Category: Real Estate

Welcome to newest edition of OC Cribs. This month we are featuring SoBa, the urban development by Lamb Developments.

The industrial soft loft is bringing the Toronto flavour to Ottawa with a modern exterior architecture, spectacular views and great location. Click here to view active listing in SoBa.

Interested in learning more about Lamb Developments and how they are changing Centretown’s skyline? Check out our blog here.

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The skyline in Centretown has been relatively bland. A lot of office buildings and a few interesting high-rise condos here and there, but not much that stands out. Luckily for Ottawa, a Torontonian had a vision. Brad Lamb’s real estate empire is growing. A successful agent, Brad evolved into owning top Toronto Condo Brokerage, Brad J Lamb Realty, and he parlayed those successes into becoming a Real Estate Developer with Lamb Development Corp. With hit projects such as Worklofts, The Brandt Park, and King Charlotte, Brad created a winning formula that could be replicated anywhere. Enter Ottawa, a hyper-local condo market with minimal developer influence from outside of Ottawa. The condo market needed a fresh injection of outside influence and inspiration, which came in the form of Lamb’s Gotham and SoBa condominium buildings.

Gotham

Located on the corner of Gloucester St and Lyon St, Gotham marked Lamb’s first condo development in Ottawa. Perfectly named, Gotham brought to life what you would think of when you hear the name (or New York?). Larger than life (seriously the front door is the largest I’ve seen in Ottawa), a towering presence, and the “wow” factor make this project stand out. The cherry on the top for Gotham is its proximity to the O-Train’s Confederation Line. When the building was completed in 2015, the proximity to the O-Train’s Lyon Station was thought to be a good thing; now with the O-Train finally opening, it’s elevating the status of the building.

Soba Condo Ottawa - 203 Catherine St - Centretown - Exterior Image 2

This is an exterior image of Soba Condo Ottawa – 203 Catherine St – Centretown

SoBa

The long awaiting follow-up to Gotham is SoBa. SoBa, or South of Bank St, is aptly named as it borders two of the best neighbourhoods in Ottawa, The Glebe and Centretown. A condo dweller’s dream, residents can venture into multiple parks, shops, café’s, and restaurants. The architecture of the building is something to behold. It breaks the mould of most condo towers in Ottawa with multiple tiers that make the building look like a cool Jenga tower. Crowning SoBa as a condo dweller’s dream is a full suite of amenities including a gym, party room, pool, and concierge to create the ultimate level of condo convenience.

Value Condos

Price Tags, whether they are at the dollar store or the department store (ok, amazon.ca); we’re always looking at them. And when the price tag shows a good deal, even better! Looking at the condo market, Brad Lamb’s buildings are showing strong value trading around $520/sq ft. Compare that to other newly built buildings and highly anticipated preconstruction projects, such as The River Terraces at Greystone Village ($583/sq ft), Claridge Icon ($605/sq ft), Claridge Royale ($641/sqft), and Zibi ($716/sq ft) and his buildings look like a deal. When you see a deal on a price tag you buy it, right?

Cool Soft Loft Feel

The “Lofty Feel” has become a major trend in condos in Ottawa. The exposed concrete, high ceilings, massive windows and modern finishes are some of the finer details of soft lofts. In Ottawa, soft lofts were first made popular with Urban Capital’s East Market Lofts projects. That said, Brad Lamb wanted to put his own stamp on the soft loft market in Ottawa. His mix of industrial elements such as the exposed pipes in the hallways along with sleek coloured cabinets and stone in units have made his units more appealing to the eye.

The skyline in Centretown has evolved and Gotham and SoBa are changing the condo market. We can’t wait to see what Brad Lamb has in store for Ottawa next!

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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.

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

Members of the Ottawa Real Estate Board sold 396 condominium-class properties in October 2019, an increase of 23% from October 2018.

The average sale price for a condo in Ottawa was $319,208, an increase of 18.3% from October 2018.*

The most active price point in the condominium market was, $225,000-$349,999, and accounted for 53% of the units sold.

Curious about October 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.

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Welcome to 382 Piccadilly Avenue, located in the heart of Wellington Village. This immaculate, walk to everything, 3-bedroom 2-bathroom semi-detached is a dream for the outdoor enthusiast. With paths and trails a stone throw away and a 100% bike score rating, this neighbourhood is an active lifestyle and urban dweller’s dream. This home features an open concept main floor with a gas fireplace and hardwood floors. Bright galley style kitchen with gas stove. The second floor is made up of three bedrooms & a newly renovated full bathroom with heated floors (2019). Newly fully finished basement (2018) with full bathroom (with heated floors), cold storage and laundry room. Private backyard with large deck, gas line for BBQ, perfect for entertaining. Shared driveway with detached garage. Other upgrades at 382 Piccadilly Avenue include; new double-hung windows (2014-2019), capped chimney (2019), fireplace (2017), eavestrough (2013), kitchen hood vent (2014) and roof on garage (2017).

382 Piccadilly Avenue Neighbourhood Guide

382 Piccadilly Avenue is located in Westboro. The neighbourhood of Westboro is west of downtown Ottawa. Westboro is one of the most sought after neighbourhoods in Ottawa and features many different property types. From character-filled single-family homes, condominiums, and brand new infills – this neighbourhood has something for everyone. It is a great place to take a walk or bike ride along the Ottawa River. The neighbourhood is served by the Tunney’s Pasture O-Train Stop, as well as many bus routes.

The demographics of this neighbourhood is very varied with lots of young families and older residents in the large homes and younger individuals occupying the newly built condos.

Yoga studios, vegetarian and trendy cuisines, walking-friendly streets, thrift shops, vinyl record shops and more. The Westboro neighbourhood is a thriving urban center in Ottawa. Many delicious restaurants operate here providing something for everyone’s taste. In addition to all this, this neighbourhood has one of the only swimmable beaches near the downtown core, Westboro Beach. It is a perfect place to relax during the day and watch the sunset during summer nights.

Westboro is near the downtown core, just a 10-minute drive or even shorter ride on the O-Train away. For the outdoorsy types, the neighbourhood has a concentration of outdoor and sports stores including Mountain Equipment Co-op, Lululemon Athletica, Bushtukah and The Expedition Shoppe. It is also close to cycling trails and whitewater rapids in the Ottawa River.

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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.

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Welcome to our first edition of OC Cribs – Industrial Hard Loft. This month, we check out Zev Kershman’s loft at Studio Argyle.

This unique low rise building contains 40 units spread out on 4 storeys. Studio Argyle Condo Ottawa is an eye-catching building with its prominent red brick and cream accents. Located in between Ottawa’s popular and well-known streets, Elgin Street and Bank Street, this building is in the heart of Ottawa’s Centretown.

Stay tuned for the next OC Crib we explore in Ottawa!

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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.

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!

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!

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.

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.

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!

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.

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Condos in Ottawa have a hierarchy to them. There is the best, the most popular, the “ok” ones, the “oh no way in hell” ones, and the “what is that”? The Confederation Line of the O-Train isn’t just making the best buildings shine, it’s making the less obvious ones start to look like diamonds in the rough. Here are the top three condo buildings to benefit from the O-Train:

SoHo Parkway | 201 Parkdale Av:

What’s the first thing that comes to mind when you think of Parkdale Ave, the Parkdale Market or the busy corner of Parkdale Ave and Wellington St? Parkdale Avenue was supposed to become the next to be condo corridor in Ottawa (think of Rideau Street), but it didn’t materialize. Parkdale Avenue is turning into rentals, one huge lot is for sale, and one developer is still waiting to see what happens. That said, there is one newer building on the street that bears mention, SoHo Parkway | 201 Parkdale Av. The forgotten child of the SoHo family (SoHo Lisgar, SoHo Champagne, and the ‘coming soon’ SoHo Italia), SoHo Parkway | 201 Parkdale Av offers similar amenities (minus the concierge and hotel) and same finishes the SoHo brand is known for. The building has had a history of condo fee issues, but those seem to be subsiding and stabilizing. One-bedroom units in the building are selling at an average of $289,846. Compare that to standout buildings in the Mechanicsville / Westboro area, such as 150 Caroline Av with an average sale price of $323,300 and One Thr3e One | 131 Holland Ave at $348,208, and you’re looking at price difference of 10% and 16% respectively. Considering SoHo Parkdale has the shortest walk (just six minutes!) to the O-Train at Tunney Pasture of all three buildings SoHo Parkway seems to have great value.

East Market Phase 3 | 179 George St:

The hustle and bustle of the Byward Market has been dampened over the last few years by the closure of Rideau St and the persistent issue of people wandering through the street. Anyone care to wander down Waller Mall alone at night (or during the day for that matter)? Fortunately, things are looking up in the market! Rideau St is starting to open back up, new condo developments are being announced, such as Claridge Royale, and the Salvation Army is set to move out of the Byward Market and into Vanier. One of the prime buildings to benefit from all of this is East Market Phase 3 | 179 George St. East Market Phase 3 has been a slightly forgotten project with the recent developments of Claridge Plaza, The Galleria, and 90 George St. As the only soft loft in the market, East Market Phase 3 caters to a specific condo clientele. The rejuvenation of the Byward Market could create massive value buying opportunities at East Market Phase 3. Currently, the average sale price of a one-bedroom condo in the building is $269,575. That’s 15% lower than Claridge Plaza Phase 1 | 200 Rideau St and The Galleria Phase 2 | 238 Besserer St! With a quick 5-minute walk to Rideau Station, East Market Phase 3 is poised to be a renewed hot condo building.

The Pinnacle | 445 Laurier Ave W

Centretown saw a massive condo boom from 2014-2016 with new buildings such as Hideaway |340 McLeod St, SoHo Lisgar |300 Lisgar St, TriBeCa | 179 Metcalfe St, The Slater | 199 Slater St, Gotham | 224 Lyon St, and Cathedral Hill | 428 Sparks St. Since then there has been a big lull in new developments, with the exception of SoBa | 203 Catherine St, which was completed in 2019. With not a lot in the condo pipeline, a few of the older buildings are going to get a second look; primarily the Pinnacle. It was built back in 2007 and generally has larger floor plans than the newer builds. The average sale price of a one-bedroom unit is $290,214, which is 8% less than the Mondrian | 324 Laurier Av W and 18% less than Gotham | 224 Lyon St. With a 4-minute walk to the Lyon O-Train station, the building could provide great value for Centretown condo buyers.

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