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  #31  
Old 2018-10-19, 11:20 AM
dvg dvg is offline
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Awesome! Detached is the way to go!!! I think these will be hard to get and will be causing bidding wars more and more.
Could be - I think the market has gone a little too crazy so I am looking to "cash out" as it were and am looking at new builds in more rural areas now. I dont think there is a lot of upside left. There is a LOT of room left in stittsville left to build, and builders are going to keep building as long as finding buyers is this easy.
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  #32  
Old 2018-10-19, 12:11 PM
reens09 reens09 is offline
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Definitely. That's what is happening in Barrhaven right now. Very few homes for sale compared to normal. Bidding wars are taking place and people are waiving conditions! It's crazy
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  #33  
Old 2018-10-19, 12:54 PM
eastendguy eastendguy is offline
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Definitely. That's what is happening in Barrhaven right now. Very few homes for sale compared to normal. Bidding wars are taking place and people are waiving conditions! It's crazy
I feel like in Toronto!!!! Never thought we would be there. I wonder if its temporary. In 2 years from now is it possible that we are we going back to a buyers market?
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  #34  
Old 2018-10-19, 01:28 PM
electricsky electricsky is offline
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I feel like in Toronto!!!! Never thought we would be there. I wonder if its temporary. In 2 years from now is it possible that we are we going back to a buyers market?
Whoa, we cannot even compare to Toronto. If you look at 2012, 2013, 2014, 2015, and 2016 (5 years), the average home price increased 1.6% per year over an average of 5 years. During that same 5 year span in Toronto, house prices increased more than 10% yearly, on average.

Now that we are going to have two consecutive years of 7-8% growth, people are suddenly losing their mind lol.

https://www.agentinottawa.com/stats/
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  #35  
Old 2018-10-19, 02:31 PM
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gerapau gerapau is offline
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This is a single family home
The reason I asked is because you mentioned the price of your home had gone up between 40% and 45% and then mentioned your builder was asking about $100K more (and keep in mind that is for a home which will be available a year or more from now). This sorta points to your home costing you about $250K. Not many single family homes in the area two years ago that cost $250K.
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  #36  
Old 2018-10-19, 03:12 PM
dvg dvg is offline
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Originally Posted by gerapau View Post
The reason I asked is because you mentioned the price of your home had gone up between 40% and 45% and then mentioned your builder was asking about $100K more (and keep in mind that is for a home which will be available a year or more from now). This sorta points to your home costing you about $250K. Not many single family homes in the area two years ago that cost $250K.

Im comparing with other occupancy ready homes with similar upgrades when I say it looks like were up 40-45% - the builder is now building deeper into stittsville (worse location) and is charging more for upgrades as well. We also got an amazing deal when we signed and started off "in the money"
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  #37  
Old 2018-10-20, 08:11 AM
OttawaC OttawaC is offline
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Originally Posted by electricsky View Post
Whoa, we cannot even compare to Toronto. If you look at 2012, 2013, 2014, 2015, and 2016 (5 years), the average home price increased 1.6% per year over an average of 5 years. During that same 5 year span in Toronto, house prices increased more than 10% yearly, on average.

Now that we are going to have two consecutive years of 7-8% growth, people are suddenly losing their mind lol.

https://www.agentinottawa.com/stats/
I agree. We are not in a Toronto market. No where near it even.

The 7% you mention above is only comparing this year's Sept sales to last year's Sept sales. That 7% does not represent an overall 2018 increase. Aug's prices were only up 3.3%. Ottawa residential class still on market for an annualized increase of about 5.5% which is about normal. Still not making gains from the lost years noted above.
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  #38  
Old 2018-10-22, 09:46 AM
Redbin Redbin is offline
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I recall our neighbor who in a rural setting had his house appraised for selling. In my view, the house was appraised about 30000 too high and I told him that. The appraiser was a local bank where he had a mortgage.

He listed the suggested price and got a few token bites and showings which in my view were "winter entertainment outings" and not serious. It took all I could to convince him the price was too high. When he brought it down to my estimate he got two hits, and one he took which was at his listed price. He was very happy.

So what's going on? In my opinion the conclusion is a push to promote personal loans, which the over-appraised portion is in reality. The overall effect is that it drives up home market values which would be an artificial one. These values would usually be absorbed by a labor environment by increases in salaries through the years as well as the health of the nation,international trade and other factors. But this is gradual and covers a span of decades.

The result is we have young families taking mortgages that only the wealthy could absorb(based on income, and the recommended percentages of household expenditures and budgets). Some of these payments are so huge the family works for the payment and very little disposable income remains. Lending institutions used to monitor this for balance, but I think it's not taken seriously anymore. For this family, the "disposable" problem is now typically handled by the other temptation "loan" which is the credit card to make ends meet. Groceries are now bought on credit,etc. Enough of these cases, and we now enter the age that marked the 80's depression in the US. I think the beginnings of this will appear soon. CMHC will be overwhelmed.
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  #39  
Old 2018-10-22, 10:22 AM
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gerapau gerapau is offline
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I recall our neighbor who in a rural setting had his house appraised for selling. In my view, the house was appraised about 30000 too high and I told him that. The appraiser was a local bank where he had a mortgage.
Funny, in my experience appraisals done by banks are usually very conservative.
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  #40  
Old 2018-10-22, 11:38 AM
suezuki650 suezuki650 is offline
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Funny, in my experience appraisals done by banks are usually very conservative.
Bank appraised my last home for more than MPAC did and more than I eventually sold it for. Granted I might have gotten more if I was more patient, but still...
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