The condo market is changing. Long gone are the days of over supply and bottom of the barrel deals. We’re in a new market; the demand for urban living is growing and Ottawa is taking more of a centre stage role in Canadian real estate. This is forcing developers to look differently at their projects and come up with something different. Here are four upcoming developments to change Ottawa’s condo landscape.

Icon Condo Ottawa

Ottawa’s impending condo boom is about to get a major kickstart with Claridge Icon. Towering at 45 stories tall, this skyscraper will be the tallest tower in Ottawa. Aimed to be completed in 2020, the project will be the first major development on Little Italy’s Preston Street since 2006. The building should attract primarily young and established professionals looking to be close to downtown with more of a tranquil lifestyle after business hours. Claridge Icon will pave the way for the rest of Preston Street to get a facelift with proposed projects, such as SoHo Italia and The Sky, along with unannounced and unofficial projects including the Old Prescott restaurant and land, the massive parking lot next door, and the old government buildings on Booth St to name a few. Claridge will get to wear the crown of building the tallest tower in Ottawa. Unfortunately for them, it’s only a matter of time before another developer takes that mantle (hint; it could be Richcraft with a 55-story tower proposed at The Sky).

The Residences at Island Park Drive Condo Ottawa

Ottawa’s luxury condo market has been under the radar for quite sometime. With wealthy baby boomers looking to sell their massive homes and move into a massive condo (they want to downsize, but not by a lot 😉), the demand is brewing. Enter Mizrahi Developments and their project, The Residences at Island Park Drive. The Toronto heavyweight known for bringing the epitome of luxury to life is ready to elevate the standard of luxury condos in Ottawa with The Residences at Island Park Drive. Looking for a hotel level 24-hour concierge to get you anything you can dream of and a valet to park your car and take your bags to your suite? Well you will get all of that and more at this Westboro development. Mizrahi Developments is looking to redefine luxury living in Ottawa and we can wait to see what it looks like.

Moon Condo Ottawa

The Northwestern part of Centretown isn’t as glitzy or well know as the rest of Centretown. Primarily home to a lot of office buildings and a lot of parking lots, there’s much to be desired here. Luckily most parking lots turn into major developments, and this part of Centretown has lots of them. Enter Claridge Moon. This project by Claridge Homes is so big, its going to front on three street; Albert Street, Lyon Street, and Queen Street. It will be built in multiple phases with two 27-story towers and one modest nine story tower. The main attraction of the site is the O-Train’s Confederation Line. The entrance to Lyon Station is literally on site, the first of its kind its Ottawa. Imagine the convenience! You can sleep in, get ready for your day, stroll down the elevator and into the station. Sounds dreamy…. Then you realize the O-Train doors don’t close, dream over (haha). By the time Moon is built, the O-Train should have its kinks worked out.

Terraces at Greystone Village Condo Ottawa

Main Street is going through a renaissance. The city has invested millions in making the street more pedestrian and cyclist friendly for the impending development that will reshape Old Ottawa East. The cornerstone development on Main St is Greystone Village by eQ Homes, one of the last master plan communities inside the greenbelt. The developments first condo building, The Terraces, looks to impress with views of the Rideau River and a walkable lifestyle. Greystone Village has planned for significant commercial space and should attract a major grocery store and restaurants to compliment The Green Door Restaurant and Little Italy Fine Foods, they have the best espresso in Ottawa; seriously you have to go!

Honourable Mention: LeBreton Flats. Yes, we we’re all expecting the Rendezvous Group to finally move downtown and start one of the biggest redevelopments the city has ever seen and bring the Sens downtown where they belong. Then, like the Sens themselves, all they did was disappoint the fans/city (too soon?). Whatever the outcome, I hope the NCC and the Rendezvous group can work out a solution. Ottawa deserves to see LeBreton Flats get developed properly.

Have a look at the September 2019 Market Statistics for Condominiums in Ottawa.

Members of the Ottawa Real Estate Board sold 436 condominium-class properties in September 2019, an increase of 26.4% from September 2018.

The average sale price for a condo in Ottawa was $309,373, an increase of 9% from September 2018.*

The most active price point in the condominium market was, $225,000-$349,999, and accounted for 56% of the units sold.

Curious about September 2019 market statistics for residential-class properties in Ottawa as well? Click here to read the full story.

*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

After years of deliberations, negotiations, a sink hole, and multiple delays, the LRT is finally open! The City of Ottawa can finally rejoice and bear the fruits of its new transit system. Outside of the traffic decongestion, shorter commute times, lower environmental impact, and general travelling convenience; the O-Train is going to have an impact on condo living. Older buildings that were looked over by condo buyers, buildings with a low walk score, and buildings with poor operational history, if in the right location, will get a rejuvenated vibe and attract a new set of buyers. Let’s take a journey down the Confederation Line from Tunney’s Pasture Station to Rideau Station and see what’s in store for the downtown Ottawa condo market!

Tunney’s Pasture Station

Tunney’s has been long view as a secluded government complex in the middle of the city. With some condos, it’s walkable enough to the hustle and bustle of Hintonburg and Wellington West, but not the most convenient of walks. As a result, condo pricing has remained relatively low to that of its neighbouring neighbourhoods. Injecting the O-Train will give this neighbourhoods condo market a fresh sense of energy and can create multiple scenarios for condo buying value in the city.

• Walking Distance to Condos near Tunney’s Pasture Station:
  • Parkdale Terrace | 215 Parkdale: 5-minutes
  • Soho Parkdale | 201 Parkdale: 6-minutes
  • Wellington West Lofts | 16 Hamilton Ave: 8-minutes

Bayview Station

Trinity Station is the star development in the area. Currently, the towers are slated to be built as rentals. Fingers crossed they change their mind so Ottawa can have it’s first 65 story condo building!

• Walking Distance to Condos near Bayview Station:
  • The Eddy | 1000 Wellington St: 10-minutes

Pimisi Station

Pimisi aka Lebreton Flats is our next stop. Often viewed as a small condo development nestled just outside the downtown core, the area is primed for so much more. Kanaal, Zibi’s first Ontario building is about to open in 2020, which is the first of many new buildings slated for the area. The major redevelopment of the area lies with the NCC and failed bid to, among other things, bring the Senators and new arena downtown (in my opinion; where it belongs!). Once this is resolved and moving forward, LeBreton Flats could become a premier destination for condo dwellers in Ottawa. One thing is certain, it’s going to be far more convenient to travel to and from LeBreton Flats with Pimisi open!

• Walking Distance to Condos near Pimisi Station:
  • Kanaal: to be determined, but very close!
  • Lebreton Flats Phase 2 | 250 Lett St: 5-minutes
  • Fusion Lebreton Flats | 300 Lett St: 5-minutes
  • Lebreton Flats Phase 1 | 200 Lett St: 6-minutes

Lyon Station

West Centretown is about to get a huge face lift. Walking down that side of Centretown does leave much to the imagination as it’s a series of older office buildings, condos, and parking lots. Claridge has launched their new building, Moon, directly under the LRT stop and Main on Main just announced their plans for a huge mixed-use development.

• Walking Distance to Condos near Lyon Station:
  • Tribeca Moon | 340 Queen St: 1-minute
  • Park Square | 151 Bay St: 3-minutes
  • The Pinnacle | 445 Laurier Av W: 4-minutes
  • Gotham | 224 Lyon St N: 6-minutes
  • Bay Laurier Place | 470 Laurier Av W: 6-minutes
  • 475 Laurier Av W: 6-minutes
  • The Gardens |85 & 95 Bronson Av: 6-minutes
  • Cathedral Hill | 428 Sparks St: 6-minutes
  • Queen Elizabeth Towers | 500 & 530 Laurier Av W: 7-minutes
  • Kevlee Tower | 556 Laurier Av W: 8-minutes
  • The Bowery | 255 Bay St: 8-minutes
  • The Laurier | 570 Laurier Av W: 10-minutes

Parliament Station

Every city has a cornerstone location, Ottawa’s is Parliament Hill. Home to the political and influential capital of the country, most major activity happens here. As such, the area is well developed save and except for the ReResidences. This project will feature one of a kind Parliament Hill views that won’t be replicated.

• Walking Distance to Condos near Parliament Station:
  • ReResidences | 101 Queen: 3 min
  • The Slater | 199 Slater: 4 min
  • The Mondrian | 324 Laurier Av W: 6-minutes
  • Kent Towers | 199 Kent St: 7-minutes
  • Hudson Park Phase 1 | 235 Kent St: 8-minutes
  • Hudson Park Phase 2 | 245 Kent St: 8-minutes
  • Soho Lisgar | 300 Lisgar St: 8-minutes
  • Metropolitan Phase 2 | 374 Cooper St: 9-minutes
  • The Everett | 375 Lisgar St: 9-minutes
  • Metropolitan Phase 1 | 364 Cooper St: 10-minutes
  • Tribeca | 179 Metcalfe St: 10-minutes
  • Tribeca East | 40 Nepean St: 11-minutes
  • Tribeca Lofts | 197 Lisgar St: 11-minutes
  • 18 Nepean St: 11-minutes

Rideau Station

Rideau Street has been through a tough stretch. Historically, it was a major commerce and trade centre for decades. Since the announcement of the O-Train, it has been partially open, but mostly closed, for years. The Rideau Station completion marks the reopening of the street and connection of the Byward Market with the Rideau Centre in a more meaningful way for visitors. The Market has seen various multi-phase condo projects over time (Claridge Plaza, East Market Lofts, and the Galleria, to name a few) that will benefit. Special note for 90 George owners and future owners: having an O-Train stop right next to your building is a big plus!

• Walking Distance to Condos near Rideau Station:
  • 90 George St: 2-minutes
  • Claridge Plaza Phase 1 | 200 Rideau St: 3-minutes
  • Claridge Plaza Phase 2 | 234 Rideau St: 4-minutes
  • 700 Sussex St: 4-minutes
  • Art Haus | 20 Daly St: 4-minutes
  • Place St George | 160 George St: 4-minutes
  • Claridge Plaza Phase 3 | 242 Rideau St: 4-minutes
  • Claridge Plaza Phase 4 | 195 Besserer St: 5-minutes
  • Royale | 245 Rideau St: 5-minutes
  • East Market Phase 3 | 179 George St: 5-minutes
  • York Plaza | 134 York St: 6-minutes
  • Clarence Lofts | 144 Clarence St: 6-minutes
  • 12 Clarence St: 6-minutes
  • Galleria Phase 1 | 200 Besserer St: 6-minutes
  • Galleria Phase 2 | 238 Besserer St: 6-minutes
  • East Market Phase 2 | 383 Cumberland St: 6-minutes
  • East Market Phase 1 | 180 York St: 7-minutes
  • Gallery Court | 15 & 35 Murray St: 7-minutes
  • The Lanesborough | 260 Besserer St: 8-minutes

The O-Train is finally open, sigh of relief Ottawa! The convenience of it should be felt immediately and the coming condo pricing swing (yes, up) shouldn’t be to far behind.