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Old 2009-01-26, 09:18 PM
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Manhattan Manhattan is offline
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Default Prices Increase??

I was browsing through Minto's website. and to my surprise the townhouses have gone up by 10k.. I'm happy and all but dont u find it wierd since the housing market is more slow..and by 10k.. thats a huge jump!
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Old 2009-01-26, 09:47 PM
Jenny1975 Jenny1975 is offline
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Ya, I noticed the same thing last week, an increase to $248,300. The jump isn't as large as it would seem, though. While the previous website price was FROM $238,900 (or something along those lines), the September release of units were starting at $244,900. I think the units at $238,900 were on a busier street with sidewalks, bus route, etc.

In any case, glad to see that it seems as though properties are maintaining their value.
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Old 2009-01-27, 06:46 AM
Jenny1975 Jenny1975 is offline
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Some positive news from today's Citizen :

http://www.ottawacitizen.com/Homes/A...581/story.html

Area’s housing market defies national price drop
Capital ‘continues to be a sound and stable city’: report

OTTAWA — The city's resale housing market remains resilient even while sales and prices are dropping in other Canadian markets, according to a survey by a major real estate firm.

Citing “solid” year-over-year price gains, the report from Royal LePage Real Estate Services says Ottawa “continues to be a sound and stable city for homeowners and investors alike to invest.”

The national average for detached bungalows dipped by 4.8 per cent to $319,640 at the end of 2008, said the report, which was released Monday.

Condos across Canada decreased by 5.2 per cent to $233,230, year-over-year, and two-storey properties fell by 6.3 per cent to $376,140.

Ottawa prices remained below Canadian averages, but increased in all sectors.

Of three Ottawa house types examined, the average price of a standard condominium had the highest increase, rising 5.2 per cent to $207,167. The average rise of a standard two-storey home rose 3.5 per cent to $317,083, year-over-year. The average detached bungalow appreciated by 4.1 per cent to $321,333.

Of six Ottawa markets surveyed, the highest increase for two-storey homes was in Orléans, where an average two-storey rose six per cent to $281,000.

The same house rose 5.6 per cent to $283,000 in south Ottawa, 4.5 per cent to $350,000 in west Ottawa, 4.4 per cent to $446,000 in central Ottawa, 3.9 per cent to $266,000 in east Ottawa and 2.3 per cent to $294,500 in Kanata.

The average bungalow rose 6.8 per cent to $267,000 in Orléans, five per cent to $263,000 in east Ottawa, 4.7 per cent to $265,000 in south Ottawa, 4.4 per cent to $500,000 in central Ottawa, 3.2 per cent to $320,000 in west Ottawa and 1.3 per cent to $313,000 in Kanata.

For condominiums, Orléans had the biggest increase, 7.2 per cent, bringing the average to $179,000. The average condo rose 6.4 per cent to $250,000 in west Ottawa, 6.2 per cent to $171,000 in east Ottawa, 5.8 per cent to $181,000 in south Ottawa, 5.3 per cent to $280,000 in central Ottawa and 2.8 per cent to $186,000 in Kanata.

Pierre de Varennes, broker owner at Royal LePage Performance Realty in Ottawa, said Ottawa’s “thriving job market” helped invigorate the housing market in 2008. He noted that balanced supply and demand in the fourth quarter ensured it was neither a buyer’s nor seller’s market.
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Old 2009-01-27, 08:34 AM
Goldenbrook Goldenbrook is offline
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I'm not quite sure with Minto the prices increase or decrease depending on the market. I think it has to do with what lots are available, thats how it seemed to be when I bought. The lowest prices were on a busy street, but once they were all sold the starting from increased on the web to what the lots available were priced at.
I may very well be wrong though, who knows

Last edited by Goldenbrook; 2009-01-27 at 08:38 AM.
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Old 2009-02-01, 02:14 PM
Judokas Judokas is offline
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I don't want to rain too hard on the parade however perhaps a small shower? This is my info - I did sell my home in Dec and have a good friend in the real-estate field (who has access to monthy stats in Ottawa). Take this for what it is worth from a guy who doesn't work in the field but spent a lot of time sorting out pricing for the sale of his house.

The report is for 2008 as a whole and is likely accurate, however, the last quarter was approximately neutral and the Dec dates were well below the previous years (they are always low but compared to last year it was a significant drop). The market somewhat stagnated.

This article is a bit of hype (too much negativity is almost self fulfilling so nice puff pieces are always a good thing to increase consumer confidence). Houses that sold in Nov-Jan have shown a price drop and the market has continued to stagnate. You will note the last paragraph in the article where they breeze over the last quarter.

Most vendors are "dropping" prices. They haven't really dropped them too much but they have added 15K design center bonuses etc. Other vendors are following a different approach building a bunch of houses for quick occupancy and holding them. Its the quick occupancy pricing I tend to watch as it tells me the vendors mood/pricing. When I see it drop by 10K (which I have with several vendors) then it tells me something.

Of course even this has to be second guessed. Example - some of the vendors dropping the pricing are close to the carp dump and you know they want inventory to move before the spring and summer hit.

With Nortel reductions and the expected reductions in other high tech companies I think this may a worse or neutral spring (neutral because the low mortgage rates may motivate the stable sector (government, school etc) employees to upgrade.

I certainly hope I am wrong and I am no expert but it is all about consumer mood so I don't think anyone can really be an expert. Anyways - just my 1/10th of a cent.
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Old 2009-02-01, 05:14 PM
kateroo kateroo is offline
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Hi,

I was in the Minto sales center in Avalon after I saw the prices of the Manhattan increase online. They have not in fact increased. The reason that it shows an increase is that the only Manhattans left are end units so the website reflects the premium on the end unit.

Hope this makes sense to you...

I will hopefully be putting my Manhattan on the market in the coming months as we are looking at the Minto Gainsborough... which is why I so carefully watch the prices
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Old 2009-02-01, 05:36 PM
Jenny1975 Jenny1975 is offline
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I think most of us are breathing big sighs of relief to see that prices are at least "equal to" whatever we purchased at. If they are "greater than"... bonus!
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