Building Update

Monocle Westboro

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Choo Communities (aka Ashcroft) has announced it's next project called Monocle Westboro. Marketed as a boutique luxury condominium that is going to be located in the heart of Westboro. The building is phase two of the Q West project (phase one is 88, 98, and 108 Richmond Road) with the working address of 91 Shannon Street. There are going to be 62 units over five stories with pricing starting from the mid $600's. 

No launch date or other information is available yet.

For questions about pre-construction condos in Ottawa, fill out the form below and let's chat. 

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Claridge Icon - Construction Update

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Construction is moving along as projected at Claridge Icon, located at the corner of Preston and Carling in Little Italy. Construction crews are currently pouring the eleventh floor of the 485 foot, 45 storey building that is set for completion in April 2020. 

If you have questions about condos in Ottawa, fill out the form below and let's chat!

ReResidence - Construction Update

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Now above ground, reResidence which is built by Ashcroft and located at 101 Queen street is moving along towards its finished 18 stories. Construction crews are currently pouring the second floor of the building which set for occupancy in 2019.

For more information about condos in Ottawa, fill out the form below and let's chat.

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Capital Hall Condos Fire - Update

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Earlier today a fire started in what appears to be a dumpster on the ground level outside Capital Hall Condos being built by Ashcroft Homes. Reports indicate that the fire spread up a garbage chute which ran up the side of the building. It was originally set to open in September, which the developer is going to still try to be ready for. Between 40 and 50 firefighters and 16 to 18 trucks responded to the 3-alarm blaze. In will take some time to time to determine the cause and expected timeline moving forward, however the damage at this time looks much worse that it could be - mainly exterior cladding and windows.

BREAKING - Capital Hall Condos- Construction Fire

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With information still coming in, we have learned that there is a fire at Capital Hall (a student focused investment condo rental building) which is located at 101 Champagne Ave in Little Italy. These are being built by Ashcroft Homes and targeted towards student rentals. SoHo Champagne is the building seen in the middle and from what we are told is under standby to be evacuated if the winds shift.

Project Update - Mechanicsville Lofts

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Originally designed as a low-rise six-unit development located at 92 Stonehurst in Mechanicsville, the project is currently getting revamped and will be re-launched this summer. Originally set for a 2017 completion, Mechanicsville Lofts took a back seat to its sister project on Beechwood - St. Charles Market. With the strong sales that St. Charles Market has seen, it has allowed the teams at Modbox to shift back to getting M-Lofts prepared. With no exact date yet, you can expect the re-launch for sometime in June. 

SoBa Condos - Sales and Construction Update

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SoBa Condos, located just north of the 417 on Catherine street has officially finished pouring the top floor (23rd). Lamb Development is expecting an occupancy of 2018, starting on the lowest floors. The building is 75-80% sold and they are currently "in-talks" with selling the last two penthouse units.

The Corners On Main - Phase Two - Sales and Construction Update

Domicile has had great success with The Corners On Main project, especially with phase one and now with Phase two. Located just in front of phase one, at 141 Main Street, The Corners On Main phase two is a six-story 64 unit building that is currently at 50% sold out.

Prices currently range from $208,600 (Williard floorplan - 346sqft) up to $771,000 (Hopewell floorplan - 1552sqft). All units include parking in the price (except for the Pied a Terre Suites or the Willard/Rosedale/Sloan/Marco floorplans). Monthly condo fees are estimated at 42 cents per square foot, and an additional $33/month per parking spot.

Construction is well underway with crews currently building out of the ground. Occupancy is set for Summer of 2019.

Bellwood Floorplan Corners On Main Ottawa Condo

A favorite floorplan of many is the Bellwood - a 1195sqft two bedroom, two bathrooms, with north facing views. It is a generous floorplan with an open concept feel and large second private balcony off the master bedroom. The Bellwood is still available on the 2nd, 3rd, and 4th floors - keep in mind the 2nd floor has a terrace instead of a balcony. Ranging from $635,200 up to $655,000 depending on the floor.

For more information about The Corners On Main including updated price list and floorplans, or if you have questions about the Ottawa condo market, fill out the form below.

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reResidences - Sales and Construction Update

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Construction is well underway at reResidences, located at 101 Queen street. The crews have now made their way out of the ground and making quick progress towards the 18 stories. The building is 70% sold out, with a little bit of everything still available for purchase. They are looking at a 2019 occupancy.

reResidences is set to have some of the best views in the city, with a dominant location directly in front of the peace tower. 

For more information about reResidences, or about pre-construction condos in Ottawa - let's chat.

 

The Corners On Main - Phase One - Sales Update

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Phase one of The Corners on Main has gone very well and has only a limited number of units left to purchase. Out of the original 74 suites, there are only five suites remaining. Prices range from $246,100 (for unit 401 the chestnut floorplan - a 478 sqft) up to $730,100 (for unit 211 the Drummond floorplan - 1535sqft). Parking is not available for purchase with unit 401, however it is included with the other units. Occupancy has now begun and you could be moving in (almost) right away! Built by Domicile, the building is located at 141 Main Street.

For more detailed information on remaining units, floor plans and pricing, or for information about pre-construction condos in Ottawa, please fill out the form below!

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Tamarack Wellington Phase 2 Construction?

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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

Minto Beechwood - Only 3 Units Left

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There are only three units that remain at Minto's Beechwood development. Located at 411 Mackay at Beechwood, the eight-storey building has a total of 130 units. The three remaining units are:

Elmdale Floor Plan

- Unit 302 - Elmdale floorplan - 1 bedroom plus den - 823 sqft (788sqft interior, 35sqft exterior) - priced at $374,900 - See floorplan to the right.

- Unit 312 - Manor floorplan - 2 bedroom plus den - 1200 sqft (1105sqft interior, 95sqft exterior) - priced at $517,900

- Unit 708 - Westward floorplan - 2 bedroom plus den - 2059 sqft (1909sqft interior, 150sqft exterior) - priced at $982,900

For more information about Minto Beechwood or pre-construction condos in Ottawa, fill out the form below.

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ArtHaus Sales Promotion - 20 Months Paid Condo Fees

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To celebrate 20 years of business, DevMcGill has announced a sales promotion of free condo fee's for 20 months if you purchase a unit at ArtHaus before March 20th, 2018.

There are only a few units that still remain, and occupancy is starting March 18th. If you are interested in ArtHaus before the promotion is over, lets chat.

For more information about ArtHaus including news articles, renderings, floor plans, and pricing, check out the ArtHaus page here.

St Charles Market - Sales Update

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St. Charles Market, located at 135 Barrette street, has officially sold 55% of the 54 units. Building completion is set for late 2018. Built by Modbox Developments, prices for remaining units start at $443,900 (for unit 207 the 911 sqft two bedroom two bathroom) up to $3.2M for Penthouse 3 (a custom designed 3,923sqft four bedroom, three bathroom). Penthouse 3 is the last available of the four penthouses. Automated valet parking is an additional $35,000, storage locker is an additional $5,000. Monthly condo fees are estimated to be $0.46sqft (plus parking $56 and locker $17). The last barrier-free unit (unit 202) is still available. 

For more information including all updates, floor plans, renderings and sales/construction updates regarding St Charles Market, visit the St Charles page here.

The Bowery - Sales Update

Bowery Ottawa Condos For Sale

The Bowery Condos and lofts, built by Richcraft Homes and located at 255 Bay Street, has sold 159 of the 246 suites (250 if you include the two guest suites, sales office, and the superintendents unit) or about 64% sold out. There are six of the floorplans that are fully sold out and numerous floor plans that are only available on lower floors. Pricing starts at $200,000 for the S2 model which is 401sqft, and only available on the 1st and 2nd floor. The largest unit that is currently available is the T3 model which is a two bedroom, 919sqft, located on the second floor for $418,000. All units include 4 European stainless steel appliances, washer and dryer in-unit, quartz counters, and hardwood flooring throughout the unit - all standard. 

The building is now complete and the units are available with an (almost) immediate closing period. Parking is available at $30,000* and lockers at $3,000. Monthly condo fees are priced at $0.36sqft and include heat, water, central air, etc. *Parking available for select units.

For updated floorplans and price lists, fill out the form below. 

Claridge Icon - Construction and Sales Update

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The Claridge Icon is well underway with construction crews currently pouring the 5th floor. Set for completion by April 2020, there is a rumor that they are moving ahead of schedule and occupancy might even start earlier. The 45 storey building will stand 485 feet high above the ground. 

The building is currently around 40% sold (124 of the 320 units), with only two of the twelve penthouse units still available. Some floorplans are almost all fully sold out like the Bertoia (2bed-855sqft), New Pacino (1bed 645sqft), etc. Sales are estimated to pick up significantly this year with the increased demand in the Ottawa condo market.

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Questions about pre-construction condos in Ottawa? Fill out the form at the bottom of the page and let's chat.

1451 Wellington - Sales Update

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1451 Wellington - the residences at Island park drive, are off to a strong start with just under 50% sold. There are still options for all sizes and price points, with a few looking slim. The building is a Mizrahi development that is expected to be completed in 2021. It is a 12 story building featuring only 93 units. Prices start at $479,900 for a one bedroom, up to $1.325 million and up for two bedrooms plus den. Parking is $40,000, storage $10,000, with monthly maintenance fee at 85 cents a square foot.

Click here to download a copy of the 1451 Wellington Sales Brochure.

Ottawa Condo Market Stats for January 2018

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Let's take a quick look at the numbers for the Ottawa condo market for January 2018 and how they stack up. ** Note: All data is provided by the Ottawa Real Estate Board. Condo data includes all condominium property styles.**

- There were 406 new condo listings to come on the market in January 2018, a decrease compared to January 2017 which saw 472.

- The average condo sale price was $263,744, a decrease from January 2017 by 8.6%

- There were 173 sales, an increase of 45% over January 2017 which only had 119

- 55% of the sales were priced between $150,000 and $249,999

- Active listings at the end of January 2018 compared to end of January 2017 saw a decrease of 27.2%... meaning there were 27.2% less available units at the end of January this year than last year. 

While we saw the average price decrease, it was mainly due to a lack of sales in the higher price point and more sales in the lower range. At the same time, we saw an increase in sales overall which leads to a lack of supply compared to the same time last year. Bottom line .... This is setting up for a crazier market this spring!

If you are thinking of selling, this is the time to get things started and listed. Less competition means a hungrier buyer! Email or call and we can chat about options and your specific unit.

2018 Ottawa Condo Market - Predictions

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Last year I suggested that if you were to ask ten strangers about the Ottawa condo market you would likely get a pretty constant message that the market wasn't very pretty. Keep in mind it has been a rough number of years since things were booming. However, if you were to ask another ten people this year, I would say the message is going to be quite confusing. 

Since the 2017 Market report, things have certainly increased and we are seeing the condo market pick up. There are fewer listings and fewer DOM (days on market) than in past years. Buildings that had high numbers of listings, only have a couple (if that). The question could be asked if this is due to less supply of units or seller's pricing more realistically and selling. We are constantly seeing multiple offers on condos - again, is it due to lack of supply or more accurate pricing, or both? While the market is not red hot it is certainly better than in previous years. 

All of this while the government is placing more rules and regulations to calm the markets in large urban centers (Toronto etc.). While it will still be interesting to see how the most recent mortgage changes will affect the market - it is too early to tell but most anlysts are agreeing it will have little to no impact on the market especially in Ottawa.

CMHC is predicting that housing starts (new construction) in Ottawa will decline over 2018 and 2019 caused by a drop in apartment (condominium) starts (not freehold housing). This will continue to strengthen the demand for resale or existing homes, especially due to Ottawa's relative affordability. This affordability factor will also help to push up the price of Ottawa resale properties.

What to expect for the 2018 Ottawa condo market?
- A positive condo market. Slightly improved over the 2017 market but not as large of a change as was expected. This means much more balanced, or slightly more in favour of the seller. 

- Slightly increased sales numbers to last year with a modest increase in price. Building off of 2017 and continuing to see growth.

- More units sold to buyers located outside of Ottawa. Parents purchasing for kids while at school,  investors from Toronto, etc. Ottawa has a huge leg up in comparison to other cities when it comes to affordability. We will see more units purchased as investments since the "Ottawa real estate dollar" goes further. Add in the relatively slow and constant growth, it is seen as a safer investment than Toronto or Vancouver. 

- Tighter regulations in condo buildings for short-term accommodations (Airbnb) and more freehold units converted to supply the demand. There is a lot of money in short term rentals, and there is no shortage of people looking for it. 

- First-time buyers using more family money/credit. Borrowing from the bank of mom and dad will be more popular due to the changes in mortgage requirements. As well as parents being on title - to increase the ability for the child to qualify.

- Little impact from the Mortgage Stress Test. Due to Ottawa's lower average price point, the mortgage stress test will affect fewer buyers than in larger urban centers where the average price is much higher.

- More demand for units closer to downtown. The city of Ottawa has a huge push to calm traffic. This includes removing secondary lanes, increasing "no right turn on reds", increasing the number of bike lanes, advanced pedestrian walk at lights, etc. The goal is to make the streets safer - which is great. However, this is going to see an increase in the time it takes to get to and from work. This will also push commercial development in areas outside of downtown. 

- Messy period around marijuana regulations with landlords/tenants and condo boards. As well, what constitutes a grow-op and personal use with regards to disclosure when selling.

Thoughts? It is going to be an interesting year and I am looking forward to it! Bring it on.

Agree/disagree? Tell me below.

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Ottawa Senators at LeBreton Flats - What does it mean for you and Ottawa Real Estate?

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Last week the National Capital Commission announced that it signed an "agreement in principle" with RendezVous LeBreton to redevelop the 21-hectare area located in LeBreton Flats. RendezVous LeBreton is the winning bid to develop the land which is focused around a new NHL arena, 4,000 units of housing, schools, and public space. This agreement is another step in order for things to move forward however, there is still a very long way to go. 

Mayor Jim Watson, who is an NCC board member said “I have lots of ideas on how this thing can be derailed but I don’t want to share them because I want the thing to succeed. We’ve waited 50 to 60 years to get something on that site.” 

The largest hurdle being that both sides must still negotiate a final agreement, including proof that the developers have the financing that is required. At the same time, the federal government will also be asked to approve the undisclosed price for the cleanup, which is being deducted from the sale price of the land. While the City of Ottawa will also be required to approve any zoning amendments. 

In terms of timelines, the NCC said that the goal for construction is to begin in 2019-2020, or in 12 to 24 months. However, keep in mind that it took nearly two full years (April 2016) to get to where we are now. The NCC said it held 40 meetings and 120 hours of talks..... over two years!

IF... IF this moves ahead, will it be a positive for the area? Certainly without question. Aside from the fact that homes/condos in the immediate area are only steps to a LRT stop etc. The demand and then prices will certainly see a boom. There are over a dozen condo high rise buildings within a short walk - Cathedral Hill, The Gardens, the numerous buildings on Laurier, Claridge condos on Lebreton Flats, Zibi buildings, etc.  Especially since as of today some of these buildings are at a steal compared to similar units only minutes away.  These 

There is no question, that these values will rise if the Senators move downtown. Add in the LRT and it is a no-brainer. The question now is will it happen and when. How late can you wait before prices start creeping up? How much will values rise? 

Depending on your level of risk, LeBreton flats might be an area that pays off.

Want to chat about Ottawa real estate? Fill out the form below!

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