90 George | 64m | 19 fl | Completed

[Boxster]

The pricing of one of the units that was part of the bulk sale of the last remainig units is $690K.....I would say GOOD LUCK as there are 3 other near identical units also currently for sale going from $525K to $599$.

That makes it $90K more at a minimum!!!!

Some investors DREAM BIG.

Originally Posted by TOexpat

seriously Jack? All RE is local? You don't recall the world's largest economy having a housing bubble recently? You don't recall Canada's Finance Minister enacting numerous policy changes to try and prevent a housing bubble? Fiscal policy and regulation of lending apply to the whole country and is what would cause the country's entire RE market to correct. Canada's economy continues to suffer so our central bank is maintaining low lending rates, but in a few years when interest rates creep up 2 or 3 percent it will have a massive impact on home affordability. I don't think that 60% is near realistic, but I see very little room for growth over this period.

Now there is truth that markets are different and in Ottawa the economy sucks and will no longer be the rock of stability that it once was as changes come to the public sector. Couple that with way too much inventory and you will see and in fact are already seeing a correction in the condo market. Nothing is moving and prices are already declining, while more buildings are coming on line in the next few months. So I can't see any good reason why prices in condos will go anywhere from down in Ottawa in the next 12 months.

In terms of this discussion, the first unit that was bought by the mystery investor is now for sale. (I think at least) http://www2.oreb.ca/main/Details_CON.aspx?lid=3x84p93r95574l2sb7cjqnm1aaio45

So asking $60,000 more than a comparable unit that has been sitting for many months. Good luck with that.

Any case, unfortunate, but all markets are cyclical and in Ottawa RE we are moving down.

[TOexpat]

So Ottawa the worst performing condo market last year at -3.6. Lots of decreases this year as well, so I think half way to the 10% correction that I believe will happen.




The report is sponsored by Canada’s largest private mortgage default insurer but it shows a relatively flat condo market in Canada’s eight largest market for high rises.

Genworth Canada and the Conference Board of Canada forecast prices rising in 2014 in all eight markets surveyed but barely ahead of inflation. Sales will also be positive but even the most robust market, Quebec City, will only see a 4% increase in resale condo activity.

“Although many commentators view the Canadian condominium market as an overvalued bubble about to burst, we think it is only slightly overheated and enjoys sound economic underpinnings,” said Robin Wiebe, senior economist at the Centre for Municipal Studies at The Conference Board of Canada, in the release. “As such, markets are likely to cool gently. To potential homebuyers, monthly mortgage payments, rather than house prices, are what matter and these should remain moderate.”

Related

The report says all of the cities are expected to have employment and population growth in 2014. Those gains and continued low interest rates are cited as factors supporting the condo market, along with an aging population of empty nesters and cash-poor first-time buyers.

“With a variety of price points and central locations, condominiums remain an attractive and affordable option for those who want to be close to all that urban life has to offer, ” said Brian Hurley, chief executive of Genworth Canada, in the release. “For first-time buyers, well-maintained buildings with reasonable maintenance fees provide that balance between responsible debt investment and homeownership.”

Prices are forecast to pick up in 2015 but even the strongest market in Victoria will only see 4% price gains. Toronto is forecast to be the weakest market by 2015 with only a 1.7% price gain.

The report says there were price gains in six markets it surveyed in 2013 except Montreal, where condominium values dropped by 1.2%, and Ottawa which saw a 3.6% price decline.

[gjhall]

And yet...

City report shows new housing and construction projects rose in 2013
2 April 2014
News Release
Ottawa – Ottawa’s new housing and construction project activity rose higher in 2013, according to the City of Ottawa Building Code Services report.

The report, which will be presented to the next Planning Committee on April 8, shows the City received $2.4 billion worth of construction applications in 2013, which is $400 million or 20 per cent more than the $2 billion recorded in the previous year.

“These figures are key indicators that Ottawa’s economy is moving along at a strong pace,” said Mayor Jim Watson. “This was helped by some major construction projects, including the Rideau Centre and Bayshore Shopping Centre expansions, Lansdowne Park and Tanger Outlets development.”

“We are pleased to see both residential and commercial building projects going ahead, which means both business growth and stronger communities,” said Councillor Peter Hume, Chair of Planning Committee.

The number of building permit applications was 8,537, compared with 8,234 in 2012. Builders filed applications for 6,726 new houses in 2013, compared with 6,584 in 2012.

Building Code Services collects fees to cover the costs of all of its services. Total revenues for the year were almost $25 million.





-30-

http://ottawa.ca/en/news/city-report-shows-new-housing-and-construction-projects-rose-2013

[YOWetal]

There are now nearly identical units for sale in 90 George and 200 Rideau- 2 bedrooms +/- 1000 Sq Feet and the 90 George unit is actually a bit cheaper $429K vs $434K.

Everyone here is always down on Claridge, but the Claridge owner is looking at a healthy profit and the 90 George seller is probably lucky to break even before fees.

700 Sussex (also by Claridge) is also now substantially more expensive than 90 George despite much cheaper finishes etc.

[frankie1]

Originally Posted by YOWetal

There are now nearly identical units for sale in 90 George and 200 Rideau- 2 bedrooms +/- 1000 Sq Feet and the 90 George unit is actually a bit cheaper $429K vs $434K.

Everyone here is always down on Claridge, but the Claridge owner is looking at a healthy profit and the 90 George seller is probably lucky to break even before fees.

700 Sussex (also by Claridge) is also now substantially more expensive than 90 George despite much cheaper finishes etc.

have you compared the condo fee's ?

[acottawa]

Originally Posted by YOWetal

There are now nearly identical units for sale in 90 George and 200 Rideau- 2 bedrooms +/- 1000 Sq Feet and the 90 George unit is actually a bit cheaper $429K vs $434K.

Everyone here is always down on Claridge, but the Claridge owner is looking at a healthy profit and the 90 George seller is probably lucky to break even before fees.

700 Sussex (also by Claridge) is also now substantially more expensive than 90 George despite much cheaper finishes etc.

I lived in 200 Rideau when it first opened. One thing you might give consideration to is noise. They are both going to have "city" noise, and 90 George will have a lot of construction noise for a year or two but 200 Rideau is in the middle of the Inter-provincial Truckway™ and there is truck noise almost 24/7.

[YOWetal]

Originally Posted by acottawa

I lived in 200 Rideau when it first opened. One thing you might give consideration to is noise. They are both going to have "city" noise, and 90 George will have a lot of construction noise for a year or two but 200 Rideau is in the middle of the Inter-provincial Truckway™ and there is truck noise almost 24/7.

I doubt it's much of a factor for most people. To me the shelters and resultant noise and trash make the West parts of the Market much more desirable.