Thursday, January 31, 2013

Booth Street - Ottawa's new distillery district

Little Italy has more positive developments happening.  Toronto has the super-hip "Distillery District", Ottawa will soon have their own version in the heart of Little Italy. 

With the LRT being built and completed by 2018 and the new Ottawa Distillery District project, the face of Little Italy is changing quickly.  These types of community improvements are huge drivers of real estate price growth.

OTTAWA — Natural Resources Canada’s plans to get rid of part of its huge building complex on Booth Street is adding to hopes that the area could become Ottawa’s version of Toronto’s popular Distillery District.

The idea of creating a shopping and entertainment area out of repurposed brick government buildings on the land north of Carling Avenue near Preston Street has been kicked around for some time, but would require NRCan to give up the property.

Read more:    For information on Ottawa real estate or investment real estate in Ottawa, contact the Bennett Property Shop Realty Brokerage.

Wednesday, January 23, 2013

Condo equity growth in Ottawa

Ottawa Condos have increased in value well over the past 10 years according to sales featured on the multiple listing service.  Below is a sampling of different properties, in different areas and different sizes.  These units were purchased from the multiple listing service, not from the builder. 

Tuesday, January 22, 2013

Downtown Toronto condos: Signs of life

Toronto condos are starting to surge again, with first time buyers pushing the market forward.  This is in-line with CMHC predictions for 2013.  Multiple offers are returning on entry level condos.

“I think people who have been standing on the sidelines are realizing that we’re not having a crash. We’ve had a lot of clients come out of the woodwork the last couple of weeks,” says downtown realtor Joanna Kalbarczyk

Click here to read about this interesting development - for information on Ottawa Condos and Ottawa real estate, check out the Bennett Property Shop Realty

Monday, January 21, 2013

Ottawa Light Rail to move forward

21 December 2012

CANADA: The Rideau Transit Group consortium has been selected as preferred bidder to design, build, finance and maintain the Confederation Line, a 12•5 km light rail route with 13 stations in Ottawa. The consortium comprises SNC-Lavalin, ACS Infrastructure, EllisDon, Dragados Canada and Veolia Transportation Services. Alstom would supply Citadis cars assembled in Ottawa. The decision was approved by City of Ottawa Council on December 19. According to the city council, the schedule should see construction substantially complete by the end of 2017 and services begin by 2018. The fixed-price contract of C$2•1bn means Ottawa taxpayers will not be financially responsible for cost over-runs related to construction.

For detailed information on Ottawa's plans, please click here

According to research done by Don Campbell at REIN (the Real Estate Investment Network), Light Rail Transit has a definite impact on real estate.  In San Fransisco, their LRT the BART, 1 bedrooms located with a quarter mile rented for 10% more, as two bedrooms, rented for 16% more.  Over a twenty year study, homes located stops on the BART were valued at 38% higher than similar houses located away from a stop.  Similar discoveries were made in Toronto, Chicago, New Jersey and Portland.  The magic number seems to be approximately 500 meters from a stop on the LRT.

For details on their research, click here

For real estate along the Light Rail route, contact your Ottawa real estate source, Bennett Property Shop Realty.

Controls on Little Italy Growth?

A new proposal has come forth on the Little Italy redevelopment in Ottawa.  The main points are:
• let developers construct 40-storey buildings along Carling
• allow 18-storey buildings all along Rochester;
• allow nine-storey buildings along the O-Train tracks just west of Preston; and
• build new roads along the tracks and bridges across it to handle the expected extra traffic

Some local merchants and residents say "Preston Street’s Little Italy would be ruined by taller buildings and a new road along the O-Train tracks".  Read complete story here

Click here to see the suggested development plan for Little Italy

For information on Ottawa real estate or Little Italy properties contact the Bennett Property Shop Realty.