It feels so normal here

Another warm sunny day in Ottawa. Here’s what I get for having given up on the “best place on earth”:

– more cultural activities
– people who are polite and say hi to you on the street
– neighbourhoods that feel like neighbourhoods
– ethnic diversity but not segregation
– no homeless people outside of downtown
– breakins are regarded as newsworthy
– much better job opportunities

I can break the RE market into three sectors:

– Gatineau, Quebec
Prices that are actually reasonable. $200K gets you this in the English-speaking community of Aylmer:

http://passerelle.centris.ca

– Generic Ottawa
Overpriced but if you really want to buy, you won’t become a debt slave. $300K gets you this in Silicon Valley North:

http://www.realtor.ca

– Trendy Ottawa
Definite bubble territory, but still more for your money than Vancouver. This $1.2 mil house in the Glebe likely would not rent for more than $3500/month:

http://www.realtor.ca

Compare with this rental:

http://ottawa.en.craigslist.ca

Or you can rent, there’s lot of quality stock, the landlords aren’t psychos and people don’t treat you like a leper.

Enjoy the rain.

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Anonymous

@fixie guy Says:

"@155 patrick: You must live in a different Vancouver. My experience with Transink was ‘watch your ass walking through that new green’ because often as not a bus ran a stale yellow. Thank you bus driver anecdotes read like Rain Main fantasies in the Land of Oz to normal people, as dimwitted as Ottawa is -40 C (but I didn’t really mean it that way.)"

You very obviously don't live in vancouver and possibly never have. Surrey or further out maybe? The thanking bus drivers things is a daily feature of bus travel in Vancouver not an anecdote. It's a small thing but reflects well on the city and makes bus journeys just that little bit less tedious.

[…] “I was out in Ottawa a few weeks ago visiting with family. It was interesting speaking with family friends who were absolutely aghast at the neighbour who had just listed their house. Can you believe it was listed at $375k??? I just laughed and said it was just a matter of perspective. People out here in Vancouver are so delusional that they can see a house for sale at double [what one would pay elsewhere] and feel that it’s a bargain. All sense of reality is gone as it appears that many have lost sight of what the value of house actually is. It’s really sad.” – Not much of a name… at vancouvercondo.info 8 Nov 2011 […]

Patiently Waiting

@x: I'm just "patiently waiting" for sanity to return to this market. I know it will be a long time. The way down will roughly mirror the way up, so we are looking at many many years (decade?) before this process ends. A few years ago, I might have been "patiently waiting" to buy again, but not anymore. I have a nice rental that I can live in for pretty much as long as I want (landlord bought pre-bubble and holds properties forever). So even if prices fall 50%, I doubt I'd buy given the quality of housing stock. As for why the subject matter still interests me, I've always been interested in stuff like economics and urban geography. I studied some of that in University and found it quite interesting. I'm also involved in charity work around Seniors housing.… Read more »

Anonymous

"Personally, I’ve owned in the past, "

huh, I thought you have been waiting for a correction since VHB time in 2006? and got kicked out of your rental, and got layed off?

WFT?

@patriotz:

Ottawa is the best place to live in Canada according to money sense magazine.

x

@fixie guy:

"You must live in a different Vancouver."

Where do you live? I sense a bunch of people around here do not even live in Greater Vancouver.

x

@Patiently Waiting:

"Personally, I’ve owned in the past, and I’m not anxious to own again. Don’t assume everyone is here because they want to buy real estate."

I don't recall "everyone" being stated. So if you hate it here why did you buy before and why are you still here now "patiently waiting".

What are "Patiently Waiting" for? To move once prices correct?

I am a bear. I live in Vancouver because I like it. If I didn't I would move instead of complaining about it on a blog. Why would I live in the most expensive place in Canada if I didn't like it? Makes no sense.

fixie guy

@155 patrick: You must live in a different Vancouver. My experience with Transink was 'watch your ass walking through that new green' because often as not a bus ran a stale yellow. Thank you bus driver anecdotes read like Rain Main fantasies in the Land of Oz to normal people, as dimwitted as Ottawa is -40 C (but I didn't really mean it that way.)

jesse

@Patiently Waiting: "Don’t assume everyone is here because they want to buy real estate."

It confounds the mind some people might think speculative bubbles are a net negative for the province's economy, as we're starting to find out. One might even call such people "patriots".

Patiently Waiting

@x: Personally, I've owned in the past, and I'm not anxious to own again. Don't assume everyone is here because they want to buy real estate.

x

"The irony of all these people who appear to hate Vancouver yet are desperate enough to buy a home here that they spend time on a blog aimed at house buyers in Vancouver."

I can't figure that out either. Hope and pray housing prices come down so you can buy a (still) very expensive house in a place you do not like.

jesse

November 2011 data Average Sales 121 Total Sales 850 Average Listings 194 Total Listings 1361 Average sell/list 62% Days in month 21 Days elapsed 7 % days elapsed 33% Expected sales 2,550 Expected listings 4,083 Max daily sales 167 Min daily sales 87 Max daily listings 229 Min daily listings 177 November 2010 data at same point in month Average Sales 122 Total Sales 852 Average Listings 170 Total Listings 1192 Average sell/list 71% Days in month 21 Days elapsed 7 % days elapsed 33% Expected sales 2,556 Expected listings 3,576 Max daily sales 146 Min daily sales 96 Max daily listings 191 Min daily listings 144 November 2010 month end data Average Sales 122 Total Sales 2566 Average Listings 144 Total Listings 3026 Average sell/list 85% Days in month 21 Days elapsed 21 % days elapsed 100% Expected sales… Read more »

Makaya

Off topic but funny: how to screw your chance of being the GOP nominee in one lesson.

The fun part starts at 1:40…LMFAO
http://www.youtube.com/watch?feature=player_embed

patrick

fixie guy Says: "63 patrick Says: “…it is clear this forum/blog has moved from a housing watch blog to a hang-out for right-wing racists.” Nice try. Best of luck with your next house showing. The ‘thanked the bus driver’ line was the tell." You couldn't be more wrong. Just someone who genuinely likes Vancouver which is why I would like to buy here which is why I read housing blogs. You? And are you saying people in Vancouver don't thank bus drivers?? It's unique in Canada in my experience. Does it make the city friendly. Well yes actually it does given how many people take the bus every day. The irony of all these people who appear to hate Vancouver yet are desperate enough to buy a home here that they spend time on a blog aimed at house buyers… Read more »

jesse

@Makaya: Market is not seeming to move quickly right now in some segments, friends have their Van East placeholder on the market "sharply priced" at $30k less than nearest comp and only 2 showings in 3 weeks. I blame the Realtor. And Greece.

Makaya

@paulb.: sell/list ratio at 48.6%. That can't be good news for the bulls…

jesse

@Makaya: Keen's stance is well known, welcome to the shadows. And welcome to banks becoming more conservative in the years to come. Just a hunch.

Donald Trump

Quote:

I met more then a few characters who did do well in Vancouver. I knew an honest to God Chinese mobster who was doing quite well. I knew a few strippers who made excellent money under the table so lived well. I knew a chick whose dad built a railway company and gave her a VP job though she had no education at all.

===========================================================

Yeah…..so….?

Respect the indegenous economy…or STFU.

I wouldn't lie to you.

Donald Trump

Scullboy:

Lobster is on sale here for $7.99 lb( large Lobsters 3-4 lbs) at Superstore.

That is Waayyy too cheap,…… given a drop of even 50 cents a lb in Lobster prices will cause the Maritime economy to crash (give or take the odd Maritime Celtic music act).

PS Tell the Maritime Lobster cartel to up the prices …. or thems herring chokers are fired !!!

Donald Trump

#129 @Real Turd Detector:

Due to hourly BoTox shots, my currently frozen squint affects my vision.

Is your handle "Realtor Detector" or " Real Turd Defector" ?

Best place on meth

So far average sales in November are the same as last year while average listings are 35% higher.

The trend of high listings and high inventory continues.

paulb.

New Listings 179

Price Changes 85

Sold Listings 87

TI:15768

http://www.laurenandpaul.ca

rp1

#119 & #126 @Manson: "why does the idea of financial turmoil make you happy?" HIgh prices are the problem, and the sooner they is corrected the less turmoil there will be. Unfortunately people have been grossly overpaying for housing for years, and when 11% of people can't afford a 1% rise in interest rates, American style doom-and-gloom could be in the cards. Those people are just like subprime borrowers. Some may have good jobs now, but their debt is simply way too high and leverage is what kills. The time for a sensible correction was in 2009. We didn't get it. Instead we had the government approve as many "high risk" borrowers as possible at rock bottom interest rates. Are those loans going to be good? How could they be? And we've re-inflated the bubble to new heights. More people… Read more »

scullboy

I think it's kind of funny when people sneer that someone can't "afford" Vancouver. If you want to pay a ridiculous sum for substandard housing (purchase or rentals in my opinion) you can certainly "afford" to live there. Hell, I was broke and unemployed for quite a while, and I still pulled it off. The question isn't so much "can I afford to live here". It's more "can I succeed here?" or perhaps "Can I be happy here". This is true for *any* city, not just Vancouver. I'll be the first to admit I had a really hard time getting ahead in Vancouver. I'm not a dumb guy (though you might infer that from my crappy typing). I have a good education. I've regularly invested in my own re-training over the years. I have quite a few professional certifications and… Read more »