Real Estate
A Buyer’s Market In Ottawa Now
by Charles Lynch
Co-op sales in Ottawa to the end of June took a drop of 21 per cent over the same period of last year, The Canadian Realtor reports. This confirms the opinion of real estate men that it is a buyer’s market.
Ottawa’s experience compares with a gain of 27 per cent in Winnipeg, a loss of nine per cent in Hamilton, a jump of 87 per cent in Windsor, and losses of 12 per cent and two per cent for Calgary and Edmonton respectively.
Gross sales of $1,810,000 in Ottawa in June, as against $2,258,867 in June, 1959, represented 31 per cent of listings during the month. Listings in the first six months totaled 1,928 and sales 530 or 27 per cent of listings.
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Ottawa real estate men are watching with favour and keen interest the development of the Government’s decentralization plan for the department
buildings. The latest is Riverside Drive where 1,100 men and women are employed by various departments. Ultimately this number is expected to grow
to 7,000. With all these workers in this beautiful area more and more housing developments are expected on Ottawa’s south side.
Since 1947 the National Capital Commission has spent $31,373,930 on land acquisitions out of a total of $50,087,835 on its general development pro-
gram. With this program there has been a tremendous increase in Ottawa property values and particularly in area of the region of parkways.
Many in Ottawa will recall the foresight of the late Hon. Thomas Ahearn who was responsible for developing Island Park Drive. Later he became chairman of the former Federal District Commission and more than any other man gave the Ottawa beautification program the vigorous start which has just kept rolling along since.
Also it may be pointed out that land values in the centre of Ottawa have also increased greatly because of the Queensway. Argyle avenue from Elgin to O’Connor is a good example with its new handsome office buildings.
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The new $4,000,000 Royal Bank of Canada building on Sparks and Metcalfe will be completed next year the present bank premises across the street will go on the market. The Royal Trust Company is planning a new building at the south-
west corner of Metcalfe and Albert street next to the Metcalfe Building.
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Ottawa real estate men are complaining about the lack of zoning in Wellington Ward. This ward is the most important in the city in the point of view of its enormous tax yield from Ottawa business, residences and apartments. It runs from Parliament Hill to the Queensway and from the canal to Kent street.
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Charles W. Ross is the oldest practicing real estate man in Ottawa and is still going strong. He recalls that, in 50 years of business in Ottawa he handled thousands of sales and appraisals. The first house he sold was a six-room dwelling at 87 Spadina. It went for $3,200. Mr. Ross also recalls that in 1913 homes in Westboro were sold from $1,500 to $5,000. A frame house went for $1,500 and a real good home for $5,000.
Source: Ottawa Journal, August 20, 1960, p. 28.