Opportunities in Understanding Zoning in the City of Ottawa

Opportunities lurk… with this, there are many Opportunities in Understanding Zoning in the City of Ottawa.  As part of the city of Ottawa’s attempts to re-intensify (increase density) in the city centre, they published new zoning by laws and regulations in 2011. These bylaws can drastically affect the highest and best use of properties. Hence, knowing and understanding these by laws opens doors to the possibility of extracting value where it was not before, or others do not know exists.

Residential zones in our city are divided into 4 main zones. R1, R2, R3, & R4. Each of these zones have sub-zones that further classify the usability of the subject property that you may be interested in.

City of Ottawa R3 Zoning

Click here to learn more about my favourite money-making zone – R3. This Zone is not overly complex, the barriers to entry are relatively achievable, and scope of understanding/proficiency needed to navigate profitably is definitely attainable. As you read through the zone, you will find yourself looking at a chart that outlines the available uses of a specific parcel, as well as lot area requirements, minimum frontage requirements, set back requirements, etc.

At a glance, this may seem like numbers on a page. If you look closer and really try to absorb this information you may find yourself (as I did) driving up and down streets in mature R3 zones. You will be looking for large side yards that may be severable and sellable, side by side duplex’s that may be able to be subdivided and sold separately, the list goes on and on.

In summary, opportunities are out there. Understanding zoning regulations will definitely help with making smart real estate investments. Even if you are just purchasing your primary residence, understanding that there may be fall back development potential can turn out to be a huge financial gain. Increased knowledge reduces risks, and I would say, understanding zoning is a must.

As always, feel free to shoot me any questions you may have, whether about opportunities in understanding zoning in the City of Ottawa, condos in Ottawa, or anything real estate.

Jeff

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Residential Negotiations

Deal-making is at the center of a Real Estate Professionals job every day when taking part in residential negotiations. With this, there have been noticeable similarities and common denominators present in the majority of residential properties that our Buyers have picked up at what can be viewed as a “steal”.

The three most critical pieces of information that need to be understood prior to entering into nonemotional residential negotiations are:

  1. Don’t even consider a negotiation without this piece of info: “How much did the seller pay for the property and when did they buy it?” Thinking rationally, it should not matter what the Seller bought a property for because in a perfect world market price would find itself. But since the world isn’t perfect, if you are a deal seeker and you combine a property that was purchased 10 years ago for $200k that is now worth $315k with a Seller that is motivated a deal COULD be on the table at $300k or north. The thought of cashing out or moving on, combined with a nice profit, will typically help facilitate the transaction. Versus the exact same property, except the Seller just purchased it last year for $298k and would be taking a loss at $300k. The second Seller may be more inclined to sit tight and wait for $315k to cover their loses.
  2. How many days has the property been on the market for? This element is pretty obvious – Days on market combined with motivating mitigating factors can often lead to a low ball offer being looked at more seriously than if the property had been on the market for two weeks.
  3. Has the Seller purchased another property yet? Or any other motivating factors for them to move? The thought of carrying two properties can lead consumers to act irrationally. If possible, look into this. Even if the Seller holds their hand close, have your Agent test their position with the old ‘offer and walk’ technique. This approach will likely lead to a call back in a few days and a possible deal!

Deals are in the details!

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