Building Update

Claridge Icon - Construction Update

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Claridge Icon, located at the corner of Carling and Preston street, is currently on the 27th of 45 floors. Glass has started being installed in the lower flooring as things continue to move along well. It’s hard to imagine exactly how high that will be when looking at the building…. Keep in mind this is a rough example below.

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There will be 320 units with an estimated completion of early to mid 2020. Prices range from $330,000’s and up, with unit size ranging from 610 to 1630 square feet.

 

St Charles Market - Sales and Construction Update

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St Charles Market, located at the corner of Barrette street and Beechwood, is well underway with most of the below ground poured and crews getting ready to move above ground. The building is 70% sold out with remaining units priced from the low 500’s. Modbox is looking for a completion date of late 2019.

For more information about St. Charles Market Luxury Condominiums, visit this page with all of the links and update information.

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Ottawa Condo Market Statistics - September 2018

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Every month we take a closer look at the sales data for the previous month for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebretown Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days. Questions?


CENTRETOWN

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Huge jump in the average selling price for Centretown condos this year compared to September of 2017. Part of the reason for the large jump was due to a number of sales over the $500k mark. Over last month, we saw a similar number of new listings, while we saw quite a few more properties sell (33 vs 24). The list to sold price ratio stayed about the same, with the days on market increasing slightly (63 vs 51).


BYWARD MARKET AND SANDY HILL
(INCLUDES LOWERTOWN)

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Compared to last month, the Byward Market saw a healthy jump in average sold price with the number of sold condo units fell over last month (16 vs 24). Other than the differences in sold price, September of 2018 is pretty much the same as last year.


LITTLE ITALY
(INCLUDING LEBRETON FLATS)

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Little Italy continues to see fewer sales compared to new listings which is great if you are a buyer looking to enter. The average selling price is up over last month (362,330) and last year (329,086). Take the sold data with a grain of salt, since there is only a few sales to provide an average.


HINTONBURG

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Hintonburg continues to be an area with healthy demand and very few options for buyers. Lots of older product with very few modern buildings that continue to cause havoc on the numbers. Like last month, we saw the same amount of new listings that ended up selling, providing no increase or decrease to number of available product. With that, the DOM and list to sold price continue to weaken. We are seeing first hand that nice product that is priced right will sell quick!


Westboro

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Westboro continues to stay in great shape with one of the highest average selling prices. The DOM tightened up over last month, however we saw more activity which brought the other numbers more in line with what we are seeing across the city.


Looking for specific information about an Ottawa condo building or area? Thinking of buying and maximizing your dollar? Let's chat. Fill out the form below.

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Ottawa Condo Market Statistics - August 2018

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We have taken a closer look at the sales data for the month of August 2018 for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebretown Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.


CENTRETOWN

Ottawa Condo Market Statistics Centretown

The market in Centretown slowed down over the month of August as most buyers and sellers are typically traveling or enjoying the summer before heading back to work. Compared to last month, (July 2018 stats) we saw our average selling price drop from $371,512 to $358,201, and only 32 new listings to July's 48. List to Sold prices came back to along what it was last year. 

What does this mean? While you could argue things slowed down, the lack of demand (fewer buyers) showed its head, and unless we see an increase in new listings in September, the DOM and list to sale price ratio will tighten up as there will be less to buy. We saw a more balanced market in August.


BYWARD MARKET AND SANDY HILL
(INCLUDES LOWERTOWN)

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Compared to July, we saw a $90,000 reduction in average sale price, fewer days on market, and a tighter list to sold price. In August we saw an equal amount of new listings to sold listings.

What does this mean? There was a higher demand for lower priced properties, and a strong pull from investors looking in that sub 300k market. The low amount of new listings, shorter days on market, and higher list to sold price ratio means things can easily jump in September unless we see more product come on the market. A sellers market below $300k, and a buyers market above $300k.


Little Italy
(INCLUDING LEBRETON FLATS)

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The seven sales in July were hot, which is evident in the 99.7% average list to sold price and the 35 average days on market. The average selling price dropped, which needs to be taken with a grain of salt since we have such low number of data points.

What does this mean? The properties that sold, were priced well and hot for the buyers looking. Its a buyers market, unless you are looking at one of the hot listings. Last month saw 14 new listings with only 4 sold. 


HINTONBURG

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Looking at the differences over last year might give you a scare - however with such few data points, you need to understand it is not a perfect example and rather use trends to better understand the market. We saw more new listings and more sales this month than last month. The days on market stayed the same, and the average selling price dropped. Other than price, things have certainly improved over last year!

What does this mean? As with other areas, the amount of sales below the 300k continue to dominate. The market has certainly improved over last year, and I would be willing to bet that next month you will see the selling price jump back up. The lower DOM over last year still signifies that more buyers are looking here than before, and would be a good time to sell!


WESTBORO

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Like last month, Westboro continues to be one of the hot markets with high prices and low inventory. A very tight List to Sold Price ratio and such few new listings makes this a unique market when you see the high DOM. The right properties are selling for close to ask, but taking longer. I would be willing to bet that September will see DOM drop.


Looking for specific information about a building or area? Thinking of buying and maximizing your dollar? Let's chat. Fill out the form below.

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SoBa - Public Sales Event Announced

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For those who didn't take advantage of the sales before it went public, Lamb Developments has announced a date, with no other specifics (pricing). September 12th at 6:30 pm - and you must be registered. 

Keep in mind - We have access to sell this product NOW before it is released to the general public and before prices are increased. If you are interested, fill out the form below to recieve pricing and to take advantage of the investor promotion (two-year rent guarantee, two-year free property management, etc. ), or to be registered for the event.

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Ottawa Condo Market Statistics - July 2018

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Let's break down some specific data for the month of July for the top five "downtown" area's - specifically Centretown (including Golden Triangle), Byward Market and Sandyhill, Little Italy (which would include Lebreton Flats),  Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.


Centretown

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The market in Centretown continued to tighten for July which is noticeable in the higher list to sold price ratio of 99.1% compared to 98.8% (from last month) and the fewer days on market of 43 compared to 46 (from last month). We still have a similar amount of new listings as last month, however the amount of units that sold have dropped from 43 (June) to 29 (July). Prices are up compared to last year, however holding about the same as last month.

What does this mean? While things have tightened up, the numbers would show that there is going to be more units available going into August. This might ease up the DOM, Sold Price Ratio, or the average sold price - more supply with equal or less demand.... Could be seeing a shift to a more buyer focused market.


Byward Market and Sandy Hill
(Includes Lowertown)

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Compared to last month we have seen similar numbers except for two. The average price has jumped from $362,773 in June 2018, to $410,517 for July 2018. Keep in mind that in May 2018 it was almost $400k, so the large change is expected and due to the few number of data points that are used can vary the number. At the same time, the days on market has increased from 50 last month, to 84 this month. Note - the DOM hit 162 days back in January of 2016.

What does this mean? With the DOM jumping up to 84 days, yet amount of new and sold listings staying almost the same as last month, we would expect the price to come back down or the list to sold price ratio to drop. Still continues to be more of a buyers market, especially with the higher DOM, lower LTS price ratio, etc. 


Little Italy
(Including Lebreton Flats)

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Average price has jumped over last month (June 2018) to $395,175. However that is based on the only four sales that happened this month. We continue to see more new listings, and fewer sales. DOM has increased to 50 days and the LTSP ratio has nudged up to almost 98.9%. 

What does this mean? A buyers market. Higher DOM, more options (listings), etc. With only four sold it means you have less competition. However the high LTSP ratio says that for the sellers who are serious, and priced right, you can and will sell.


Hintonburg

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The average sold price has dropped to $318,173, when it was $374,620 last month (June 2018). Activity has dropped (both new and sold listings), and the LTSP ratio edged up slightly. 

What does this mean? More of a sellers market. With fewer units available overall, a higher sold price ratio, and a somewhat low DOM, It would be a good time to sell. Buyers will want to see more supply, or need to be quick on their feet for the best units.


Westboro

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The average price is up over last month, but down over this time last year. Less activity then last month, but similar ratio of new vs sold units. Same LTSP ratio as last month with DOM increasing slightly. 

What does this mean? Sellers market. Highest average price, and highest LTSP ratio, along with the similar ratio of new vs sold listings, make it a very difficult buyers market. Not much negotiating is going on. Chances of multiple offers are strong. Again, the higher price point is due mainly to the larger, longer planned living (compared to the studio and sub 600sqft units in Centretown etc.).


Looking for specific information about a building or area? Thinking of selling and want to get the best return? Let's chat. Fill out the form below.

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Corners On Main - Sales Update

Domicile has done very well with its newest development on Main street. Corners on Main Phase One is now fully sold out. Located at 11 des Oblats Avenue, phase one consisted of 74 suites.

Located next door, Phase two is 70% sold out and still under construction. Located at 166 Main Street, the building has 64 units in total with sizes that range from 346 to 1552 square feet. Prices range from $209,100 to over $741,500 depending on size, floor, view. Occupancy is set for Spring of 2019. 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.

Looking for more information on pre-construction condos in Ottawa? Fill out the form at the bottom of the page.

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How does the latest BOC rate increase affect you?

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This week, the Bank of Canada increased the trendsetting interest rate to 1.5 percent. This was the fourth rate increase in the past 12 months. Knowing this is good, but we keep getting asked how it affects us (as a condo buyer or owner in Ottawa who has a mortgage, etc). We reached out to Mathieu Nesbitt, who is the Manager of Mobile Mortgages in Ottawa for TD Bank, to explain exactly what it means and if we should even care! 


For the fourth time in the past 12 months the Bank of Canada has increased its key monetary policy interest rate, the last increase went to 1.25% from 1.00% [January 2018].  Each increase can have an effect on your monthly mortgage interest cost which will affect your overall cost of borrowing.  There is good news though, there are ways you can protect yourself to prepare for those interest rate increases.  If you build a buffer by increasing your regular payments by 10% to 20% you will be paying mortgage loan quicker which also reduces your amortization.  Because most mortgages calculate interest based on the daily balance by paying down the principal quicker interest rate increases won't impact your cost of borrowing as much.

This also brings me to another point, if you have a pre-approval in place an interest rate increase can affect the amount of money you have been approved to borrow.  You will need to check in with your lender to see if your pre-approved dollar amount has changed.

For those who are looking at getting into the housing market, you need to know that TD bank can do a mortgage approval for you and hold your interest rate for 120 days on resale purchases.  For new build purchases, we can go up to 24 months which will protect you from interest rate increases. 

For those who are already making mortgage payments, there are some options for you to help when rates increase.  If you've chosen a fixed rate mortgage your interest rate is fixed for the term of your mortgage so a rate increase will not affect your payments until your mortgage term ends.

On the other hand, if you are in a variable rate mortgage it can change at any time during the term of your mortgage, therefore, changing your monthly mortgage payment.  One way to prepare yourself for an increase is to make an inflated mortgage payment, increasing your payment to more than you are actually obligated to pay.  The benefit of this is the excess payment amount goes directly to the principal portion of your mortgage, reducing the total interest paid on your mortgage as well as shortening your amortization.  So if rates do go up and your payment increases making your cash flow tight, either eliminate or reduce the extra principal reduction payment to either offset or help with the increase should it happen.

While some of this can seem overwhelming or confusing it is what I specialize in and I welcome the opportunity to provide you with advice and help, making your mortgage needs simple and comfortable.

-- Mathieu Nesbitt is the Manager for Mobile Mortgages with TD Bank and works outside normal banking hours to provide the best service for clients. You can connect with him directly at 613-868-9197. CLICK HERE to contact Mathieu Nesbitt.

St Charles Market - Construction Update

 Photo provided by Modbox

Photo provided by Modbox

Construction has officially started at St Charles Market located at 135 Barrette Street at Beechwood ave. The future site will see 56 condominiums units and two ground floor retail spaces when it is completed in late 2019. Prices range from the low $500,000s with prices ranging from $487-814/sqft.

For more information about St Charles Market by Modbox Developments, Click here.

 

SoBa - Sales Promotion

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Lamb Developments has announced an upcoming sales promotion for SoBa, which is located at 203 Catherine Street between Bank and O'Connor. The sales promotion is targeted at investors who are really heating up the market especially with pre-construction product. Aside from the 5% off prices which puts one bedroom units starting at $217,900, they are offering:

- Only 5% down
- Closing cost and development fees capped at $5,000.00
- Free rental permission clause
- Free property management for two years
- Free rent guarantee for two years

Keep in mind that this promotion is NOT yet being offered, however, we will have early access to those looking to take advantage. Lamb is currently holding off selling units at SoBa in order to focus on selling units at Gotham. 

Things to note, occupancy is currently projected to start around October of this year. I don't expect this promo to last long, especially with units nearing completion so soon. SoBa is currently about 80% sold out, so there is limited supply of available floorplans.

If you want to take advantage of this offer before the general public, fill out the form below. 

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Ottawa Condo Market Statistics - June 2018

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Often, real estate is defined by its numbers and data - we can report on "hard facts" to provide a picture of the market. However, when we receive the standard monthly updates from the Ottawa Real Estate Board, I find it quite frustrating that the data reported for "condominiums" is board wide - meaning any property type that was listed as a condominium in any area. (This isn't a rant - there are too many micro markets across the city for them to report). What this means is that the information isn't compared by location (downtown vs Kanata) or property type (example - apartment or townhome) which can often mask or hide very interesting or specific information on a more detailed level. We all (should) know that there is a huge difference in price between a townhouse style condo in Kanata, versus a modern downtown highrise apartment in Centretown. 

Let's break down some specific data for the top five "downtown" area's - specifically Centretown (including Golden Triangle), Byward Market and Sandyhill, Little Italy (which would include Lebreton Flats),  Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.


Centretown
(North of 417, Canal to the East, Bronson to the West, Parliament Hill to the North).

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Overall the average sold price for a Centretown condo over the last month is $371,998.00 which is up compared to a year ago, which saw an average list price of $347,394.00. The average DOM is at 46 which is an improvement over last year at 80 days (Keep in mind that includes the conditional period). The list to sale price ratio has increased to just under 99%, and a nice increase over last year at just above 97%. In June, we saw only 47 new listings, with 43 sales.

What does it mean? A healthy increase in the demand for condos located in Centertown. A much more balanced market, with prices continuing to rise at a very marginal rate. One thing to note is that the DOM from two years ago was up to a whopping 85 days. Based on what was listed vs sold, I would expect the market to be more of a Seller's market unless we see more listings!


Byward Market and Sandy Hill
(Includes Lowertown)

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The average sold price this month in the Byward Market and Sandy Hill has dropped slightly to $362,773. The DOM has dropped to 50 days, and much better than it was 3 years ago - 75 days. The list to sale price ratio held the same around the low 97%.

What does this mean? Prices are lower and becoming more attractive to buyers which is helping to reduce the DOM. Slightly more leaning towards a buyers market then for selling. With the DOM lowering you should see the list to sale price ratio increase.


Little Italy
(Includes Lebreton Flats)

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The average sold price for a condo in Little Italy is down to $386,900. The average DOM is up to 47 days, with the one year at 45 days. The average list to sold price ratio is up to 98.1%. Overall there are less new listings with a few more sales compared to last year.

What does this mean?  Since there are fewer buildings which mean fewer sales, the numbers will be affected more by each sale. Lower prices will drive the DOM and sale price ratios as buyers compare them to other areas. The number of listings will increase, and as prices drop, the number of sales will increase. Great market if you are a buyer looking for options with less competition.


Hintonburg

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The average sold price in Hintonburg lowered slightly from last year, to $374,620. More sales and a much tighter list to sold price ratio have dropped the DOM to less than half - now 39 days from the 89 days a year ago. 

What does this mean? It is much more of a seller's market than a buyer's market. I think it will get tighter unless we see more listings. More buyers looking to move more west! It is a great time to sell.


Westboro

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The average sale price in Westboro is up from last year to $474,406. With 17 new listings and 17 sold properties. The highest list to sold price ratio in any of the five area's at 99.4%! The DOM is also quite low at 37!

What does this mean? A hard market if you are a buyer. Considering that almost all condos will sell with a conditional period for status certificate review of 10-14 days, the DOM of 37 is very good for sellers.  The higher price point is due mainly to larger, longer term planned living (compared to studio's and sub 600sqft units found more in Centretown and Byward Market). 

Are you looking for more information about a specific area or building? Thinking of selling or buying? Let's chat - click on the button below!

The Grid Lofts - Website Up

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Modbox has launched their website for The Grid Lofts. No pricing or floorplans for the six loft units (each a corner unit), however, they have released a few more renderings and information about suites and finishes. View the website here:  https://thegridlofts.ca/

Features are set to include:
- 10'6" ceilings
- en-suite elevators that provide access to the rooftop terrace
- Cesarstone countertops
- Fisher & Paykel stainless steel appliances including gas range, double drawer dishwasher, full size LG washer dryer
- Log's End engineered hardwood floors
- Cera Gres 24 x 24 Gesso tile in the bathrooms and laundry
- en suite bathroom includes a custom walk-around shower and freestanding soaker tub
- 8 ft frosted glass solid core doors

The Mondrian To Go Smoke Free

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A trend that we are seeing more and more across Ottawa, the Board Of Directors for The Mondrian (324 Laurier Avenue West at Bank Street) has announced that the building will be smoke free as of July 21st 2018. As with any rule, if 15% of the owners request a vote, the rule could be changed. Built by Urban Capital in 2008, Mondrian is known for it's red panes of exterior glass that help it stand out across the city. 

This is a great example of a building coming together and changing the rules to reflect the majority of the buildings wishes. Regardless if you agree with the change or not, condos in Ottawa that have smoke damage sell for less and often can impact neighboring units and unit owners.

Are you looking for a smoke free unit in the city? Let's Chat!

Claridge Icon - Sales and Construction Update

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Located in Little Italy at the corner of Preston and Carling, Claridge Icon is coming along on time. Construction crews are currently pouring the 18th floor, out of the 45 storey building. 

There are roughly 188 units still available to purchase (out of the 320) with prices starting at $331,000 for the 610sqft one bedroom "Gable" floorplan". There are roughly 87 one bedroom units, 37 one bedroom plus den, 63 two bedroom units, and only one two bedroom plus den units that remain. Keep in mind that some floorplans are sold out, with only some floors available for certain floorplans.

- The building is set for occupancy April 2020
- Parking is $40,000/spot (condo fees are $34.35/month per spot)
- Lockers are included with each unit
- Deposit - 15% total - with 5% at signing and 10% provided 60 days after signing

For more information on downtown Ottawa condominiums, fill out the form below! 

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Arthaus - Only 10 Units Available

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Arthaus which is located at 20 Daly, has only ten units remain available for purchase. Occupancy (which had started the middle of May) has now finished on all floors, so quick closing for any unit could be possible. Built by DevMcGill, the 23 floor, 89 unit building, is a stunning addition to the Ottawa skyline.

In addition, you can take advantage of six months worth of condo fee's paid by DevMcGill, certain restrictions apply and for a limited time.

For more information on available pricing and floor-plans, fill out the form below.

The Grid Lofts - Coming Soon - Previously Mechanicsville Lofts

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With no information other than "coming soon", Modbox is getting ready to launch The Grid, which will be located at 92 Stonehurst in Mechanicsville. We had reported earlier this year that Mechanicsville Lofts, which had been put on hold to allow the team to promote St Charles Market (which has seen strong sales) and would be revamped and relaunched this summer. 

The project is expected to do well, especially considering the team behind it (Modbox + Linebox), the location, and with the current demand for modern, quality, loft product in the city.

The Charlotte - Coming Soon

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Richcraft's latest development is coming later this year. Floor-plans and pricing are currently being sorted out, but sources are saying to expect a late summer/early fall launch. 

The development will be located in Sandy Hill, specifically 560 Rideau Street.

The Bowery - Sales Update

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Sales continue to move along at Richcraft's The Bowery Condos, which is located at 255 Bay Street. The building is now 75% sold out. Only a few select floorplans are available, and an almost immediate closing could be provided. 

For more information about The Bowery, or condos in Ottawa, fill out the form below!

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!