Monday, September 9, 2013

Summerhill on Dow's Lake

[EDIT: Sept. 16, 2013]
Summerhill Condos' website is now active, though it appears it's still a little under construction, so please don't expect perfection.  Click here to visit Summerhill's home page - you can learn more about the different styles of suites (1 or 2 bedrooms), the area/neighbourhood, the on-site amenities and the team behind the project.  It seems all pertinent details are now available, save for pricing.
Also, there is a VIP event being held tomorrow (Tuesday, Sept. 17) from 5:00 pm - 7:00 pm, which will be the first opportunity to pre-reserve a suite at Summerhill.  If you would like to take part, please register here (registration form is on the right side of the page, please put 'Summerhill' in the "Additional Criteria" area) or please contact me directly for more details.  Stay tuned for more updates!

Ottawa's Little Italy/Dow's Lake has been getting a lot of attention lately - Domicile just completed their Hom condominium building, SoHo Champagne will be the next condominium completed in the area (estimated to be ready by Nov. 2014) and Claridge's Icon recently received approval for Ottawa's tallest residential building at 46 levels - and that's just a short list of those projects that are selling, under construction or completed.  The list is substantially longer when you include those project pending approval - Richcraft is working with the city to get their two 48-level towers approved where Dow Honda currently sits; directly to the north of Dow Honda, SoHo has a second location, SoHo Italia, where they are currently in discussions with the city to obtain approval for a 30 to 36 level tower; and a few other lots in the neighbourhood, owned by Ashcroft and Arnon, will soon fall into that same category as those builders look to jump into the developing area.  All this to say, there are big changes coming to that area.

But what if you're not in the market for a towering high rise?  What if you prefer a more intimate environment, but still want to be able to access the vibrant nightlife that Little Italy offers?  Well, if you're reading this blog, you're in luck - I'd like to introduce you to Summerhill at Dow's Lake by Montreal builder Samcon.  Located close to Bronson Ave. and Carling Ave., residents will be a short walk away from lively Preston St. and tranquil Dow's Lake.  At just 39-units, this condominium project will provide the intimacy of a smaller community, and yet still provide the low-maintenance life style that make condominiums so appealing.  Sales for this project has not yet commenced, but there is a VIP buying event being planned for later this month - to get on this VIP list, contact me using my info below.



For more information on this up-coming project, feel free to contact me or follow my blog - I'll try to post new updates as the details are confirmed.

Thanks for reading!

Taylor Bennett
Sales Representative - Bennett Pros
www.BennettPros.com
Taylor@BennettPros.com
@OttawaTails

Saturday, September 7, 2013

As the Summer Cools, Ottawa's Real Estate Market Heats Up

It looks like the Canadian Mortgage and Housing Corporation's (CMHC) crystal ball is working correctly.  In their publication 'Housing Market Outlook - Ottawa', released in Fall 2012 (http://www.cmhc-schl.gc.ca/odpub/esub/64311/64311_2012_B02.pdf?fr=1378574877744), CMHC predicted that due to tighter mortgage rules, increasing incomes, and modest home price increases, real estate sales the second half of 2013 would increase.  Accordingly to a report released on Thursday by the Ottawa Real Estate Board (OREB), sales did just that - home sales in August 2013 were tallied at 1,219, outpacing both sales in August 2012 by 6.5% and the August 5-year average.

According to the same report, prices of homes in Ottawa also saw an increase in August 2013.  The average price of a residential home (including condos) sold last month was $348,519, an increase of 0.4% over August 2012.

As CMHC predicted, the tighter lending rules introduced this and last Summer (most notably the shorter amortization periods for insured mortgages and less overall insured mortgages being sold to would-be buyers) combined with the increasing mortgage interest rates and Ottawa's low housing affordability index, were all factors that contributed to this increase in sales.  If CMHC's prediction holds true, you can expect to see this increase continue until mid-2014.  

What does this all mean if you're sitting on the fence waiting to buy a house?  It means you should stop sitting and start acting!

Thanks for reading.

Taylor Bennett
Sales Representative - Bennett Pros
www.BennettPros.com
Taylor@BennettPros.com
@OttawaTails