Buying Century: Part 1

Buying a century isn’t always straight forward. In a new series, we will be breaking down the ins and outs of buying century. In our latest edition we talk about the different foundation types you will come across.

Stone Foundation: This is a type of foundation made from large stones that are carefully arranged and fitted together to form a solid base for a building. Stone foundations are very durable and long-lasting, and they are commonly found in older buildings.

Rubble Foundation: This type of foundation is similar to a stone foundation, but it is made from smaller stones that are irregularly shaped and not fitted together as precisely as in a stone foundation. Rubble foundations are also durable, but they are not as stable as stone foundations and may require additional reinforcement.

Block Foundation: This type of foundation is made from concrete blocks that are stacked on top of one another to form a wall. The blocks are usually reinforced with steel bars, and the gaps between them are filled with concrete. Block foundations are easy and quick to build, but they are not as durable as stone or poured concrete foundations.

Poured Concrete Foundation: This type of foundation is made by pouring concrete into a form that has been dug into the ground. The concrete is then reinforced with steel bars to add strength and durability. Poured concrete foundations are the most common type of foundation used today, and they are known for their strength, durability, and resistance to moisture and pests.

Overall, the choice of foundation type depends on factors such as the building's size, location, and local building codes. A professional builder or engineer can help determine the best type of foundation for a specific project.

Ottawa Real Estate: Doom 'n gloom or back with a boom!?!

Though many headlines are reporting a 40% decrease in transactions over this time last year, it is important to note that March 2022 was the very peak of our real estate market here in Ottawa. Therefore, comparing today’s market to one year ago is bound to paint a grim picture. In reality, Ottawa's real estate market is showing signs of growth and stability.

With rates holding steady for now, buyers seem to have more budget certainty and confidence heading in to this Spring market. Housing supply remains on the lower end, with roughly 2.5 months of inventory. This strong demand, coupled with limited supply, means homes are selling more quickly and some properties are seeing multiple offers again.

The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from March 2022 (no surprise there). However, average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low. The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.

Sellers — homes that are well-prepared and well-priced will sell. Take the time to make sure your home is shining before it hits the market. Repairs, paint jobs and staging will go a long way in ensuring top dollar. 

Buyers - keep in mind that prices appear to be on the rise. As consumer confidence strengthens, buyers will likely flock the market in large numbers. Now may be a good time to take advantage of softer competition.

Reach out to us today for more information on how to best navigate this market!

Buy but don't sell.

The most common type of real estate investing is purchasing a rental property and becoming a landlord.  The biggest advantage to this strategy is that rental properties can provide passive income while appreciating in value. Many of the costs associated with a rental property are tax deductible.  This includes the scenario where you borrow 100% of the funds.

As purchase prices continue to slide, people are looking to take advantage of lower price points. However, the obvious catch when buying a new in a down market, is having to sell your home in a down market. Our clients are now exploring purchasing a new primary residence while keeping their existing property as a rental.

One of the most popular ways to obtain the down payment, or the entirety of funds for said new property is to leverage the equity in your personal residence or another property you own. You simply need to contact your current lender or a new one and apply for a Home Equity Line of Credit (HELOC) or new mortgage portion.  Once this simple process is completed, you can now use these funds to buy a new primary residence.

Here is the process for obtaining financing.  This would apply for any type of residential financing.

  1. Contact lender

  2. Provide all pertinent documentation to the file (income verification, property info, etc.)

  3. File is built and sent to credit

  4. Once a conditional approval is in place, an appraisal may be needed on the subject property. This is done to confirm the value and available equity

  5. Once the final approval is in place you will need to go to your lawyer/Notary to finalize the deal

4 Tips to Avoid Lowball Offers as a Seller

1) Staging & Presentation: In today’s world, consumers spend their days scrolling through beautiful homes and spaces on Pinterest and Instagram. Staging your home, especially in a market where Buyers have options, can help you stand out from the competition and help you reach your highest possible sale price. 

2)   Do a pre-inspection: Have a home inspector come through your property prior to listing your home for sale. This will help uncover existing issues with the home, allowing you to either price accordingly or repair some of the items prior to listing. Being able to provide prospective buyers with an inspection report can also mean getting offers with fewer conditions in them. You may also avoid the frustrating scenario where buyers try to re-negotiate the price down following an inspection. 

3) Don’t overprice the home: Be wary of agents selling you on a dream. It’s very important for your realtor to shoot you straight and manage your expectations based on market trends, recent sales and how your specific neighbourhood is performing. Overpricing the home or “testing the market” can mean crippling your sale. If your home sits for 90+ days, expect lowball offers.

4) Have your property on Go and Show: make your home available for viewings as much as possible, even last minute appointments. With more competing inventory, it isn’t wise to ever turn down a showing request! 

5 Tips to Get Your Lowball Offer Accepted

It will come as no surprise the market has changed over the last 5 months. If executed correctly, lowball offers can be a really effective strategy to take advantage of the current market conditions.

CBG has put together these 5 tips to help get your lowball offer accepted:

  1. Get Pre-Approved

    • Not only will this help you understand what you can pay, but it will also help you understand what you would be willing to pay

  2. Find an agent who is willing to do the dirty work for you

    • This is not an easy process. You have to work with someone who knows the ins and outs of how to make this strategy work.

  3. Limit the terms and conditions in your offer

    • The fewer terms and conditions you have in your agreement, the better chance you have at getting accepted, especially at the lower price point.

  4. Think with your pocket book and not your heart

    • Remember, this is a deal. It is not about finding your forever home.

  5. Brace for rejection

    • It’s unlikely this is going to work the first, second or even third time. Hang in there, trust the process, you will find someone who bites - we promise!

Reach out to the Centreblock Group today to learn more about lowball offers and if this is the right strategy for you!

First Right of Refusal, Explained

Written by Tyler Laird

The predominant question we have been getting of late is this:

“If I buy a new home today and the market continues to slide, how do I ensure that I don’t get stuck with two properties?”

Back when I started trading in 2009, the discussion when meeting a new client was around whether that individual wanted to buy a home or sell their current home first. Things happened slower then. It wasn’t uncommon for GOOD houses to sit on the market 45 to 60 days. People had the luxury of time and generally they were split. These choices are personal and the benefits of both maybe better weighed in a future article. We are quickly heading back into a market much like 2009 but the hurdle is that the market is back sliding quickly and it’s hard to time the wave.

Now, if you have tried surfing, it’s likely that you started on a huge foam board with tons of surface area which in turn gave you the best chance to shred. You hopefully also had a guide that told you exactly when to start paddling. We are that guide and a “first right of refusal” can be your big foam board. 

“A Changed Market Demands a Changed Strategy”
— Tyler Laird

A first right of refusal is a term/condition in an agreement of purchase sale that makes the purchase agreement conditional on the sale of your current home, at a price and with terms satisfactory to you in your sole and absolute discretion. In essence, you will not be required to buy the new home if you can’t sell your current home. The time line of a first right of refusal can vary, anywhere from a day to a year. It’s completely negotiable. 

The reverse strategy can also be used when selling a home. You can make the sale of your home conditional upon a specific property purchase. This strategy would be used when the seller of a home that you want to purchase, will not accept a first right of refusal. This allows you to back out of the sale if your desired property sells before you get what you want for yours. 

It’s important to remember that these strategies are essentially insurance plans and insurance plans aren’t free. They mitigate your risk by transferring the risk onto the other party. Therefore, it’s likely that if you want a first right of refusal on a purchase, you will have to pay a little more for said property and it’s reasonable to assume that you will take a little less for yours. For those who opt to enter into one of these strategies, a slight increase or decrease in price is worth the restful nights.

Please feel free to reach out to us discuss both of these strategies in further detail and to determine if they are right for you.

Bank of Canada Increases Overnight Rate by 0.75%

Information cited from Bank of Canada Press Release

The Bank of Canada today, Wednesday, September 7th, increased its target for the overnight rate to 3¼%, with the Bank Rate at 3½% and the deposit rate at 3¼%. The Bank is also continuing its policy of quantitative tightening.

The global and Canadian economies are evolving broadly in line with the Bank’s July projection. The effects of COVID-19 outbreaks, ongoing supply disruptions, and the war in Ukraine continue to dampen growth and boost prices.

The Canadian economy continues to operate in excess demand and labour markets remain tight. Canada’s GDP grew by 3.3% in the second quarter. While this was somewhat weaker than the Bank had projected, indicators of domestic demand were very strong – consumption grew by about 9½% and business investment was up by close to 12%. With higher mortgage rates, the housing market is pulling back as anticipated, following unsustainable growth during the pandemic. The Bank continues to expect the economy to moderate in the second half of this year, as global demand weakens and tighter monetary policy here in Canada begins to bring demand more in line with supply.

Click here to read to the full statement made byBank of Canada

The next scheduled date for announcing the overnight rate target is October 26, 2022. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR at the same time.

How will this affect mortgage payments?

*Based on average home price in Ottawa*

Avg. Home Price ($707,000) - 20% Down Payment ($141,400) 

= Mortgage: $565,000

Current monthly payment (3.50%) = $2998.09

Monthly payment after rate increase (4.25%) = $3226.29

E&V Mid-Year 2022 Canadian Market Report

We understand the real estate market is difficult to navigate. It may not be the best time to buy for everyone, and the following report will provide some insight into the market as it stands right now.

Don’t hesitate to get in touch to learn if it is the right time for you to buy.

How to Save Thousands as a First Time Home Buyer

Written by Rachel Hopper & Quinn Goodwin

Buying your first property can be daunting in lieu of Ontario’s landscape of rising real estate prices. However, becoming a home owner may not be as difficult as you think. There are several programs first-time buyers in Ontario can use if they’re in need of financial assistance. These programs may act as game changers for those struggling to enter the market and help reduce the overall cost of being a homeowner

Our team has compiled a list of these programs, and how they can help you achieve your real estate dreams in no time!

Land Transfer Refund 

What is a land transfer tax?

Land transfer tax is a provincial tax on real estate purchases paid by the buyers. The Ontario first-time homebuyer rebate covers the full cost of land transfer tax, up to a maximum of $4000, subject to eligibility.

Who is eligible?

  • Must be 18 years of age

  • Cannot have owned a home or an interest in a home anywhere in the world

  • Spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse (you may still be eligible for a partial refund)

  • Must be a Canadian citizen or permanent resident of Canada

What is a land transfer tax refund?

  • No land transfer tax is payable by qualifying first-time buyers on the first $368,000 of the value of the home. First time buyers purchasing homes valued more than $368,000 would receive a maximum refund of $4000

  • The refund applies to all homes, whether newly constructed or resale

  • Must apply for the refund within 18 months after the date of registration 

Ontario’s First Time Homebuyer Program

What is the program?

With this incentive, Government of Canada provides a percentage of the home’s purchase price to put toward a down payment

  • 5% or 10% for a first-time buyer’s purchase of a newly constructed home

  • 5% for a first-time buyer’s purchase of a resale (existing) home

  • 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

Who is eligible?

  • Qualified annual incomes of $120,000 or less

  • Your total borrowing is no more than 4 times your qualifying income

  • You or your partner are a first-time homebuyer

  • You are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

  • You meet the minimum down payment requirements with traditional funds (savings, withdrawal/collapse of a Registered Retirement Savings Plan (RRSP), or a non-repayable financial gift from a relative/immediate family member)

Home Buyer’s Plan

What is a Home Buyer’s Plan?

The Home Buyers' Plan is a program that allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for yourself.

You can withdraw up to $35,000, tax free, from your RRSP accounts to put towards your down payment. Some RRSPs, such as locked-in or group RRSPs, do not allow you to withdraw funds from them.

Who is eligible to participate in the Home Buyer’s Plan?

  • You must be considered a first time home buyer

  • You must have a written agreement to buy or build a qualifying home

  • You must be a resident of Canada when you withdraw funds from your RRSPs and up to the time a qualifying home is bought or built

  • You must intend to occupy the qualifying home as your principal place of residence within one year after buying or building it

*New* Tax-free First Home Savings Account

What is the program?

A tax-free First Home Savings Account that will allow Canadians under 40 to save up to $40,000 towards their first home, and to withdraw it tax-free to put towards their first home purchase, with no requirement to repay it.

Combining the features of both an RRSP and a TFSA, this plan would allow young Canadians to set aside 100% of every dollar they earn up to $40,000 and shorten the time it takes to afford a down payment.

More information to come, as the new initiative is in the planning stages…

Guide to Top Rated Elementary Schools & their Neighbourhoods

Written by Rachel Hopper

Ottawa is an amazing city with lots to offer a young family. From tons of employment opportunities, a vibrant arts and culture scene and plenty of parks and natural amenities, there are endless opportunities for you and your family to thrive. If you already live here or are looking at calling Ottawa home in the future, it is certainly beneficial to check out the city’s top schools before purchasing a new property.

Our team has compiled a list of the highest ranked public elementary schools in the Ottawa-Carleton District School Board, as well as detail on their catchment. We understand the best education for your children is of the utmost importance. Our team is here to help you set them on the right path towards stellar education and success for years to come.

#4- Hopewell Avenue Public School

Fraser Institute Rating: 8/10

Neighbourhood: Old Ottawa South

Nestled between the Rideau River and Rideau canal, Old Ottawa South has a close proximity to urban life with a small town feel. Famous for historic brick homes, parks, shops and more, this neighbourhood is perfect for the urbanite who likes to stay grounded through nature.

Hopewell Avenue Public School began as a community school in the 1800s as a one-room log building. Over the past 200 years, the school has now been expanded and updated to accommodate over 850 students from Junior Kindergarten to Grade 8.

Academic Programs

  • 50/50 English/French two year kindergarten program

  • Grade 1-8 Regular English Program

  • Grade 1-8 Early French Immersion Program

  • Grade 4-8 Middle French Immersion Program

  • Behaviour Intervention Program

Facilities & Resources

  • Library Resource Centre

  • Computer technology in each classroom

  • One computer lab

  • Three gyms and an exercise room

  • Music room with practice rooms

  • Music writing studio equipped with technology

  • Two science labs

  • Glebe Parents’ Day Care on site

Catchment Map

Average Home Prices within Catchment

Av. Detached

  • Sold Price - $1,229,105

  • 4 bed 3 bath

  • Sold in 12 days

Av. Semi-Detached

  • Sold Price - $1,042,875

  • 3 bed 2 bath

  • Sold in 24 days

Av. Condo

  • Sold Price $1,194,063

(High average due to several luxury sales; there are more affordable options in a much lower price range)

  • 2 bed 2 bath

  • Sold in 65 days

#3- Rockliffe Park Public School

Fraser Institute Rating: 8.2/10

Neighbourhood: Rockliffe Park

Known as one of the most historic residential neighbourhoods in Ottawa, Rockcliffe Park is the perfect place to raise a family. Here you will find beautiful character homes, luscious parks, outdoor and indoor recreation, restaurants and shops all within walking distance. Despite the quiet and charming lifestyle in Rockliffe Park, it is conveniently only a short distance from downtown and also home to a number of embassies and diplomatic families from all over the globe.

Rockliffe Park Public School opened its doors in 1941, and is named after its adjacent neighbourhood, rich in history, character and charm. The school is a JK-6 dual track school that accommodates 435 students, representing over 20 countries and languages, with three quarters of students enrolled in the French immersion program. Students are encouraged to strive for academic excellence, physical fitness, an appreciation for the arts and a respect for the environment. RPPS provides a learning environment where dedicated staff, parents and the community work together to develop responsible, productive citizens of the world.

Academic Programs

  • Kindergarten (JK/SK) - 50% English and 50% French instruction

  • Regular English with Core French – Grade 1 to Grade 6

  • Early French Immersion – Grade 1 to Grade 6

  • Regular English students - Core French instruction 200 minutes per week

  • Early French Immersion - Grade 1 receives 300 minutes of English Math instruction per week

  • Early French Immersion – Grades 2-3 receive 600 minutes of English per week (Language Arts & Math)

  • Early French Immersion – Grade 4-6 receive 600 minutes of English per week (Language Arts & Math

Facilities & Resources

  • Wheelchair Access

  • A library/resource center

  • Computer technology in every class 

  • Two gyms

  • A soccer pitch and running track 

  • A primary play structure

  • A fenced in Kindergarten yard and play structure

Catchment Map

Average Home Prices within Catchment

Av. Detached

  • Sold Price - $1,552,668

  • 4 bed 3 bath

  • Sold in 32 days

Av. Semi-Detached

  • Sold Price - $882,125

  • 3 bed 3 bath

  • Sold in 23 days

Av. Condo

  • Sold Price $649,487

  • 2 bed 2 bath

  • Sold in 15 days

#2- Devonshire Community Public School

Fraser Institute Rating: 8.3/10

Neighbourhood: Hintonburg

One of the oldest neighbourhoods in Ottawa, Hintonburg is rich with history and culture. Considered Ottawa’s Art District, this community is lively, tight-knit and speckled with endless local businesses and attractions. Walking distance to both Sir John A. Macdonald Parkway & Westboro Beach, your family will never run out of places to explore.

Devonshire Community Public School is a single stream Early French Immersion School with the mission to provide each child with the opportunity to achieve his or her potential and become fluent in a second language. The school highly values the notions of family and community and its relatively small size helps children feel a warm welcome. The school is home to 418 students from Junior Kindergarten to Grade 6.

Academic Programs

  • Single‐track Early French Immersion

  • JK‐Regular English Program

  • SK to Grade 6 ‐ Early French Immersion

  • SK and Grade 1 ‐ 100% French programs

Clubs & Activities

  • Skating

  • Soccer and volleyball teams

  • Yoga

  • Guitar Lessons

  • Cross‐country running/track and field teams

  • Spirit days

  • School concerts/plays

  • Milk program/Pizza program

  • Ski Club

  • Knitting Club

  • Bilingual choir

  • Newspaper club (The Dragon)

  • Cultural presentations

  • Dance, drama and environmental clubs

  • Public speaking

  • Winter carnival

  • Twinning with Makina Baptist School

Catchment Map

Average Home Price within Catchment

Av. Detached

  • Sold Price - $916,393

  • 4 bed 2 bath

  • Sold in 15 days

Av. Semi-Detached

  • Sold Price - $924,968

  • 3 bed 3 bath

  • Sold in 14 days

Av. Condo

  • Sold Price $596,404

  • 2 bed 2 bath

  • Sold in 43 days

#1- Elmdale Public School

Fraser Institute Rating: 8.9/10

Neighbourhood: Westboro

One of the most unique, safe, diverse and trendy neighbourhoods, Westboro boasts welcoming outdoor spaces, boutiques and shops for all interests. Within walking distance of schools, libraries, shops, child-friendly dining spots, recreation facilities, and even Westboro Beach, this scenic area just might be the perfect place to raise a family.

Elmdale Public School was built in 1928 and is nestled in a quiet and safe residential neighbourhood. Several expansions and upgrades over the years have enabled the school to house 506 students, all enrolled in the Early French Immersion program. With a mission to create a safe environment that supports and inspires learning and a sense of community, this school has a number of second and third generation families in attendance.

Academic Programs

  • Early French Immersion Program (SK-6)

  • Booster programs

  • ESL Programs

Clubs & Activities

  • Primary Choir

  • Interscholastic soccer, basketball, volleyball, cross country and track and field

  • Kids Marathon participation

  • Outdoor skating at Fisher Park

  • Music Monday Celebration and year end Talent Show

  • Art and Literacy Café showcasing student Art and Writing

  • Annual Bookfest

  • Fun Fair

  • Fundraising for charitable organizations

  • ‘recycling elves’

  • Character Club

  • Craft Club led by parent volunteers

  • Reading clubs

  • Clubs and activities vary according to seasons, interest and availability of the space.

  • They are advertised on the PA system and usually also included on the Family Website.

Catchment Map

Average Home Prices within Catchment

Av. Detached

  • Sold Price - $1,207,100

  • 3 bed 2 bath

  • Sold in 8 days

Av. Semi-Detached

  • Sold Price - $1,118,657

  • 3 bed 3 bath

  • Sold in 18 days

Av. Condo

  • Sold Price $542,962

  • 2 bed 2 bath

  • Sold in 19 days

Our Top Condo Buildings for Downsizers

Written by Rachel Hopper & Lisa McNamara

Downsizing can certainly feel like a daunting and overwhelming task. It isn’t easy to declutter, to let go of things, to give up on space and to leave a beloved neighbourhood behind. Though these changes can be difficult, downsizing to a condo can truly provide a relaxing and comfortable lifestyle. Condo living offers minimal maintenance, on-site amenities, convenient walkability and also makes it easy to simply lock the door and go travelling! No lawns or gardens to tend to, no more worrying about replacing a roof or repairing a foundation, no more stressing to keep a four bedroom house clean long after the kids have gone.

Our team has compiled a list of our top condo buildings by neighbourhood, keeping in mind larger floor plans (1200sf+), single-level designs and accessibility features. Keep scrolling for some of the best condominium buildings Ottawa has to offer, and let us show you that making a move is not only doable, but exciting!

Westboro

For the well-rounded urbanite who loves both outdoor recreation and artisan pizza.

Situated West of Downtown is the trendy, bustling and outdoorsy neighbourhood of Westboro. From shopping, dining & drinking to spectacular sunsets & Westboro Beach, there is something for everyone in this pocket of Ottawa!

Our Picks

Westboro Station - 401 Golden Ave (Phase I) & 575 Byron (Phase II)

Westboro Station consists of two mid rise residential towers that sit atop a stretch of retail shops along Richmond Rd.

Building Features:

  • Built 2009 (I) & 2012 (II) & designed by Barry Hobin

  • 10 Storeys, 104 Units (total)

  • Pet friendly

Average Price Per Square Foot

  • $719/sqft

Amenities

  • Buzzer entry

  • Storage lockers

  • Party room

  • Elevators

  • Underground parking

  • Security

Walk Score (out of 100)

  • 83

Bike Score (out of 100)

  • 99

The Exchange - 420 Berkley Avenue

The Exchange, on the corner of Berkley Avenue and Richmond Road is one Westboro’s first Loft style luxury buildings.

Building Features:

  • Built 2006 by Domicile

  • 9 Storeys, 78 Units

  • Pet friendly

Average Price Per Square Foot

  • $668 / ft²

Amenities

  • Buzzer entry

  • Storage lockers

  • Bicycle Storage

  • Elevators

  • Underground parking

  • Security

Walk Score

  • 83

Bike Score

  • 99

Hintonburg

For the artsy individual looking for a local feel.

One of the oldest neighbourhoods in Ottawa, Hintonburg is rich with history and culture. Considered Ottawa’s Art District, this community is lively, tight-knit and speckled with endless local businesses. Ideally located near the O-train line & highway access point.

Our Picks

The Currents - 1227 Wellington Street West

The Currents, located at the corner of Holland and Wellington, sits atop the Great Canadian Theatre Company and is just steps from dozens of locally owned restaurants, bars, bakeries and shops.

Building Features:

  • Built 2007 by Windmill Construction

  • 11 Storeys, 44 Units

  • LEED Platinum Standard for environmentally friendliness

  • Pet friendly

Average Price Per Square Foot

  • $632 / ft²

Amenities

  • Storage lockers

  • Elevators

  • Underground parking

Walk Score (out of 100)

  • 93

Bike Score (out of 100)

  • 99

Tamarack Wellington - 10 Rosemount Avenue

Steps from an eclectic mix of galleries, boutiques and eateries, Tamarack Wellington’s design pays homage to the history of Hintonburg, for an industrial loft look that’s crisp, urban, and modern.

Building Features:

  • Built 2016 by Tamarack Homes

  • 6 Storeys, 52 Units

Average Price Per Square Foot

  • $632 / ft²

Amenities

  • Buzzer Entry

  • Storage lockers

  • Elevators

  • Underground parking

Walk Score (out of 100)

  • 88

Bike Score (out of 100)

  • 94

Centretown

For the energizer-bunny who likes to stay connected and experience the central hub of the city

Centretown is an area south of Parliament Hill and the Ottawa River, with the Canal to the East and Bronson Avenue to the West, bordered by the Queensway on its southern edge.

From shops, restaurants and bars to commercial areas and cultural hotspots, Centretown has it all. Although part of Ottawa’s bustling downtown, the neighbourhood still appeals to the nature-lover, with close proximity to several parks, the Rideau Canal & Ottawa River.

Our Picks

20 The Driveway

20 The Driveway offers one-of-a-kind views of the Rideau Canal, Golden Triangle and heritage homes in the surrounding area. Although tucked away from the popular areas, this building is just a short walk from everything Centretown has to offer.

Building Features:

  • Built 1975 by Beaudry/Marois/Lacha

  • 10 Storeys, 100 two or three bedroom units

Average Price Per Square Foot

  • $583 / ft²

Amenities

  • Buzzer Entry

  • Underground Parking

  • Indoor Pool

  • Sauna

  • Fitness Centre

Walk Score (out of 100)

  • 49

Bike Score (out of 100)

  • 80

Opus - 320 McLeod Street

320 Mcleod is located directly between popular Bank & Elgin Streets and right next to historic Victoria Memorial Museum Building, housing the Museum of Nature. The building offers amazing views of bustling Centretown and downtown landscape and is within walking distance to many restaurants, shopping and more.

Building Features:

  • Built 2007 by Ashcroft

  • 3 Storeys, 70 one or two bedroom boutique-style units

Average Price Per Square Foot

  • $579 / ft²

Amenities

  • Elevators

  • Fitness Center

  • Storage Lockers

  • Underground Parking

  • Guest Suites

  • Concierge

  • Common Area / Party Room

  • Sauna

  • Bicycle Storage

Walk Score (out of 100)

  • 94

Bike Score (out of 100)

  • 99

The Glebe

For the entertainment lover who enjoys patio hopping & window shopping.

Just South of Centretown and adjacent to the Rideau Canal, the historic and vibrant Glebe neighbourhood features independently-owned businesses mixed with fun entertainment.

Our Picks

The Rideau - 1035 Bank Street

The Rideau is located in the heart of Lansdowne Park, with stunning views of the Rideau Canal & TD Place Stadium and is just steps from restaurants, bars, shopping and more on the trendy and vibrant Bank Street.

Features:

  • Built 2016 by Minto Homes

  • 20 Storeys, 155 one or two bedroom units

Average Price Per Square Foot

  • $778 / ft²

Amenities

  • Elevators

  • Fitness Center

  • Storage Lockers

  • Underground Parking

  • Guest Suites

  • Concierge

  • Party Room

  • Security

Walk Score (out of 100)

  • 71

Bike Score (out of 100)

  • 90

174 Glebe Ave

Wide open suite spaces, thick walls between units, expansive glazing and ample patio space were key parts of the design that offer a high quality of living to occupants. The units range in size from 1700 sq. ft. to 2350 sq. ft.

Building Features:

  • Built 2016 by Moda Development

  • 4 Storeys, 12 units

Amenities

  • Elevators

  • Storage Lockers

  • Underground Parking

  • Rooftop Terrace

Walk Score (out of 100)

  • 98

Bike Score (out of 100)

  • 98

Beechwood/New Edinburgh

For those who appreciate exclusivity & privacy.

Located east of downtown Ottawa, between Sussex and Beechwood Drive, New Edinburgh is a neighbourhood that attracts those who appreciate historic charm. Perfect for the downsizer who wants to remain part of the city, while staying in a quieter more residential area.

Mackay House - 295 Mackay Street

Our Picks

295 Mackay Street is located on a quiet corner in New Edinburgh. This building is perfect for the outdoor enthusiast as it is within walking distance to the New Edinburgh Park, The Rideau River and Stanley Park.

Building Features:

  • Built 2007 by Urban Developments

  • 5 Storeys, 27 one or two bedroom boutique-style units

Average Price Per Square Foot

  • $742/ft²

Amenities

  • Elevators

  • Buzzer Entrance

  • Storage Lockers

  • Underground Parking

  • Common Patio

Walk Score (out of 100)

  • 76

Bike Score (out of 100)

  • 98

The Watermere- 30 Charlevoix Street

The Watermere at 30 Charlevoix Street, located in Vanier is within walking distance to New Edinburgh Park, The Rideau River and Stanley Park. Just steps outside your door is Beechwood Avenue, where you will find several restaurants, grocery stores and more.

Building Features:

  • Built in 1989 by Clarksmith Developments

  • 7 Storeys, 26 one or two bedroom boutique-style units

Amenities

  • Elevators

  • Buzzer Entrance

  • Storage Lockers

  • Underground Parking

Walk Score (out of 100)

  • 87

Bike Score (out of 100)

  • 100

Centre Block Group's Top 5 “Hard-Lofts” in Ottawa

Written by Rachel Hopper & Quinn Goodwin

Hard-lofts are unique, and hard to find - especially in Ottawa. Owning a rare property that doubles as a piece of history? No wonder these properties are some of the hottest places to live in the city!

The CBG team has compiled a list of our top picks in this category to help you find the perfect space to call home.

19 Melrose Avenue

Building History

Originally built as a Francophone school in 1912, and continued as a school for 100 years.

This school is a fixture in history as it represents a controversial moment where parents fought the government to maintain the right to teach their children strictly in French.

Although the building has a new use and modernized layout, its schoolhouse character was preserved as a legacy to the Ottawa community and history.

Style of Unit

In 2009 the school was converted into a hard-loft building by The Regional Group and Douglas Hardie Architects. Although the building was updated, it maintained some of its original design and stylistic elements, including schoolhouse inspired windows and the original clay canopy entrance.

The units themselves boast two levels, open concept layouts, 12 foot ceilings, exposed brick and double doors leading to private balconies.

Recent Sales (sourced from MLS®)

Apr. 2022 - two bedroom two bathroom unit $860,000

May 2021 - one bedroom one bathroom unit $499,000

Average Price Per Sqft (sourced from Condo Dork)

$538 / ft²

Neighbourhood Influences:

  • In the trendy Hintonburg neighbourhood, just steps from restaurants, coffee shops and many other incredible amenities

  • Walking distance to both Sir John A. Macdonald Parkway & Westboro Beach, boarders Westboro and Chinatown

  • CBG recommends grabbing local wine & artisan pizza on the Tennessy Willems’ patio

174 Stanley Avenue

Building History

Built in 1936, “Archives Square” was formally used as the City of Ottawa Archives until its condo conversion in 1999.

Style of Unit

3 storey building, 11 one, two or three single-storey units

Recent Sales (sourced from MLS®)

ACTIVE - one bedroom unit two bathroom unit $650,000

Jun. 2021 - two bedroom two bathroom unit $540,000

Neighbourhood Influences:

  • Located in the quiet neighbourhood of New Edinburgh, home to several embassies and around the corner from many restaurants and coffee shops

  • Across the street from beautiful Stanley Park

  • Incredible views of Parliament, Ottawa River and Gatineau Hills; take in the very best Ottawa has to offer

  • CBG Recommends grabbing authentic tacos at Ola Cocina Taqueria

12 Stirling Avenue

Building History

Historic schoolhouse originally built in 1933, and converted as a condo development in 2015 by renowned Ottawa architect, Barry Hobin. This building is commonly known as “Yard & Station”.

Style of Unit

3 storey building with 9 1-storey units, each with own private access elevator and open concept living spaces ranging from two to three bedrooms

Recent Sales (sourced from MLS®)

Jun. 2020 - 2 bedroom 2 bathroom unit $1,425,000

Sept. 2014 - 2 bedroom 2 bathroom unit $834,000

Average Price Per Sqft (sourced from Condo Dork)

$631 / ft²

Neighbourhood Influences:

  • In the trendy Hintonburg neighbourhood, just steps from restaurants, coffee shops and many other incredible amenities

  • Walking distance to both Sir John A. Macdonald Parkway & Westboro Beach, boarders Westboro and Chinatown

  • CBG Recommends grabbing Nashville-style fried chicken sandwiches at Holly’s Hot Chicken

589 Rideau Street

Building History

Commonly known as the Wallis House, this historical building is a former hospital built in 1873 and the oldest residential building in Ottawa

Converted in 1996, this building is rich with history and original charm

Style of Unit

The building maintains its original Victorian style as well as many other features from the original design. No two units are alike, although most units have two levels, high ceilings, open concept living spaces, exposed brick walls and a gas fireplace.

Recent Sales (sourced from MLS®)

Apr. 2022 - 1 bedroom 1.5 bathroom unit $487,000

Oct. 2021 - 1 bedroom 1 bathroom unit $430,000

Average Price Per Sqft (sourced from Condo Dork)

$656 / ft²

Neighbourhood Influences:

  • Walking distance to Byward Market, rich with extensive restaurants, coffee shops, bakeries, grocery and convenience stores

  • Rideau Shopping Centre only a short walk away, with shopping for all interests

  • CBG Recommends packing a picnic and posting up at MacDonald Gardens Park

95 Beech Street

Building History

Also known as the Warehouse Lofts, this luxurious factory conversion built 100 years ago in Little Italy had many uses, including a former Jeans Co. in the 1980s.

The building was converted by Craig Callan Jones to condominiums in 2000. The name of the project was “The Warehouse Lofts”.

Style of Unit

The Warehouse Lofts are truly one of a kind, and rich with history. The original factory design is reflected throughout in this “oak post and beam” condominium, with large industrial windows, skylights, exposed beams and brick. Each unit boasts two-storeys, fantastic architectural features and private terrace.

Recent Sales (sourced from MLS®)

Feb. 2022 - 2 bedroom 1 bathroom unit $627,500

Aug. 2021 - 2 bedroom 2 bathroom unit $689,000

Average Price Per Sqft (sourced from Condo Dork)

$538 / ft²

Neighbourhood Influences:

  • Located in the heart of Ottawa's trendy Little Italy, just steps to fine dining, convenience, pubs and entertainment

  • Bike paths located directly behind the building and along Queen Elizabeth Drive and the Carling O-Train stop is just around the corner.

  • CBG Recommends grabbing a late-night cocktail at intimate Moonroom

Just How Low is Ottawa's Real Estate Inventory?

The day was March 1st, 2009. I remember it like it was yesterday. I was a bright eyed and bushy tailed 23y/o with a world to conquer. I put on my brand new navy blue suit from Zara and hopped into my parents two door silver Pontiac Grand Am. On the speakers, “Can’t Tell Me Nothing”, by Kanye West. In my back pocket, a freshly printed real estate licence. It was day one and little did I know that it would be the only job/career I would have for the next nine years of my life.  

I am one of the lucky ones. Less than 50% of realtors make it through the first two years, less of them through years 3-5 and only a handful make it to year 10. I have seen friends/colleagues come and go, 5.79% 5 year fixed interest rates drop to 2.79%, a boom then bust then recover condo market and an average sale price in the city go from $303,000 to $392,000 (residential and condominiums combined). What I haven’t seen over the last nine years, is a real estate market this competitive this early into the season.  The reason? competitive interest rates, a stable public sector work force and extremely low inventory. 

How historically low is the inventory you ask? I would refer you the charts below.

Screen Shot 2018-03-08 at 10.59.59 AM.jpg
Screen Shot 2018-03-08 at 11.05.29 AM.jpg

You will notice that while the number of new listings this year is almost 31% less than that of the same period in 2017 and 40% less than 2016, sales volume is almost equal leaving very little carry over as illustrated by the following chart.

Screen Shot 2018-03-08 at 11.05.45 AM.jpg

Yesterday, I was representing a buyer in a multiple offer situation for a home in Elmvale Acres. We learned that there was  50 plus showings over the week it was listed and from those 50 showings, 10 potential buyers offered on the home, bidding the price up to over $60,000 above the asking price. I predict that this is going to become the new normal. 

Fun fact: This home was listed at $419,900. There are currently only 36 homes for sale between $400,000-$500,000 between Woodroffe and the Aviation Parkway and then Heron/Baseline to the river. Remember there was 50 showings for the above home.

If you have been considering selling your home, there is no time like the present. Click here for a free home valuation.  

Next week, we will discuss what is causing this lack of inventory.