snow in July Grinning Face
Deal Addict
May 23, 2017
1303 posts
1217 upvotes
Tadalafil wrote: I daydream of quitting my job, liquidating everything in Ottawa, and moving to Alberta to live a comfy life watching Twitch and eating tendies all day everyday.
I've only spent a few days in Edmonton a couple of years ago and it looked like most other cities I've seen across North America. What is so bad about living in Edmonton?
I can't speak for the other poster (who no doubt is much more knowledgeable on this topic than me), but Edmonton just seems like a really cold and boring city to me. Sure for day-to-day life it's a decent-sized city with all the amenities you might need. But, and probably this is just my ignorance talking, but the only fun thing I can think of is...the West Edmonton Mall. I would much rather live in Calgary if I moved to Alberta (more activities and closer to Banff).

I mean I know Ottawa has a reputation of being cold and boring too, lol. (Though I think it's gotten slightly less boring in recent years? ;)) But, at least it is a short drive to Montreal and Toronto, plus other tourist destinations like Kingston/1000 Islands, Prince Edward County, and a bit further out you have places like Niagara Falls and various places in the U.S. Basically it's close enough to tons of fun places a short road trip away that it's not too bad to be boring in and of itself. Can't really say the same about Edmonton tbh...

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)