Tamarack Wellington Phase 2 Construction?

A few people have expressed interest in the construction located behind Tamarack Wellington, as it looks like they are building a phase two. They are, however, it is going to be a luxury rental building with approximately 179 residential rental units. The building is located at 1140 Wellington and the occupancy is to start this summer! Visit Tamarack's website for the project here: www.1140wellington.com

Ottawa Condo Rentals Up Almost 40 Per Cent in 2014

It was a great year for Ottawa condo rentals, seeing 1,044 units leased through the MLS in 2014, which is up 37% over 2013 and 79% over 2012. The condo market is a healthy portion of the total rentals across the city, accounting for 41% of the 2,551 rentals for of all residential property types in 2014. Total residential rentals are up 22% from the 2,091 in 2013, and 53% from the 1,664 in 2012.

The average rent for an Ottawa condo did not see much change dropping from $1,660 in 2013 to $1,658 in 2014. The average rent for all property types in 2014 was $1,740 which is up almost 1% from $1,727 in 2013.

We saw the average prices of rentals peak at $1,877 in 2009 for all property types,  and $1,796 in 2008 for condos. Each year since, we have seen a slight decline in average rents while the number of units rented has continued to grow (except in all property class where it hit a low in 2013).

Why? Since the Ottawa Real Estate Board does not include a spot for square footage, I am not able to include price per square foot or average unit size. However, based on what we are seeing in the local market and across the country, condo units are getting smaller which lowers rents. We are continuing to see the amounts of units rented increase year over year, with only a slight decrease in price. This helps to prove the demand for rental properties in Ottawa continues to be strong enough to absorb the amount of new supply. Also, it is important to note that the Ottawa condo rental market is only 5% of the total condo rental market for Toronto which had 22,765 condos leased in 2014 through the MLS.

Are you looking to rent out your pre-construction condo here in Ottawa? I would love to help. I have been able to help many clients with purchase and rentals at Urban Capital's Central, Mondrian, and East Market buildings, with Brad Lamb's SoBa and Gotham buildings, Claridge's Claridge Plaza phases, as well as other Domicile, Charlesfort, and Richcraft buildings - among others. If you are coming close to your PDI and occupancy date, don't wait - lets chat and get your unit rented.

Client Testimonial

“Not everyone thinks real estate agent when they are looking for a rental property. Being a young professional female with limited time I had spent months searching Ottawa’s classified ads, looking for that perfect downtown living solution; and was fruitless or didn’t have the time to view apartments in time. I became extremely stressed with under a month left until I had to leave my current lease- until Matt suggested he could give me a hand. I never thought he would take the time with a rental, but he did. He knew of an amazing condo unit that was for rent; a corner unit that was fully equipped, clean and in the perfect location. He said I had to move quickly, which meant I wasn’t able to view the unit before I rented it. He negotiated a competitive monthly rent, and secured the unit for me within 24 hours of asking for his help. I signed the lease, because I trusted Matt’s opinion. Once he showed me my new rental, my jaw dropped-it was perfect. He treated my rental like I was buying my unit, treating me to a celebration when I moved in. I would highly recommend Matt, as he is dedicated to service, professional but most of all trustworthy.” 
- Carolynn Lacasse - Client - April 20, 2011