JAN 20 – FEB 3, 2018 | nexthome.ca
EASTERN ONTARIO EDITION
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INSIDE:
WHAT OTTAWA BUYERS WANT IN NEW HOMES
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MORTGAGE STRESS TEST: WHAT CAN YOU BUY NOW?
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Talbot Show Home | 1,813 sq. ft.
Sales Centre 4005 Strandherd Drive Nepean, ON K2J 6E1 See sales representative for details. E.&O.E.
Hours Monday – Thursday: 12 pm to 8 pm Friday: 12 pm to 6 pm Weekends & Holidays: 11 am to 6 pm
New lot release
The wait is over! New lots in Harmony Harmony is just around the corner. Discover our contemporary homes — superbly designed with bright, naturally lit, open layouts. New Townhome and Single Family Home lots are now available in Harmony, in the heart of Barrhaven.
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Single Family Homes and Townhomes from the
330s
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INCREDIBLE VALUE, INSPIRING DESIGNS
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38' Detached Home, The Madison ‘B’, 2,027 Sq.Ft. Was: $488,990 | Now: $446,990 Includes: $42,000 Off the Purchase Price & $25,000 at Décor
A Mattamy home is a HOME YOU’LL VALUE for a lifetime
The Elderberry Model Home in Summerside West, Orléans
38' Detached Home, The Granville ‘A’, 2,206 Sq.Ft. Was: $494,990 | Now: $452,990
38' Detached Home, The Annex ‘A’, 2,621 Sq.Ft. Was: $514,990 | Now: $472,990
Includes: $42,000 Off the Purchase Price & $25,000 at Décor
Includes: $42,000 Off the Purchase Price & $25,000 at Décor
STITTSVILLE
Detached Homes From $399,990
PHASE 2 NOW AVAILABLE Sales Centre 1879 Stittsville Main Street 613-435-7171
38' Detached Home, The West Ridge ‘A’, 2,994 Sq.Ft. Was: $534,990 | Now: $492,990 Includes: $42,000 Off the Purchase Price & $25,000 at Décor
SALES CENTRE HOURS
Monday - Thursday 1pm-8pm; Friday 1pm-6pm; Saturday, Sunday and Holidays 11am-6pm
All illustrations are artist’s concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.
MATTAMYHOMES.COM
3 STOREY TOWNHOMES TWO NEW MODELS NOW OPEN Visit our Sales Centre 591 Summerhill Street, Riverside South 613-822-6444
Summerhill Village Nestled on River Road in Ottawa’s south end, Summerhill Village is a picturesque community offering three-storey townhouses exclusively in its final phase. Each home is designed with careful attention to architectural detail in this community centered plan. Surrounded with parks and pathways, Summerhill Village is an oasis for nature lovers, exercise enthusiasts, and recreationalists. Units starting at $341,000*
591 Summerhill Street, Riverside South 613-822-6444 Monday - Wednesday: 1 - 8 pm Saturday & Sunday: 12 - 5 pm
*Brisbane model. 1515 Sq Ft. Price subject to change at any time, please contact a sales representative for more details.
Move in ready homes across the city As Ottawa’s largest builder of homes and condominiums we have plenty of move in ready homes waiting for you across the city. Ready immediately, or in as little as 4 months, we have homes big and small that will fit every unique lifestyle.
STREAM (Findlay Creek)
THE STRATHCONA (Hunt Club)
940 sq ft Zen Urban Flat (Building E Level 2 Unit 4) Fully Furnished Only $219,900
Immediate Availability 1270 sq ft 2 Bed Condo Flat (Block B Unit 205) Only $351,900
WILLOW (Rockcliffe) Available Early 2018 3220 sq ft Single Home (Lot 85) $15K Design Centre Bonus Only $830,000
PERTH (Riverside South) Available in June 2018 1815 sq ft 3 Storey Townhome (Block 4 Unit 13) End Unit Only $377,900
COLTON B (Navan)
HORIZON (Kanata)
Close in 2 months 2250 sq ft Single Home (Lot 2023) Only $513,500
Available in 9 months 1985 sq ft Townhome (Block 28 Unit 155) End Unit Only $381,900
ClaridgeHomes.com Prices and specifications are subject to change without notice. E.&O.E.
JAN 20 - FEB 3, 2018 | VOLUME 18 ISSUE 2
CONTENTS
VICE-PRESIDENT & CHIEF PUBLISHING OFFICER
Caroline Andrews PUBLISHER & GENERAL MANAGER
Shawn Woodford DIRECTOR OF CONTENT & EDITOR-IN-CHIEF
Jennifer Reynolds DIRECTOR, MULTIMEDIA SOLUTIONS
Nora Wallace ASSOCIATE PUBLISHER
Anne-Marie Breen MANAGING EDITOR
Wayne Karl ART DIRECTOR
Megan Pike CONTRIBUTING EDITORS
Sonia Bell Marlene Eisner
ON THE COVER: Cardel Homes A new year at Cardel Homes SPOTLIGHT ON CONDOS Your guide to new condo communities in the Gatineau and Greater Ottawa Area
ADVICE
18
C2 Home Smarts
A beginner’s guide to arranging a mortgage BY MARNIE BENNETT
C8 GOHBA Report
Time for change: The next step for Tarion BY JOHN HERBERT
26 Stat Chat
Is the Ottawa new condo market back? BY BEN MYERS
TRENDING
16 Housing Market
5 things you need to know about real estate in 2018
20 Mortgage Rules
Stress test survival guide: What can you afford?
C4
PROPERTY PROFILE
C4 Claridge Homes
Stirling Park Condominiums: At home with comfort
INSPIRATION
C10 Design File
Technology for the home: The future is now
IN EVERY ISSUE
10 Editor’s Note 22 Hot Properties 24 Advertisers Index 27 What’s Online
8 NextHome.ca
SALES MANAGER, EASTERN ONTARIO
Paul Bimm paul.bimm@nexthome.ca SALES & MARKETING CO-ORDINATOR
Sarah Khan SENIOR MANAGER, DISTRIBUTION
Dwayne Rutherford NATIONAL CIRCULATION MANAGER
John Jenkins
PRODUCTION MANAGER
Anthony Majetic PRODUCTION CO-ORDINATOR
Dennis Ng GRAPHIC DESIGNER
Dennis Ng Published by
A brand of Yellow Pages Homes Ltd. #500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867 nexthome.ca
Advertising Call 416.626.4200 for advertising rates and information. Circulation Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking, plus door-to-door insertions in key audience segments. Call 1.855.826.4200 to discuss distribution opportunities. Copyright 2018 All rights reserved by Yellow Pages Homes Ltd. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law. The views and data expressed by columnists do not necessarily represent those of the publication. Terms Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E. Editorial Submissions from interested parties will be considered. Please submit to the editor at wayne.karl@nexthome.ca
EMBRACE YOUR PATH. Find Your Dream Home. After searching far and wide for the perfect new home, your hunt ends here at Pathways at Findlay Creek by eQ Homes. Enrich your life with your choice of any of eQ Homes’ three sensational housing styles, all offering outstanding value for families, downsizers and first-time buyers alike.
eqhomes.ca
Townhomes from the low
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Sales Centre Located @ 4828 Bank St., Ottawa, Ontario
613-822-7247 | sales@eqpathways.ca Prices and specifications are subject to change without notice. Rendering is artist’s concept. E.&O.E.
from the low
Singles
400’s
$
EDITOR’S NOTE
STABLE & BALANCED STRONG 2017 PUTS OTTAWA IN A GOOD PLACE
WAYNE KARL MANAGING EDITOR NextHome EMAIL: Wayne.Karl@nexthome.ca TWITTER: @WayneKarl
+ + get social 10 NextHome.ca
The Ottawa real estate market finished 2017 on a high note, as the Ottawa Real Estate Board reported an 8.4-per-cent increase in sales in December. Members sold 771 residential properties, compared to 711 in December 2016 – while the five-year average for the month is 687. “(Last year) was another solid year for the Ottawa Real Estate market in both the number of transactions as well as the reasonable increase in prices – about seven per cent in residential and three per cent in the condo market,” says Ralph Shaw, president of the Ottawa Real Estate Board. “We continue to have a stable and balanced market. Although inventory tracked low all year and new listings were down each month, new home supply counteracted the impact somewhat.” If there’s a downside to the upward swing, it’s this: Affordability took a mild hit. According to RBC Economics, Ottawa’s aggregate measure rose by 0.9 percentage points to 39.2 per cent, the highest level since 1995. This means it became less affordable to buy a home here. “There is great vitality in the market right now, but consequently we are seeing Ottawa become less affordable for local buyers,” says Craig Wright, senior vice-president and chief economist, RBC.
The future is now Page C10 5 things you need to know about Canadian real estate Page 16
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AWARD WINNING
CONDO LOFT IN BARRHAVEN
THE LANESBOROUGH
GOHBA SAM AWARD WINNER Visit the Best Condo Model in Ottawa, located in Barrhaven. Choose from 2 bedroom floor plans with ELEVATOR. Starts at $238,461, includes 6 appliances and central air conditioning.
SALES CENTRE 340 Tribeca Private (613) 440-0304
Monday to Thursday: 12pm - 7pm Friday to Sunday: 12pm - 5pm
See sales consultant for details. Prices, terms and specifications are subject to change without notice. E & O.E.
SPOTLIGHT ON
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CIA SPE
UT L-O N L U P CTIO SE
IN THIS SECTION
YOUR PULL-OUT GUIDE TO HIGHRISE, CONVERSION, LOFT, TERRACE & TOWNHOME CONDO PROJECTS
ADVICE | HOME SMARTS
GIVE YOURSELF CREDIT: A BEGINNER’S GUIDE TO ARRANGING A MORTGAGE
SPOTLIGHT ON
CONDOS
MARNIE BENNETT
C2
Over the years, I’ve worked with clients whose ease with numbers would make your head spin – from accountants to engineers. But, in my experience, such “mathletes” are far outnumbered by those of us who face financial calculations with apprehension. Thank heaven for mortgage specialists. Whether you opt to go through a broker or your financial institution, a good specialist will guide you through the intricacies of choosing a mortgage with patience and know-how especially with the new mortgage stress tests which commenced Jan. 1, 2018. Remember that mortgage pre-approval is the way to go. This means visiting your specialist before shopping for a home, and obtaining a realistic budget to work from. Pre-approval also speeds up the purchasing process once you’ve found your perfect home. In comparison with the early 1980s, when mortgage rates surpassed 20 per cent, today’s rates – which tend to hover below four per cent – seem astonishingly low. But substantial savings can still be found by choosing certain mortgage features over others. Here are some of the most basic options you’ll encounter: TERM LENGTH:
A term is a set length of time, typically ranging from one to 10 NextHome.ca
years, in which a certain mortgage rate applies. At the term’s end, you’ll renew your mortgage for another term. The shorter the term, the lower the interest rate; however, by choosing a longer term, you’re insuring yourself against the possibility of skyrocketing mortgage rates in the future. FIXED RATES, VARIABLE RATES AND CAPPED RATES:
A fixed interest rate remains the same throughout the term, while a variable rate rises and falls along with prime rate. While the second option means accepting some unpredictability, it may yield greater savings than a fixed rate. A capped rate is a type of variable rate that cannot exceed a set upper limit. If interest rates are low but you’re facing a longer closing date, you may choose to be locked into a capped rate, which will apply once your mortgage payments begin. FREQUENCY OF PAYMENTS:
Most lenders offer weekly, biweekly, semi-monthly or monthly payments. While, at first glance, the difference between bi-weekly
payments (every other week) and semi-monthly (twice a month) may seem unimportant, it works out to two more payments per year. Ultimately, those extra installments could take a couple of years off the life of your mortgage. Of course, there are many more mortgage features that your specialist can introduce to you. Trust me: by the end of the process, you’ll feel like a specialist yourself. To receive a free copy of a new special report titled “Homebuyers: How to Save Thousands of Dollars When You Buy” email sales@bennettpros.com Marnie Bennett is a broker and CEO of the Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of two weekly radio shows Marnie’s Real Estate Hour and The Real Estate Edge, a millionaire real estate investor and a wealth management coach. bennettpros.com
+MORE ADVICE ONLINE nexthome.ca/news/advice
This is pretty big news.
11 Oblats Ave (off Main) | Mon-Thurs, 12-6pm, Sat-Sun, 12-5pm | 613-806-6246
cornersonmain.ca
CONDOS
Large condos in Old Ottawa East
SPOTLIGHT ON
new model now open C3
PROPERTY PROFILE
STIRLING PARK CONDOMINIUMS
SPOTLIGHT ON
CONDOS
AT HOME WITH COMFORT
C4
Located at 330 Titan Private, just off Merivale, Stirling Park Condominium complex is the perfect combination of elegance, style and charm. Built with you in mind, Stirling Park provides all the amenities of a modern condo with a great location away from the hustle and bustle of downtown Ottawa. Life at Stirling Park is all about having the best of all worlds. You’ll enjoy spacious units with the latest conveniences at a very reasonable cost. These suites NextHome.ca
are built to impress. Expansive windows provide ample light in their bright and spacious rooms. Sleek hardwood in the living areas, backsplash in the kitchen, and stylish tiles in the bathroom all add to the fresh design of the space. And after a cold snap like the one just experienced as part of our Ottawa winters, you will be thrilled with each unit’s individuallycontrolled seasonal heating and cooling for your year-round personal comfort. You can choose between a
variety of floorplans to best suit your lifestyle needs. Units range from one-bedrooms with 715 sq. ft. to two-bedroom suites with up to 1,260 sq. ft. All upper units feature gorgeous balconies to admire the city from above and ground units boast charming private terraces from which to enjoy fresh air and city views. This 139-suite condo building is built with high-end finishes, ideal for those looking for a little class. Relax after a long day in the indoor pool; burn off some energy in the
fitness centre or conduct professional events, condo meetings and get down to business in our multi-purpose business space. Stirling Park is located off Merivale Road across from the newly renovated Merivale Mall, which offers a wide array of shopping choices, all packed conveniently into one space. For bigger box needs, visit the Costco located nearby. Stirling Park is a safe, wonderful community that strives to make life better and easier, for all its residents. There are countless options for leisure, shopping, education, healthcare, recreation and entertainment. One of the best parts about moving in to Stirling Park will be getting to know your new neighbourhood. Claridge Homes delivers the lifestyle you want, at a price you can afford. In addition to delivering some of the best locations for new condos in Ottawa, Claridge is a well-known builder offering exceptional value. Including a variety of luxurious features as part of their standard package – not upgrades, is just one way Claridge stands out to new buyers in delivering great value in new condos in Ottawa. By combining top locations and exceptional value, Claridge Homes emerges as one of Ottawa’s premier builders and the natural choice for buyers pursuing exceptional living. For a limited time, mention this article to your sales agent and you will receive a $5,000 bonus towards the purchase of your condo. For more information on Stirling Park Condominiums, visit claridgestirlingpark.com or visit the model suites at the sales centre.
SPOTLIGHT ON
+
LOCATION Ottawa DEVELOPER Claridge Homes DEVELOPMENT Stirling Park Condominiums
SALES CENTRE
107-330 Titan Private Saturday & Sunday noon to 5 p.m., Monday to Wednesday noon to 7 p.m., closed Thursday and Friday & holidays CONTACT 613.224.0330
CONDOS
HOME TYPE Condominiums
JAN. 20-FEB. 3, 2018
C5
CONDOS SPOTLIGHT ON C6
Be a part of something
_ICONIC Find your new home in the heart of Little Italy where stunning views of Dow’s Lake are available for as low as $301,000.
www.claridgeicon.com 485 Preston Street, Ottawa 613.695.1441
UNDER CONSTRUCTION
Available April 2020
MOVE IN READY LOCATIONS
AROUND THE CITY $ 2OF
0KF*
0KF*
$ 4OF
WATERSTREET
TRIBECA EAST
Studio, 1 & 2 bedroom units starting from $255,000
1 & 2 bedroom units starting from $367,000
300 Lett Street 613-232-2049
112-316 Bruyère Street 613-680-6560
56 Nepean Street 613-234-1780
STIRLING PARK
CLARIDGE PLAZA
CLARIDGE ICON
1 & 2 bedroom units starting from $376,000
1 & 2 bedroom units starting from $316,000
1 & 2 bedroom units starting from $301,000
107-330 Titan Private 613-224-0330
244 Rideau Street 613-241-3235
485 Preston Street 613-695-1441
0KF*
$ 2OF
N R TIO DEUC UNSTR N CO
FUSION 2 & 3 bedroom units starting from $484,000
* 20K and 40K deals valid for corresponding buildings only. Valid until April 1, 2018. Conditions apply, contact a sales representative for more details.
316
ON THE RIDEAU RIVER
Ask sales representative for more details. Purchase and close before April 1, 2018. Conditions apply.
CONDOS
ClaridgeHomes.com Prices and specifications are subject to change without notice. E.&O.E.
SPOTLIGHT ON
BRUYÈRE ST.
SAVE $20,000
C7
ADVICE | GOHBA REPORT
SPOTLIGHT ON
CONDOS
WHAT OTTAWA NEW-HOME BUYERS WANT
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JOHN HERBERT In 2015, the Canadian Home Builders’ Association, in partnership with Avid Ratings, conducted the first nationwide market preference study for the Canadian home building industry. The success of this study illustrated the need for such research on a continuing basis, NextHome.ca
and in May 2017 CHBA released its third annual Home Buyer Preference Study. This is the most comprehensive and accurate survey of its kind in Canada and is increasingly relevant in a market where affordability problems have been driving average home sizes down since the mid-2000s. Given less space to work with, builders must become better able to separate buyer’s wants from needs to ensure that a new home offers what buyers are actually willing to pay for. To help with
this, the survey preferences are ranked as “must have,” “really want,” “might be nice,” and “not important.” The results are calculated nationally, by province, and in major markets, by city. This level of detail allows builders across Canada to identify the top priorities for homebuyers in their own marketplace. So what are the top 10 buyer preferences in Ottawa? Consistent with the increasing priority given to the master bedroom suite over the past
open-concept kitchen is a must have feature to 61 per cent of respondents and a really want feature to another 27 per cent. High-efficiency windows are the number six ranked item for Ottawa homebuyers. A survey question added this year found that a strong majority of 60 per cent indicated that lowering utility costs is the prime motivation for incorporating energy-efficient features in a home. High-efficiency windows maximize sunlight penetration while minimizing heat loss and water damage resulting from winter condensation.
“
Walk-in Closets are considered the most important component of a new home in Ottawa
”
John Herbert is the Executive Director of the Greater Ottawa Homebuilders’ Association and has been active in municipal, provincial, national and international housing issues for almost 50 years.
CONDOS
Energy-efficient appliances are the highest-ranking kitchen feature and the seventh ranked overall, with 67 per cent of respondents rating them as a must have and an additional 23 per cent consider this a really want item. Builders including appliances or offering them as options will need to ensure these appliances are energy efficient, as the data further indicates the importance of energy-efficient appliances across all age groups and buyers profiles. HRV/ERV systems for air exchange are the eighth ranked feature, with 54 per cent raking
them as must haves and another 27 per cent as a really want item. These systems ranked highest in importance for the homebuyer profile of a growing family with kids. This feature has increased in importance over the three years of the study, indicating an increasing consumer awareness of energy efficiency issues. Large windows came in at number nine, rated as a must have item by 53 per cent of respondents, and an additional 33 per cent consider them a really want feature. Large windows are most important to buyers seeking a custom or luxury home, as well as move-up buyers, or those seeking a vacation/second home. By product type, large windows are most important to buyers seeking bungalow home types. To improve affordability, 20 per cent of homebuyers indicate they would be willing to accept a home located farther from work and amenities. This generally increases the dependence on vehicles, and with vehicles come parking considerations. The need to drive and commute place the desire for a two-car garage not only as the highest rated parking feature in the survey, but also number 10 overall for Ottawa homes. A twocar garage is a must have item for 64 per cent of respondents, and another 20 per cent list it as a really want feature, with highest importance attributed to the buyer profile of growing family with kids, while decreasing slightly for retiree profiles. How do your new home feature preferences compare to the survey averages?
SPOTLIGHT ON
several years, walk-in closets are considered the most important component of a new home in Ottawa, with 70 per cent of respondents considering them a must have, and an additional 23 per cent ranking them as a really want item. Similar to the results from the first two years, the importance of other storage space is also quite apparent. Storage related features top the list of highest ranking interior items, with linen closets coming in second after walk-in closets. A linen closet consumes a relatively small amount of space but offers an easy and efficient way to solve the linen storage challenge presented by today’s three- and four-bedroom homes. Four of the top 10 home features relate to energy efficiency, with overall energyefficient homes rated as a must have feature to 63 per cent of homeowners, with an additional 26 per cent ranking it as a really want item. This preference will drive increasing numbers of Zero Net Energy homes built in the future. The kitchen truly does serve as “mission control” for many of today’s homeowners. It is the multi-purpose area for cooking, eating and entertaining as well as basecamp for many day-to-day tasks and routines. As a result, it is no surprise that kitchen islands take fourth place in the rankings. Overall, are a must have feature to 64 per cent of respondents and a really want feature to an additional 25 per cent. When analyzed by home type, kitchen islands are somewhat less important to buyers seeking stacked, midrise or highrise home types. An Open Kitchen is the next highest ranking feature, reinforcing the multifaceted use of this area for today’s homeowners. The
JAN. 20-FEB. 3, 2018
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INSPIRATION | DESIGN FILE
10 home tech options that would make the Jetsons jealous! by SARA DUCK
Google Home. $180. Walmart.ca A voice-activated speaker powered by Google. Ask it realtime questions such as the latest weather, traffic and more. Play music and podcasts, set alarms, timers and sync compatible home products like your thermostat and TV.
4 | Sonos Play:5 wireless speaker system. $649. Sonos.com Touted as the ultimate in listening experience. This wireless speaker streams your favourite music, movies and TV (via WiFi) easily and can move from room to room seamlessly.
SPOTLIGHT ON
CONDOS
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IF APPLICABLE C10 2 NextHome.ca | SECTION NextHome.ca
360 Eye robot vacuum by Dyson. $1,300. dysoncanada.ca Boasting twice the suction of any robot vacuum on the market, this all-seeing dirt cleaning machine, uses infrared sensors to map out where it is going and avoids obstacles. With the Dyson Link app, you can control the robot, assign a task and monitor its progress.
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WEMO Mini smart plug. $50. Bestbuy.ca Plug any device into the WEMO Mini and you can turn it on and off from across the room or across the world. From lamps and heaters to appliances, this smart plug will bring you convenience and peace of mind.
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5 | Tea maker by Breville. $240. Amazon.ca Fully automated and programmable for all kinds of tea, water temperatures and steep times, this tea maker will brew the perfect cuppa every time.
8 | Nest Protect. From $119. Nest.com Protecting your home from fire and carbon monoxide is a serious matter and Nest Protect promises to help. Not only does it check its batteries and sensors over 400 times a day, it speaks and sends alerts to your phone if there is a problem. Bonus, you can also hush the alarm from your phone.
9 | Ecobee 4 smart thermostat. $329. Ecobee.com This smart thermostat can manage hot and cold spots in your favourite rooms, find you the right recipe and latest news via its built-in Amazon Alexa Voice Service and is hardwired, which means it’s built to last.
CONDOS
Curved 4K ultra HD smart LED 65-in TV (un65mu6500) by Samsung. $2,850. Amazon.ca This TV has four times more pixels, which means you are getting four times the resolution for a vibrant, pure colour experience. Not only does the curved screen look esthetically cool, it adds a dimension of depth from the front and centre of the screen as well.
10 |
SPOTLIGHT ON
Smart lock home kit in dark grey by August. $350. Amazon.ca Never have that feeling that you forgot to lock your door after you leave the house with this smart lock. Your phone acts as a smart key, where you can lock and unlock your door from anywhere. There is also an activity log, so you know who is coming and going at all times.
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6 | HR1000 wifi enabled air cleaner by Winix. $500. Bedbathandbeyond.ca Keep your home air clean and safe with this Energy-Star certified air purifier for rooms up to 400 sq.ft. With a sleek look and great features including control through the Winix Smart App — it will easily blend into any room in the house.
MOS. X-MOS. 2017 3 JAN. 20-FEB. 3, X, 2018 C11
SPOTLIGHT ON
CONDOS
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FEATURE
5 THINGS YOU NEED TO KNOW ABOUT CANADIAN REAL ESTATE IN 2018 by WAYNE KARL
2| THE STRESS TEST It will be more difficult to become a homeowner this year. As of Jan. 1, borrowers with uninsured mortgages (those putting a down payment of 20 per cent or more) need to undergo a stress test. They must qualify at a new minimum rate – the greater of the Bank of Canada’s five-year benchmark rate of 4.99 per cent, or 200 basis points higher than their mortgage rate. These new rules could reduce your purchasing power substantially. At the qualifying rate of 4.99 per cent, a 20-per-cent down payment and 25-year amortization, here are the ballpark numbers you’re looking at to buy a home in these major Canadian markets:
Vancouver Home price: $1.09 million Minimum household income: $172,030 Down payment: $218,536 1| MORE LOCAL THAN EVER First, there’s no such thing as a Canadian real estate market. You buy one home on one street in one neighbourhood in one city. This is true now more than ever. What happens in Canada’s largest and hottest housing markets, Toronto and Vancouver, respectively, is quite different from that in, say, recovering areas such as Calgary and Edmonton. “Monthly momentum for national home sales activity gained strength late last year, and further expected economic and job growth will buoy sales activity this year despite slightly higher expected interest rates,” Canadian Real Estate Association President Andrew Peck said on Jan. 15 in releasing CREA’s stats for December 2017. “Even so, momentum for home sales differs depending on location and type.” Indeed, it does. “While activity remained below year-ago levels in the GTA, the decline there was more than offset by some sizeable year-over-year gains in the Lower Mainland of British Columbia, Vancouver Island, Calgary, Edmonton, Ottawa and Montreal.” Then there’s prices. The national average price climbed just 0.04 per cent in December from the previous month, but it declined 1.42 per cent in Oakville-Milton. Looking at a longer-term trend is also important. Using the same Oakville-Milton example, prices were up 58 per cent in December from five years ago, while in Ottawa they’re up just 12.54 per cent, and in Saskatoon, they’re down 3.18 per cent. 16 NextHome.ca
Calgary Home price: $487,931 Minimum household income: $83,167 Down payment: $97,586 Edmonton Home price: $383,308 Minimum household income: $66,602 Down payment: $76,660 Toronto Home price: $833,767 Minimum household income: $146,333 Down payment: $166,753 Ottawa Home price: $407,580 Minimum household income: $77,460 Down payment: 81,516
3| RISING INTEREST RATES It will also be more expensive to borrow money in 2018. At least one mortgage expert, Calum Ross of the Mortgage Management Group, Toronto, began calling for fixed mortgage rates to begin to rise in early January, based on higher than expected Canadian employment data and other factors. Sure enough, as of Jan. 15, at least three of Canada’s big banks had raised their benchmark fiveyear mortgage rates. More lenders are likely to follow suit, and some experts expected the Bank of Canada to increase its overnight rate target in its latest interest rate announcement and Monetary Policy Report on Jan. 17. Canada Mortgage and Housing Corp., for one, expects mortgage rates to rise modestly from now to 2019. The posted five-year mortgage rate is expected to lie between 4.9 and 5.7 per cent in 2018, and between 5.2 and 6.2 per cent in 2019, CMHC says. Despite these increases, mortgage rates are expected to remain below levels observed prior to the Great Recession. 4| SUSTAINABLE GROWTH Even in formerly scorching markets such as Toronto and Vancouver, sales are softening and price growth is slowing. For prospective homebuyers sitting on the sidelines waiting for your opportunity, this may be it. After routine, double-digit price growth in many markets in Ontario and BC over the last few years, appreciation is expected to return to more sustainable levels this year. In its 2018 housing market outlook, ReMax expects price growth to be flat in the GTA (compared to 14-per-cent growth from 2016-17), five per cent in the Fraser Valley (11 per cent in 2016-17), and a decline of five per
cent in Victoria (versus 11-per-cent growth in 2016-17). In some markets, however, the slowdown may be short lived. In Mississauga, for example, ReMax is calling for a 2.5-per-cent drop in average prices this year, compared to 16-per-cent growth in 2017. “Mississauga saw significant price growth in the first few months of 2017, in advance of the Fair Housing Plan,” says Christopher Alexander, executive vice-president and regional director, ReMax Integra OntarioAtlantic Canada region. “This appreciation is not something that can be sustained, and we are seeing fewer affordable options for detached houses, which continues to drive buyers further west. We expect to see a wait-and-see response in the early part of the year. The price forecast for Mississauga is a 2.5-per-cent decline, but this will be temporary, with a return to current price levels by year-end or early in 2019.”
Is 2018 likely to be much different? Doubtful. In its latest Housing Trends and Affordability Report, RBC Economics says overall Canadian housing affordability, for the third quarter of 2017, hit its worst level since the end of 1990. This means condos could remain king. But, as we stress in the No. 1 thing you need to know about Canadian real estate in 2018, there may be affordable lowrise options in your local market.
5| YEAR OF THE CONDO 2.0 One of Canada’s other large realty authorities, Royal LePage, declared 2017 as the “year of the condo.” Limited supply and worsening affordability challenges in lowrise homes, particularly in Toronto and Vancouver, have made condominiums an increasingly popular housing choice. The price of a home in Canada increased 10.8 per cent year-overyear to $626,042 in the fourth quarter of 2017, according to Royal LePage’s National House Price Composite. The median price of two-storey homes rose 11.1 per cent year-over-year to $741,924, while bungalows climbed 7.1 per cent to $522,963. Condos, meanwhile, appreciated in price faster than any other housing type, rising 14.3 per cent to $420,823 on a year-overyear basis. JAN. 20-FEB. 3, 2018 17
PROPERTY PROFILE
A NEW YEAR AT CARDEL HOMES GET MORE IN 2018
Having completed Longfields in Barrhaven, Richardson Ridge in Kanata, opening Miller’s Crossing in Carleton Place and Creekside in Richmond, and along with its continued success in Blackstone Kanata, 2017 was a busy year for Cardel. The coming year brings with it new and exciting opportunities for your own homebuying dreams. No matter what you are looking for in 2018, Cardel has the community, product and plans for you. BLACKSTONE (KANATA SOUTH)
The master-planned community of Blackstone offers custom singlefamily homes, modern townhomes and condos for homebuyers at all stages of life. 18 NextHome.ca
Cardel has recently added six new floorplans to its lineup. These plans are available on new 46-ft. wide lots. The company is also busy building two brand new model homes that are set to open this spring. One of the many advantages of Blackstone is that it is well underway as a development. Homes are built, parks, ponds and parks can be enjoyed. More recently launched are KoL Condos that represent the epitome of hassle-free, maintenance-free living. With two decorated models and units available for March occupancy, book a private tour at your convenience. So popular were the Blackstone townhomes that Phase 3 is now
sold out. The good news is more of these popular plans will be coming in 2018. These towns include open concept layout, nine-ft. main floor ceilings, large windows and hardwood and ceramic tile floors. MILLER’S CROSSING (CARLETON PLACE)
If you are looking for Cardel quality, convenient amenities and access to natural beauty, look no further than Miller’s Crossing. Having just launched in 2017 with both single-family and townhomes, Miller’s Crossing is already taking shape with homeowners having moved in and enjoying a Cardel community that offers affordable homes,
Home of your dreams. Only five Phase 1 lots remain so don’t wait to make Ridgewood Estates your luxury country home.
convenient location and small town community feel. Two single-family and one townhome models are now open for viewing. Come by and visit.
launched sales, don’t miss your chance to get in on this unique opportunity. Call or visit our sales centre at Blackstone Kanata.
CREEKSIDE (RICHMOND)
EDENWYLDE (STITTSVILLE)
Why not come home to smalltown charm surrounded by urban amenities? Located along Shea at Perth, this enclave community of 51 homes, backs onto greenspace and is walking distance to shopping. With six plans available, buyers are sure to find their ideal fit in Creekside. Construction is set to start soon with a decorated model to come in the fall of 2018.
This year will see Cardel returning to Stittsville in its newest community of Edenwylde. New single-family plans will be unveiled and the popular townhome will be offered. These will combine affordability with Cardel quality and well known features. Close to schools, recreation and established amenities, this is set to be a very popular community that is expected to sell quickly. Register online for updates and notices.
KEEL CONDOS (CRYSTAL BEACH)
A rare opportunity to get into the exclusive and established community of Crystal Beach. Ideally situated across from the Nepean Sailing Club, Keel offers 15 executive style condos packed with features and finishes. Construction is set to begin this spring, with an expected occupancy of fall 2019. Having just
RIDGEWOOD ESTATES (STITTSVILLE)
Does the idea of getting back to nature appeal to you? If so, Ridgewood Estates might just be your oasis. This community is the last great Estate Lot opportunity inside the city of Ottawa, where you can build the custom Cardel
Cardel Homes has been building for more 40 years and continues to set new benchmarks as it delivers what modern families want: Well thought-out floorplans, features that make life easier and great value in a great home. In short, Cardel homes are built for real life.
+
LOCATIONS Kanata, Richmond, Stittsville Carleton Place, Crystal Beach DEVELOPER Cardel Homes DEVELOPMENTS Blackstone Towns, Miller’s Crossing, Creekside, EdenWylde, Ridgewood Estates, Keel, Kol HOME TYPE Single-family, condo, townhome SALES CENTRE Open Monday 1 to 7 p.m., Tuesday to Thursday noon to 7 p.m., Friday to Sunday noon to 5 p.m., holidays noon to 5 p.m. CONTACT 100 Westphalian Ave., Kanata 613.836.9521 JAN. 20-FEB. 3, 2018 19
TRENDING
STRESS TEST SURVIVAL GUIDE
WHAT YOU CAN BUY NOW, WITH THE NEW MORTGAGE REGULATIONS by SONIA BELL & WAYNE KARL
It’s January 2018, prospective homebuyers, and you know what that means: The new mortgage stress test is in play. But what you may not know is how much it’s going to impact your homebuying budget. Nor would you be alone: A new study from ReMax found that fully 37 per cent of Canadians aren’t aware of how the changes will affect their ability to purchase a property in the future. If you’re among them, you may be feeling the stress, indeed. But here’s our guide showcasing what you can afford with the new regulations.
Towards the end of 2017, the Office of the Superintendent of Financial Institutions (OSFI) introduced new, tighter mortgage rules, requiring borrowers with uninsured mortgages (those putting a down payment of 20 per cent or more) to undergo a stress test. As of Jan. 1, 2018, uninsured borrowers must now qualify at a new minimum rate – the greater of the Bank of Canada’s five-year benchmark rate, which currently sits at 4.99 per cent, or 200 basis points higher than their mortgage rate. While the stress test aims at ensuring that borrowers can afford mortgage rate hikes, some sources are questioning – if not outright opposing – the latest mortgage rule. 20 NextHome.ca
“Those of us working in the mortgage industry question if now is an appropriate time to introduce more regulations, which will cool markets across the country further,” says James Laird, co-founder, ratehub.ca, and president of CanWise Financial. “We have yet to see the full impact of regulations added over the last 12 months, combined with rising interest rates. A more prudent approach would be to let these new variables work their way through the real estate markets and decide if further tightening is required.” The Ontario Real Estate Association (OREA) is also not a fan. “With the recent Mortgage Professionals Canada report, it’s extremely disappointing to see that
40,000 to 50,000 homebuyers, who’ve been carefully saving for a down payment, will be punished by the new mortgage lending rules,” OREA says. “All levels of governments need to stop the piling on of new policies that will not only have a negative effect on the economy, but also shatter the homeownership dreams of the middle class. Ontario realtors believe the best way for governments to tackle the issue of home affordability is to increase housing supply by cutting the red tape that stalls building, speeding up building approvals process, and putting more shovels in the ground.” Importantly, prospective homebuyers, those who stand to be most affected, haven’t yet grasped the full repercussions of the new policy, which could disqualify 10 per cent of purchasers, according to The Bank of Canada. Fifty-eight per cent of Remax’s survey respondents are aware of the new rules, but 27 per cent of respondents stated they don’t believe it will impact the type of property they purchase; 18 per cent believe it will impact the property type they purchase; and 13 per cent are unsure of how the new regulations will affect their ability to purchase a property. Homebuyers are purchasing in a rising interest rate environment
– interest rates grew twice in 2017 and are expecting to continue to rise between 2018 and 2019, according to CMHC. The new stress test is aimed at protecting homebuyers; it is a tool used to ensure that buyers do not spend more on a home than they can actually afford and safeguards them from feeling financial stress should interest rates rise. Royal LePage is among those to predict the new mortgage stress test will significantly influence the market, especially in the first six months of the year, as buyers re-evaluate their finances and expectations and adopt a “wait and see” approach. By reducing buyers’ purchasing power, the stress test
will likely result in further demand for entry-level properties, namely the condominium segment, which could continue to drive prices higher, which could further limit what kind of property you can afford. SO, HOW MUCH CAN YOU REALLY AFFORD? The harsh reality is that the new rules will reduce buyers’ purchasing power substantially. In some cases, decreasing the overall price of a home they can afford by tens of thousands of dollars. We calculated how much a buyer can afford, now that the new rule has taken effect.
The methodology: Using ratehub.ca’s mortgage affordability calculator, we determined how much a family can afford with a household income of $100,000 and qualifying for a five-year fixed mortgage amortized over 25 years. The corresponding chart presents a typical scenario: A family qualifying for a mortgage rate of 2.84 per cent. In this case, they would need to qualify at the Bank of Canada’s five-year benchmark rate, currently at 4.99 per cent. Here’s the minimum household income required, and how much of a down payment you would need, in order to buy a home at the average price in that market.
Ratehub.ca OSFI Mortgage Affordability Calculations Assumptions: • Qualifying Rate: 4.99% (Bank of Canada Benchmark, December 2017) • Down payment: 20% • Amortization period: 25 years • Heating Costs: $195 (Ontario average)
Vancouver
Minimum Household Income Down Payment Home Price Property Tax (per month) Heating Costs (per month)
$172,030 $218,536 $1,092,680 $382 $130
Calgary
Minimum Household Income Down Payment Home Price Property Tax (per month) Heating Costs (per month)
$83,167 $97,586 $487,931 $240 $132
Edmonton
Minimum Household Income Down Payment Home Price Property Tax (per month) Heating Costs (per month)
$66,602 $76,660 $383,308 $188 $145
Ottawa
Minimum Household Income Down Payment Home Price Property Tax (per month) Heating Costs (per month)
$77,460 $81,516 $407,580 $414 $156
JAN. 20-FEB. 3, 2018 21
HOT PROPERTIES
FIND YOUR NEXT HOME This page features the latest properties to keep your eye on in the Eastern Ontario area.
MILLER’S CROSSING BY CARDEL HOMES
AVALON ENCORE
EDGEWATER
HARMONY
By: Minto City: Orléans Housing type: Singles, townhomes Contact: 613.834.6400 minto.com
By: Glenview Homes City: Orléans Housing type: Townhomes Contact: 613.424.8015 edgewatertowns.com
By: Minto City: Barrhaven Housing type: Singles, townhomes Contact: 613.789.7977 mintoharmony.com
AVIATION PRIVATE
FELTON COURT
ICON
By: Valecraft Homes City: Ottawa Housing type: Terrace Home Contact: 613.680.4771 valecraft.com
By: Phoenix Homes City: Barrhaven Housing type: Townhomes Contact: phoenixhomes.ca
By: Claridge Homes City: Ottawa Housing type: Condominium Contact: 613.695.1441 claridgeicon.com
BLACKSTONE By: Cardel Homes City: Kanata Housing type: Singles, Towns, Condos Contact: 613.836.9521 cardelhomes.com
DIAMONDVIEW By: Phoenix Homes City: Carp Housing type: Singles Contact: 613.461.0277 phoenixhomes.ca 22 NextHome.ca
GALLERY TOWNHOMES By: Tamarack Homes City: Orléans Housing type: Townhomes Contact: 613.422.5925 tamarackhomes.com
GREYSTONE By: eQ Homes City: Old Ottawa East Housing type: Singles, Condo, Townhomes Contact: 613.569.3043 greystonevillage.ca
KOL By: Cardel Homes City: Blackstone Housing type: Condominiums Contact: 613.592.0062 cardelhomes.com
STIRLING PARK CONDOMINIUMS BY CLARIDGE HOMES
MILLER’S CROSSING
POTTER’S KEY
THE BOWERY CONDOS & LOFTS
By: Cardel Homes City: Kanata Housing type: Singles, townhomes Contact: 613.253.1959 cardelhomes.com
By: Minto City: Stittsville Housing type: Singles Contact: 613.788.2761 minto.com
By: Richcraft City: Centretown Housing type: Condominiums Contact: 613.695.7577 thebowerycondos.ca
MINTO BEECHWOOD
RATHWELL LANDING
THE CORNERS ON MAIN
By: Minto City: Ottawa Housing type: Condominiums Contact: 613.696.8188 minto.com
By: Valecraft Homes City: Stittsville Housing type: Bungalows, townhomes Contact: 613.435.8141 valecraft.com
By: Domicile City: Ottawa Housing type: Condominium Contact: 613.806.6246 cornersonmain.ca
ON HALF MOON BAY
STIRLING PARK
TRIBECA LOFTS
By: Mattamy City: Barrhaven Housing type: Singles, townhomes Contact: 613.825.7932 mattamyhomes.com
By: Claridge Homes City: Nepean Housing type: Condominiums Contact: claridgestirlingpark.com
By: Claridge Homes City: Ottawa Housing type: Condominium Contact: 613.234.1780 claridgetribecalofts.com
SUNDANCE
PATHWAYS By: eQ Homes City: Findlay Creek Housing type: Singles, townhomes Contact: 613.822.7247 eqpathways.ca
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By: Claridge Homes City: Ottawa Housing type: Singles Contact: 613.425.1332 claridgehomes.com
BUILDERS: IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, JUST EMAIL THE DETAILS TO SARAH.KHAN@NEXTHOME.CA
JAN. 20-FEB. 3, 2018 23
et a
Builder Name
Site Name
Almonte
Phoenix Homes
White Tail Ridge
x
x
From $390's
12, 13
Carp
Phoenix Homes
Diamondview Estates
x
x
From $400's
12, 13
Hunt Club
Claridge Homes
Hunt Club Flats
x
From $277,900
6, 7
Kanata
Cardel Homes
Miller's Crossing
x
From $310's
10, 11
Kanata
Claridge Homes
Bridlewood Trails
x
From $394,900
6, 7
Kanata
Phoenix Homes
Fernbank
From $350's
12, 13
Kanata
Phoenix Homes
Terra Flats
x
From $200's
12, 13
Kanata
Cardel Homes
Blackstone
x
x
Inquire
10, 11
Stittsville
Mattamy
Traditions II
x
x
From $321,990
4, 5
Stittsville
Minto
Potter's Key
x
x
Inquire
2. 3
Barrhaven
Claridge Homes
West Pointe Village
x
x
From $602,900
6, 7
Barrhaven
Mattamy
Half Moon Bay
x
x
Inquire
4, 5
Barrhaven
Minto
Harmony
x
x
Inquire
2, 3
Barrhaven
Phoenix Homes
Felton Court
x
From $270's
12, 13
Barrhaven
Phoenix Homes
Strandherd Meadows
Inquire
12, 13
Findlay Creek
EQ Homes
Pathways
x
From $300's
9
Ottawa South
Claridge Homes
Summerhill Village
x
x
From $369,900
6, 7
Ottawa South
Claridge Homes
Sundance
x
From $592,900
6, 7
Navan
Claridge
Spring Valley Trails
x
x
From $343,900
6, 7
Orléans
Glenview Homes
Edgewater
x
From low $300's
15
Orléans
Minto
Avalon Encore
x
Inquire
2, 3
Orléans
Phoenix Homes
Halo Flats
x
From $200's
12, 13
Rockcliffe
Claridge
Wateridge Village
From $748,900
6, 7
D
Location
c Se he m d B i un g To alo w w n A h om du e/ lt Li Co fe n st do yl e
INDEX OF ADVERTISERS
Prices
Page
WEST
x
x
x
SOUTH
x x
EAST
24 NextHome.ca
x
x
c Se he m d B i un g To alo w w n A h om du e/ lt Li Co fe n st do yl e
Site Name
et a
Builder Name
D
Location
Prices
Page
CONDO Barrhaven
Valecraft
Woodroffe Lofts
x
From $238,461
14
Crystal Beach
Cardel Homes
KEEL Condos
x
From $440's
10, 11
Downtown
Claridge Homes
Icon
x
From $301,000
C6, C7
Downtown
Claridge Homes
The Lofts
x
From $400's
C6, C7
Downtown
Claridge Homes
Tribeca
x
From $345,000
C6, C7
Downtown
Richcraft
The Bowery
x
From $194,000
C12
Kanata
Cardel Homes
KOL Condos
x
From $330's
10, 11
Ottawa Central
Claridge Homes
Claridge Plaza 3 & 4
x
From $232,000
C6, C7
Ottawa Central
Claridge Homes
Fusion
x
From $282,000
C6, C7
Ottawa Central
Claridge Homes
Waterstreet
x
From $250,000
C6, C7
Ottawa East
Domicile Development Inc
Corner On Main
x
Inquire
C3
Ottawa East
Minto
Minto Beechwood
x
From $354,900
2,3
Ottawa West
Tamarack
Wellington
x
From $299,068
BC
West Nepean
Claridge Homes
Stirling Park
x
From $279,000
C6, C7
JAN. 20-FEB. 3, 2018  25
ADVICE | STAT CHAT
IS THE OTTAWA NEW CONDO MARKET BACK?
BEN MYERS
I was recently invited to attend a small real estate industry function co-hosted by Urban Logic Research & Advisory in Ottawa. In speaking at length with a number of developers in the market, there was a strong sense that the condominium market was coming back, but many in the room were hedging their bets and looking for market feasibility studies that also examined conditions in the rental market. Through the first 11 months of 2017, there were 6,646 housing starts in the Ottawa Census Metropolitan Area (CMA), an annual increase of 38 per, according to figures from Canada Mortgage and Housing Corp. (CMHC). In the apartment market, however, there have been 2,642 starts, which represents a whopping increase of 135 per cent year-overyear. Developers intimated that they could go either way when determining which tenure of apartment to build. Interestingly, the construction data shows just that 52 per cent of the apartment starts through the first 11 months of 2016 having condominium tenure, and the remaining 48 per cent rental; the market shares 26 NextHome.ca
were nearly unchanged over the same period in 2017, at 54 and 46 per cent, respectively.
“
Developers intimated that they could go either way when determining which tenure of apartment to build.
”
A data time-series that developers often consult is the level of completed and unsold inventory in the market. At the end of November 2017, there were 398 units of “standing inventory” in the Ottawa CMA condominium apartment market, an elevated level historically, but down more than 300 units from February 2016. Both developers and their bankers will be following this number closely to determine if it is the right time to bring a new project to market. If developers follow the numbers closely, they should expect the standing inventory figure to decline in 2018, as few condo projects are expected to complete. Over the 10-year
stretch between 2006 and 2015, there were about 1,400 condominium apartments completed per year in Ottawa, according to CMHC data, with 2014 spiking to 2,412. There were less than 700 between January and November 2017, so little new inventory is hitting the market and demand appears to be higher than supply. The average condominium apartment took 18 months to build in Ottawa in 2017, and there were just 618 condo starts in 2016 in the metro area, so expect new supply to be depressed again in 2018. After a period of overexuberance in the Ottawa condo market, it appears that balance is finally returning to the market. Look for developers to take advantage of this new opportunity for price growth and launch new midrise and highrise condominium developments this year. Ben Myers is President of Bullpen Research & Consulting, a boutique real estate advisory firm, that works with land owners, developers, and lenders to better inform them of the current and future macroeconomic and site-specific housing market conditions that can impact their active or proposed development projects. Follow Bullpen on Twitter at @BullpenConsult or find Ben at bullpenconsulting.ca
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Visit our website: JAN. 20-FEB. 3, 2018 27
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