house prices to skyrocket?

I’ve always felt that Bells Corners is a great place to live for many reasons.

But is it a good place to invest?

House prices in Bells Corners have been climbing steadily – here’s where they stand now.

But over the past five years Bells Corners homes have appreciated at roughly the same rate as the average Ottawa home, whereas people who live in neighborhoods like Westboro and the Glebe have seen HUGE increases in the value of their homes.

With our market value assessment system that means their property taxes have skyrocketed too – but don’t worry, they’re laughing all the way to the bank.

Some are predicting that Bells Corners homeowners are about to strike pay dirt.

Bells Corners resident and Rick Chiarelli apologist Doug Hempstead writes in the Sun that we’re going through “somewhat of a renaissance” and that “soon Ottawa will find out what people in Bells Corners have known for years,” that Bells Corners is NOT the dump that many people think it is.

He quotes his buddy RC: “Over the next five to seven years you’re going to see this really catch fire.”

Of course the councillor will try to take all the credit if Bells Corners home prices rise sharply, now that the strip has a “hospitality focus” (translation: a new hotel has been built and the BIA is using the new ‘Chiarelli tax’ to finance exciting initiatives like renaming the strip after a fellow politician, putting up those banners and paying BIA executive director Alex Lewis’ exorbitant salary).

Hempstead writes that “hundreds of new employees will be needed at four major hotels on the strip.”

Huh? Let’s count – the new Holiday Inn, Day’s Inn, Best Western and the Bel-Air motel (don’t believe the councillor’s BS about a new Hilton on the Vox site). Are they going to be firing all of their employees to hire hundreds of new ones? How many people work at the Bel-Air anyway?

Another RC quote from Hempstead’s story: “Bells Corners is going to start taking advantage of it’s (sic) natural competitive position.”

For once I agree with the councillor – Bells Corners house prices are going to rise sharply. But not because of RC, his BIA and his BS.

Within the next few years many thousands of Department of National Defence (DND) employees will be taking over the Nortel campus. Many of them now live and work in Orleans, and they won’t want the long painful commute across the Queensway, and, let’s face it, getting from Orleans to Bells Corners on public transit is hellish.

So they’ll be looking for homes in the area. The big winners will be Crystal Beach-Lakeview residents, but we’re close enough to benefit. Hempstead rightly notes: “With little to no room for expansion, Bells Corners homes may change hands and be renovated and updated by those who would rather live there than travel.”

Many of the house-rich, income-poor seniors who form a large chunk of Lynwood Village residents may not welcome the huge increases in property taxes that will result from a real estate boom in Bells Corners.

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One Response to house prices to skyrocket?

  1. ottawaowl says:

    Rising home prices a double-edged sword

    Steadily escalating home prices are great news for baby boomers who see their real estate nest eggs growing year after year. The news isn’t so great for their adult children trying to buy their first houses.

    Citizen story

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