Real Estate Blog - The Molly & Claude Team

Ottawa Real Estate News Release (OREB) – Consumer Confidence Cautiously on the Rise in Ottawa Resale Market

November 7, 2024 by microsoft edge

November 6, 2024

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,179 units in October 2024 — an increase over the 1,047 units sold last month.

Home sales were 3.9% below the five-year average and 0.9% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 11,662 units in October 2024 — an increase of 9.4% from the same period in 2023.

“We’re seeing positive movement in Ottawa’s market with sales activity up,” says OREB President Curtis Fillier. “This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many are waiting for additional rate drops.”

The 50-basis-point reduction might offer optimism following Ontario’s tabling of the Fall Economic Statement where housing starts projections were scaled back to 81,300, representing another reduction in projections and is even further from the province’s goal of creating 125,000 new homes in 2024. The Ontario government cites high interest rates and a tough economic environment as pervasive challenges for homebuilders.

“The challenge remains supply,” says Fillier. “We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges. Now is always the time for fresh action and innovative policies that can create much-needed inventory.”

OREB leaders and volunteers recently joined the Canadian Real Estate Association on Parliament Hill to present focused solutions to confront the ongoing housing supply crisis. With expertise and experience in market conditions and consumer needs, REALTORS® advocated to stimulate supply by investing in offsite construction technologies (i.e. prefabricated homes) and extending HST/GST relief for non-profit-built affordable ownership housing.

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $639,500 in October 2024, an increase of 0.4% from October 2023.

The overall MLS® HPI composite benchmark price was $639,500 in October 2024, an increase of 0.4% from October 2023.

The benchmark price for single-family homes was $724,500, up 0.7% on a year-over-year basis in October.
By comparison, the benchmark price for a townhouse/row unit was $506,900, up 1.6% compared to a year earlier.
The benchmark apartment price was $407,500, down 3.4% from last year.

The average price of homes sold in October 2024 was $668,690 increasing 1.2% from October 2023. The more comprehensive year-to-date average price was $678,081, increasing by 0.9% from October 2023.
The dollar volume of all home sales in October 2024 was $788.3 million, up 47.7% from October 2023.

OREB cautions that the 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. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 10.4% from October 2023. There were 2,089 new residential listings in October 2024. New listings were 6.7% above the five-year average and 17% above the 10-year average for the month of October.
Active residential listings numbered 3,354 units on the market at the end of October 2024, a gain of 8.9% from October 2023. Active listings were 40.6% above the five-year average and 6.7% above the 10-year average for the month of October.
Months of inventory numbered 2.8 at the end of October 2024, compared to 3.8 in October 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Architecture – Canadian Architecture – Gothic Revival – Montreal

November 6, 2024 by microsoft edge

Notre Dame de Montreal Basilica
1829

Gothic Revival architecture made a significant impact on Montreal’s urban landscape in the 19th century, reflecting the city’s European influence and religious heritage. This architectural style, rooted in medieval Gothic forms, became prominent in Montreal as it did across Canada, driven by the Romantic movement’s nostalgia for the past and the desire to convey grandeur, spirituality, and civic pride.

Key Features of Gothic Revival Architecture in Montreal

Montreal’s Gothic Revival buildings are characterized by:

Pointed Arches: Seen in doorways, windows, and structural vaulting, giving the architecture a dramatic, upward reach.
Ribbed Vaults: Mimicking medieval cathedral styles, adding structural strength and decorative patterning.
Ornate Spires and Towers: Tall spires give a vertical emphasis, often embellished with intricate carvings.
Buttresses: Often flying buttresses, which provided support and enhanced the overall majestic appearance.
Detailed Stonework: Elaborate facades adorned with tracery, finials, and other ornamental details, often inspired by European Gothic cathedrals.

Iconic Gothic Revival Buildings in Montreal

Several buildings in Montreal embody Gothic Revival architecture, most notably churches but also some civic buildings and private structures:

Notre-Dame Basilica: One of Montreal’s most iconic landmarks, this basilica in Old Montreal is a classic example of Gothic Revival. Designed by architect James O’Donnell, it was completed in 1829. Its impressive facade, twin towers, and elaborate interior with stained glass windows depicting scenes from Montreal’s religious history make it a must-see.
St. James the Apostle Anglican Church: Completed in 1864, this church features prominent pointed arches, ribbed vaulting, and intricate stained glass, embodying classic Gothic Revival elements.
Christ Church Cathedral: Another significant Gothic Revival structure, Christ Church Cathedral is unique for being built in a neo-Gothic style with a distinctly English Gothic influence. Constructed in 1859, it has a beautiful stone facade, spire, and vaulted ceilings. Interestingly, it now sits atop Montreal’s Promenades Cathédrale underground mall.
Saint Patrick’s Basilica: Built in 1847, Saint Patrick’s Basilica is known for its stunning stained-glass windows, ornate interior, and vibrant colors. It was designed to serve Montreal’s Irish community and stands as a testament to Montreal’s Irish Catholic heritage.
The Redpath Museum: Although not purely Gothic Revival, this building incorporates elements of the style. Located on the McGill University campus, the museum features pointed arches and decorative stonework, reflecting the architectural tastes of the era.

Historical Significance

Gothic Revival in Montreal was part of a broader movement across Canada, influenced by British and European trends. It was especially favored for ecclesiastical buildings, as the style was associated with religious heritage, spirituality, and continuity with the past. Montreal’s churches and public buildings became physical symbols of the city’s multicultural, deeply religious communities.

Preservation and Modern Legacy

Today, these buildings remain some of Montreal’s most beloved heritage sites, cherished for their architectural beauty and historical importance. Efforts to preserve Gothic Revival architecture in Montreal have been largely successful, with many of these structures meticulously maintained or restored.
Montreal’s Gothic Revival buildings continue to draw tourists and architecture enthusiasts, showcasing the city’s historical layers and deep-rooted architectural diversity.

Ascension of our Lord Church
1928

Bibliotheque Mordecai Richler
1905

Black Watch Armoury
1906

Cegep de Saint Laurent
1847

Christ Church Cathedral
1859

Church of Saint Pierre Apotre
1853

Church of St-Andrew and St-Paul
1932

Church of St-John the Evangelist
1878

Cathedral of Saint Antoine de Padoue
1911

College Notre Dame du Sacre Coeur
1869

Duggan House Braehead
1861

Frederick Thomas Judah House Villa Rosa
1875

Le Regiment de Maisonneuve
1933

Loyola College
1916

Martlet House
1928

McGill University Institute of Islamic Studies
1871

McGill University Faculty of Religious Studies
1912

Montreal Diocesan Theological College
1896

Mountainside United Church
1914

Mount Royal Cemetery Gate

Musee des Metiers d’art du Quebec
1867

Saint Alphonse Byouville Church
1931

Ottawa’s Hidden WWII Legacy: 7 Sites Under Assessment for Unexploded Munitions

November 5, 2024 by microsoft edge

In an unexpected blend of history and modern safety, Ottawa residents may be surprised to learn that remnants of the Second World War still linger beneath their feet. The Canadian government, alongside military experts, is currently assessing seven sites across Ottawa for unexploded munitions left over from WWII. This initiative aims to ensure public safety by locating and addressing any hidden ordnance that might still pose risks. Here’s what you need to know about these efforts and how they impact our community.

Uncovering Ottawa’s Wartime Past

While WWII battlefields were primarily overseas, Ottawa played a significant role on the home front. During the war, the city was a hub for training exercises and munitions storage, with several areas used for practicing military maneuvers. After the war, most of the equipment was cleared, but as history has shown, some unexploded ordnance (UXO) can remain buried and undetected for decades.

Fast-forward to today, and these sites are being evaluated as part of an ongoing initiative to ensure that Ottawa’s land remains safe for public use and future development. With advanced technology and meticulous planning, specialists are now re-examining these historic sites.

The Seven Sites Under Review

Each of these seven sites holds a unique place in Ottawa’s history. From greenbelt forests to open fields, the areas under review may have seen live-fire exercises, munitions storage, or field maneuvers during WWII. Here’s a look at each one:

Greenbelt Forest – Once a critical training ground, this popular hiking area is now under careful inspection to ensure safe recreation.
Rockcliffe Park – This site near the Ottawa River was used extensively during the war, and while it’s a peaceful residential area today, experts are reviewing it to detect any lingering UXO.
Mooney’s Bay – A family-friendly area that may have historical training ties, Mooney’s Bay is now under assessment to protect both the public and natural habitat.
Lebreton Flats – Known today for its development projects, Lebreton Flats has a complex history, including its use as a WWII site.
Central Experimental Farm – While famous for agricultural research, portions of this site may have supported military activities during the war and are now being checked.
South March Highlands – A natural area beloved by bikers and hikers, this forested space is also under review for any wartime remnants.
Westboro Beach Area – Close to the Ottawa River, this area saw wartime use and is now being assessed for potential UXO.

How Are the Assessments Conducted?

Modern technology allows these assessments to be thorough yet minimally invasive. UXO specialists use tools such as ground-penetrating radar and magnetometers to detect metal objects below the surface. These non-intrusive methods enable teams to locate and identify potential UXO without disturbing the soil.

When a potential UXO is detected, a specialized response team conducts further analysis. If ordnance is found, controlled removal techniques are employed to safely clear the site. Throughout the process, officials keep the public informed and manage access restrictions to ensure everyone’s safety.

Why This Matters to Ottawa Residents

Unexploded WWII munitions, while rare, can pose significant risks if accidentally triggered. Public safety is the primary goal, but these assessments also offer a chance to connect with Ottawa’s history. By addressing these remnants responsibly, Ottawa honors its past while safeguarding its future.

For residents near these sites, safety measures are in place. Temporary restrictions on access may occur, but officials will keep the public informed every step of the way. The government’s commitment to thorough assessments means that Ottawa’s green spaces, parks, and future developments will remain safe for generations to come.

Staying Informed

Ottawa residents are encouraged to stay up-to-date with these assessments. Community meetings and official briefings will be held to provide information on findings, necessary precautions, and any planned removals. Those interested in learning more or who have questions about specific sites can contact local authorities or visit the city’s official website.

Wrapping Up

This assessment effort is more than just a safety measure; it’s a window into Ottawa’s role during WWII and the lasting impact of those turbulent times. As these sites are carefully examined, we’re reminded of how the past intertwines with our present landscape.

Through these efforts, Ottawa continues to honor its history while preparing for a safe, thriving future. If you’re near one of these historic areas, stay informed, respect any temporary restrictions, and remember that Ottawa’s past holds stories—and sometimes hidden remnants—worth exploring.

City of Ottawa Yellow Bag Program: Manage Extra Garbage with Ease

November 4, 2024 by microsoft edge

The City of Ottawa has implemented a three-item limit for curbside garbage collection to encourage waste reduction and extend the lifespan of the Trail Road Waste Facility Landfill. To accommodate households that occasionally exceed this limit, the city offers a Residential Yellow Bag Program.

What are Yellow Bags?

Yellow bags are official City of Ottawa garbage bags that residents can purchase to dispose of additional waste beyond the three-item limit. Each yellow bag allows for the disposal of one extra garbage item without penalty.

Where to Purchase Yellow Bags

Yellow bags are sold in packages of four for $17.60. They are available at various locations across the city, including:

Client Service Centres
Select recreation and community centres
Home Hardware stores
Richmond BMR

There is no limit to the number of yellow bags that can be purchased and set out on garbage day.

Usage Guidelines

Each yellow bag counts as one additional garbage item.
Ensure that the yellow bag is properly sealed and placed at the curb on your scheduled garbage collection day.
There is no limit to the number of yellow bags you can set out for collection.

By utilizing the Yellow Bag Program, residents can manage occasional excess waste responsibly while adhering to the city’s waste management policies.

Open House
Viscount Alexander Park
1909-515 St Laurent Boulevard
$279,900
Sunday
November 3, 2 p.m. to 4 p.m.

November 3, 2024 by microsoft edge

Welcome to suite 1909 at 515 St. Laurent, located in The Highlands in Viscount Alexander Park. This sun-filled, 2-bedroom condo offers breathtaking views of the Ottawa River and the Gatineau Hills. The kitchen is the heart of this well-laid-out home, featuring hardwood floors throughout. The spacious living and dining area is versatile enough to include a cozy office corner, and it opens to a large balcony. With ample closet space, an in-suite locker, and the rare convenience of in-suite laundry, this condo also comes with air conditioning. Building amenities include an outdoor pool, sauna, gym, and party room. Condo fees cover building insurance, amenities, a caretaker, heat, hydro, management fees, and water/sewer. Conveniently located near Montfort Hospital, CMHC, CSIC, NRC, and La Cité Collégiale, with easy access to public transit and just minutes from downtown, this condo offers both comfort and convenience.

Click here for virtual tour and additional pics.

Why Waiting to Buy Could Cost You: How Lower Interest Rates Drive Up Home Prices

November 1, 2024 by microsoft edge

As interest rates gradually decline, many potential homebuyers may view this as the perfect opportunity to wait and secure a better rate. However, it’s essential to understand that as rates decrease, more buyers will likely enter the market, creating heightened demand for homes, especially in high-demand areas. This increase in buyer competition often leads to a surge in home prices, making properties more expensive across many desirable neighborhoods.

For those delaying their purchase to save on interest costs, it’s crucial to recognize that rising home prices may offset any savings from a slightly lower interest rate. While a reduced interest rate might lower monthly payments slightly, the increased home prices can raise the overall loan principal, potentially making homeownership more costly in the long run.

In hot real estate markets, timing is key. Buying a home now, even at slightly higher interest rates, might allow buyers to secure a better deal on the home price itself. As more buyers compete for limited listings, waiting could mean paying more for the same property. Taking advantage of today’s market could offer long-term savings as property values are likely to continue their upward trend amidst growing demand.