2012 Condo Market Update

I attended a CMHC Market Update last week to hear their analysis and forecasts regarding Ottawa's condo market. Some points that caught my attention:

• Ottawa's population growth is due first and foremost to immigration—an incredible 50% of Ottawa's immigrants are classified as 'economic immigrants' who arrive with language skills, professional experience, financial savings and thus are able to settle quickly into both employment and homes within 4 years of arriving into town.
• Investors are currently purchasing a full third of new condo projects—20% of these investors are practicing a long term 'buy and hold' strategy, while the remainder plan to 'flip' their units upon the building's completion.
• Long-term investor interest in the condo market is fueled by Ottawa's low vacancy rates and high rents.
• Lastly, according to CMHC forecasts, Ottawa can expect a 'balanced market' for 2012, although sellers may regain the upper hand for the traditionally 'hot' spring market of April and May. Otherwise CMHC forecasts a slight decrease in prices, although this doesn't come as news to those of us who have been tracking downtown condo prices over the past 6 months.

Condo of the Week: Archive Square at 174 Stanley

Genuine loft conversions don't happen in Ottawa very often, but the few we have are quite impressive and compare more than favourably to similar projects in Toronto and Montreal. A great example is Archive Square, the conversion of the former St. Aloysius School in New Edinburgh. Originally built in 1936, this building was reborn into 11 stylish lofts in 1999 courtesy of the Redevelopment Group that also graced Ottawa with Wallis House on Rideau Street.

The largest and most impressive loft at Archive Square is currently for sale, with a breathtaking 1944sqft of space on offer:

Click here to view photos and details

Priced at $569,900, this works out to less than $300 per square foot which is an absolute steal for the location and this calibre of construction, not to mention 3 bedrooms, 3 bathrooms, 2 balconies and 2 parking spots. This is simply a must see for anyone looking at new construction in this price range, even more so if you're a fan of great design.

Domicile condos coming to Beechwood Village

Late last year Domicile purchased the lot at 222 Beechwood Ave between Jolliet and Marquette (Kavanaugh's Esso Service Centre), putting forth a proposal for a 6-storey mixed use condo project similar to The Picadilly at 1422 Wellington Ave West:


I've had my eye on Beechwood Village for sometime as the next "it" neighbourhood, and some newer condo options could be just the boost needed to make this area more attractive to businesses and visitors alike. This enclave has always been a hidden gem; a mid-sized Domicile condo project on the main drag near such a great variety of shops would be a welcome breath of fresh air.

Domicile's last projects in the area were Governor's Gate on Durham Private and the redevelopment of Schoolhouse Square on Springfield, both of which were small scale projects with upscale price tags. At this time the neighbourhood could use an injection of more affordable condos, and these units on Beechwood along with Claridge's Lalique towers will be a welcome addition for those who want to be just east of downtown and the Market.