New Plans for Ottawa's Future Lees LRT Station

Construction of Ottawa's Light Rapid Transit (LRT) is well under-way.  After years and years, heck almost a decade of debates and analysis, the question has changed from "Will the LRT ever be built?" to "When will the LRT be ready?".  According to the Light Rail's official website, the answer is June 2017 (for the stations in and close to downtown Ottawa.

In anticipation of this new rapid public transit system, the city is starting to look at the areas immediately around the 13 different stations.  In one of my past blog posts (which you can read here), I referred to a study conducted by Don Campbell from REIN (Real Estate Investment Network) where it was noted that the properties within 500 m of transit stations saw increase in both equity growth and potential rental earnings.  It's fairly simple to conclude why - being close to a major public transit station is important to a lot of people, especially those that don't have or want a car and/or those who are looking to cut down on transportation costs.  So it's no surprise that the city planning department is focusing on these areas to allow for higher density zoning to prepare for and increase the number of potential LRT-riders.  We have already seen it happen at Dow's Lake (I should clarify: Dow's Lake isn't near one of the future LRT stations, but it is next to the O-Train's Carling station.  The O-Train and LRT will intersect a few minutes north of the Carling station at the Bayview station) and we have seen higher density building be approved downtown near the Downtown East & West stations.  According to a recent article in the Ottawa Citizen (which can be read here), Ottawa's planning department is looking at the area around the Lees stations - this is already a fairly high density area; Lees station will be just outside of the University of Ottawa's campus, not far from some of the taller apartment buildings in Ottawa and a lot of student housing.  Despite that area already having high density zoning, the new proposed City plan for that area calls for 20-, 30- and even 45-storey buildings.  Councilor David Chernushenko, whose Captial ward includes the Lees station, has raised concerns about the increased crime and over-all appearance that this plan may bring and would prefer to see 8-storey buildings instead.  The City's planning department will be presenting it's final plan for that area in November 2013.

Thanks for reading.

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

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

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

Breaking Tradition: Canada & Ontario Real Estate Up In July 2013

In terms of real estate, especially in Ottawa, traditionally July is a fairly quiet month.  Sun, vacations, camping, beaches and just about everything else distracts home buyers in the Summer months.  But this July, traditions have changed - according to new numbers released by the Canadian Real Estate Association (CREA), real estate sales across Canada in July 2013 is up 8.4% when compared to July 2012. CREA's number also revealed that in Ontario sales went up higher than the Canadian average - increasing by 8.6% with prices increasing by 7.4% in July 2013 compared to July 2012.  The full report from Canadian Real Estate Magazine can be found here: http://www.canadianrealestatemagazine.ca/news/item/1736-july-sales-and-prices-soar

There are a few factors that may have contributed to this growth - the Bank of Canada increased mortgage interests for the first time in years (http://tinyurl.com/k9gq8be), causing buyers to jump into the market to take advantage of the historically low rates; and the new lending limits set by CMHC has forced fence-sitting buyers to make a purchasing decision (http://tinyurl.com/nbk2ebn).  These 2 factors combined with demographic factors, most notably, Baby Boomers retiring from the work place and looking to buy their retirement home or condo (http://tinyurl.com/b8d9uu8), one thing is for certain, traditional market trends won't be so traditional for much longer.

Thanks for reading.

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

A Different View Of Condos With A View

There are a lot of changes planned for Ottawa's Little Italy - most of these changes involve new condominiums near or around Dow's Lake.  Builders have been one-upping each other with the heights of their proposed condos - 36 stories (http://www.sohoitalia.com/), 45 stories (http://claridgeicon.com/) and even 48 story proposals have been submitted to the City; heights that long time Ottawa residents would have never fathomed for our capital city. But with all of these competing proposals jockeying for the best views of Dow's Lake, the sight lines of many of the condominium dwellings will be partially or completely blocked by their soon-to-be-built neighbors.

So what do you do if you're looking for a condo with a view but are worried about it being obscured by a future building?  That's fairly simple to answer - make sure the view you're after isn't of just one landmark (such as, I don't know, a lake).  Below I've included two photographs taken at the SoHo Champagne site, approximately from the 16th floor (FYI: Phase 1 at SoHo Champagne has recently been increased to 20 floors).  The photos are north facing towards the Gatineau Hills and downtown Ottawa.  As you can see, the photos are simply panoramic views of Ottawa, not focusing on one particular building, landmark or area. Yet I would struggle to find someone who wouldn't enjoy that vista, despite not being able to see the lake.

Another factor you should consider if you're in the market for a condo with a view are the windows themsleves - of course, their height and width are important, but you may not have considered bulkheads within your condo.  No, they aren't part of your windows, but they can impact your view nonetheless.

First, what is a bulk head? No, it's not a politically correct term for someone with a large cranium, though an argument could be made that it too could impact the view from your windows.  A bulk head is an area where the ceiling drops down (usually by 10"-12") to create space for ducting, plumbing, electrical wires, lighting, etc... to be installed.  These are almost always found in high rise condominiums since the aforementioned items can't be installed in the concrete ceilings.  The location of bulk heads aren't normally shown on marketing floor plans (the plans you see in information kits at sales offices and builders websites) nor in model suites, but their exact locations are known by the builder.  A simple request to see the blue-prints when you're purchasing your condo will give you access to that information.

Most of the condos I've owned, visited and/or sold have had bulk heads, but they were strategically placed to minimize their presence so they were hardly noticeable.  But recently I was in a condo that was built by a direct competitor with one of the condo buildings I helped sell, and this particular competing condo had highlighted their large windows as one of their selling features - something a lot of today's builders do.  I was quite surprised when I saw where their bulk heads had been installed - about one foot in front of the 8' windows!  Which means when you stood in the living room area, the top portion of the window was blocked by an obstruction within the condo itself.  In condos, especially 1 bedroom condos that today are usually 600 sq. ft. or smaller, you want to maximize the natural light to give the resident the feel of an open, spacious area.  This poor bulk head design eliminated 14% of the view from the windows.  And what's more, windows are known to be areas where heat loss is most experienced (This just in: glass isn't a great insulator, who knew?) and the larger the windows, the greater the potential heat loss.  Most buyers are willing to deal with this increase in heating cost for the benefit of the better view.  But in this scenario, the resident is not getting the advantage of the views larger windows provide and at the same time, they're experiencing the disadvantage of higher heat costs.  Sounds like a lose-lose to me.

Whether it's for investment or a owner-occupied property, views can be a great asset to your condo.  But like anything, without doing the proper homework, that asset can become a liability.  So before you enter into a contract to purchase a condo, make sure you ask the right questions.  Don't know what to ask?  Feel free to contact me for help. 

Thanks for reading.

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

Lansdowne Park: The Future Home of the Ottawa RedBlacks & Fury FC

After a lengthy debate (perhaps even longer then Ottawa's Light Rail debate) and its fair share of controversy (most notably in the form of, shall we say, live alternative music), Lansdowne Park (http://ottawa.ca/en/city-hall/planning-and-development/transforming-ottawa/building-new-lansdowne) has made some serious progress.  I grew up a few minutes away from Lansdowne, long before any of this rejuvenation had been considered - I learned to play baseball at the diamonds on the north-east corner of the property, saw my first professional (Ottawa Senators - http://senators.nhl.com/) and semi-professional (Ottawa 67's - http://www.ottawa67s.com/) hockey games there, and fondly remember walking to a few Rough Riders CFL games and the Rolling Stones concert with my dad.  I'm sure I'm not the only Ottawan that conjures up sentimental memories when thinking of Lansdowne.  But as we know, the only constant in life is change.  And, boy, has Lansdowne ever changed.

As you can see from the picture above, construction at Lansdowne is well under way and it's a good thing too - it's pretty hard to have an inaugural season opening game in 2014 without a field to play on.

For sports fans like me, I'm sure you can't wait to see the ball lined up on the 35 yard line, waiting to be kicked 70 yards down field as the RedBlack's 2014 CFL opener kicks off.  But for you casual or non-sports fans out there, don't write off the New Lansdowne because one of its heavy sports theme.  Unlike it's predecessor the new project will not only appeal to the avid sports fan, but the plan includes something for everyone.  Aside from ice hockey arena (which is being renovated) and the new state-of-the-art sports stadium - designed to host CFL and professional soccer games - here's a short list of what else to expect:
- Residences - town houses and 2 high-rise condos (the Vibe and the Rideau - 13 and 20 levels respectively)
- Retail space (a grocery store, clothing shops and others to be confirmed)
- 18.5 acres of park space/public plazas
- 20 event venues to host a weekly Farmer's Market, exhibitions, conventions, etc...
- A new cinema
- An 11 acre underground parking lot for approximately 1,300 vehicles

So, whether you're a football, soccer or hockey fan, the new Lansdowne definitely hasn't strayed far from it's roots and you'll feel right at home - just don't expect there to be another 'Mardi Gras Night'.  However, if you aren't a sports fanatic and found that the old Lansdowne didn't offer much in terms of entertainment - give the New Lansdowne a second chance in 2014.

Thanks for reading.

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

Ottawa's LRT: What Impact Will It Have On Your Property Value?

After almost a decade of debates, analysis, and discussions, construction of Ottawa's Light Rail Transit (LRT) System (http://www.ottawalightrail.ca/) has recently started.  If all goes according to plan, the LRT will have it's first rider by mid-2017 and construction will be completed by the end of that same year.  Aside from the obvious (a more efficient and effective way to move about the city), the LRT will impact Ottawa on many different levels - the area I'd like to bring to your attention is property values. Specifically, property values near the LRT stations.

Now, unfortunately my crystal ball is in the shop, so I can't look to it to see exactly what impact the new Confederation Line will have on its immediate surrounding neighbourhoods.  But fortunately for my readers, I did come across a fantastic report by Melanie Reuter from The Real Estate Insider where she did an analysis of the impact that new public transit systems had in some of North Americas major cities.  She not only compared what impact a new system had on a city's property values, but also the advantage these transit systems can have during a recession. (Spoiler Alert, it's positive, very positive.)

If you've been considering a condo purchase, but haven't been able to figure out exactly what neighbourhood or area to buy in, give this report a quick read.
http://blog.myreinspace.com/2013/07/empirical-proof-that-transit-protects-or-enhances-your-property-values/

Thanks for reading.

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