Last Updated on October 24, 2023 by Clayton Jarvis
The Ottawa market has shown no sign of slowing down in the early days of 2020. The city just closed the books on its busiest February in 15 years. It was a month that saw sales increase 13.9 percent year-over-year and the average sale price of both condos and homes shoot up by over 21 percent.
With buyers battling it out over properties in such a fiercely competitive environment, investors approaching the city for the first time may find it difficult to get a foothold in the market. Those fortunate enough to “win” a contentious bidding war are increasingly finding themselves in possession of a property that no longer cash flows.
Rather than contend with countless other investors over the same two or three property types (and appealing to the same two or three groups of renters), the wise play may involve removing oneself from the fray entirely, spending a little more money, and appealing to a completely different kind of tenant.
reResidences
reResidences, Ottawa’s newest downtown condominium development, is truly a one-of-a-kind property in terms of both amenities and location. Less than two blocks from Parliament Hill, reResidences was designed with the needs of entrepreneurs, businesspeople and other prominent officials in mind, as well as individuals who are simply looking for a lavish lifestyle and incredible views. The building is iconic, the condos exquisite, and the concierge service both white-glove and world-class.
Even though Ottawa’s economy is running red-hot and there is a historic amount of money coursing through the city, reResidences is one of the city’s first opportunities for investors to purchase high-end condos with unobstructed views of Parliament, all while offering some of the highest value per square foot both nationally and internationally. The novelty and quality on offer have resulted in solid demand.
“This level of product is quite new to the market,” says Danielle Eves, Sales Manager at Ashcroft Homes. “There is nobody who is going to live anywhere near as close to Parliament as the residents at reResidences will, so getting in early is definitely going to be profitable down the line, whether you try to sell or just rent out your suite.”
In addition to reResidences’ unmatched location, residents will also have access to a vast array of amenities, including a state-of-the-art fitness studio, the iconic Sky Lounge, a gourmet ground floor restaurant, fully equipped business centres and much more.
“A lot of these residents are entrepreneurs, government officials and working professionals, so we have these amazing amenities to fit their lifestyle and business needs,” says Eves. “And everything a person might need – dry cleaning, a driver, housekeeping – can be arranged by the 24/7 concierge on the ground floor.” All services will be available to an owner’s rental tenants.
reResidences offers a wide range of sizes and prices, making it surprisingly approachable for even the beginner investor. Studio apartments of approximately 500 square feet start at $450,000, but 2,800 square foot behemoths on the upper floors (3,500 sf including balconies) can cost up to $3.8 million.
“There’s a little bit for everyone,” says Eves. “There are the high-end buyers who will wind up with the penthouses and Sky Suites. And you’ve got these fabulous studios that are really attractive to investors because the rent in this area, and especially in this location, is quite high.”
Eves estimates that unfurnished studio apartments should fetch at least $2,000 a month. But with so many government and corporate leaders visiting Ottawa to work on short-term projects, renting fully furnished units on a weekly or monthly basis should result in seriously amplified rental rates.
“Our [company-owned] studios will rent for $3,995 a month fully-furnished,” she says. “We’re right in the heart of the financial district, steps from the Rideau Centre, steps from Parliament. You can’t really beat waking up, turning left and seeing the Peace Tower.”
Top-floor living
Only a select few remain, but reResidences’s top-of-the-line Sky Suites are worth a look for anyone prepared to spoil themselves or their tenants.
Occupying the upper three levels of the complex, these limited-edition luxury spaces offer an unparalleled living experience. Each sprawling unit features custom elements and finishes that have-been hand-selected by a world-class design team as a means of melding the historic infrastructure of Ottawa with the living space itself. All materials, features, and finishes used in the design are highly customizable, so owners can assemble a bespoke property that complements who they are.
A limited number of units in reResidences are available, but they are selling quickly. For more information call 613-221-5928 or visit reresidences.com today. To learn more about Sky Suites, visit www.reskysuites.com
