The Charlotte - Construction and Sales Update - July 2021

**For more information about The Charlotte visit The Charlotte page HERE, which has everything about the building in one place. This includes the floor plans, pricing, renderings, sales updates, etc. **

Richcraft Homes has been working hard and construction is coming along for The Charlotte. Located at 560 Rideau Street, the construction is currently pouring the 8th floor of the 14 floors and is on track for a late April or early May 2022 occupancy.

The building is roughly 40% sold out of the 197 units with pricing starting at $379,000 for the SB floorplan which is 389sqft on the 9th floor. Pricing for studio units is averaging about $1,000sqft and $800sqft for one bedroom units.

For more information about The Charlotte condos, or other pre-construction condos in Ottawa, please fill out the form at the bottom of the page.

Claridge Royale - Sales and Construction Update

**For more information about Claridge Royale, visit our Claridge Royale page here. Includes everything about Claridge Royale in one place, floorplans, renderings, etc.**

Claridge Homes continues to dominate the (pre-construction) condo market in Ottawa, and Claridge Royale is one of their projects currently under construction. Located at 180 George Street in the Byward Market, construction is well underway now and “at grade” or at street level. The building will consist of 237 units that are spread over 26 floors. The building is still on track to take occupancy on September 2023.

As of today, Claridge Royale is 66% sold out. Pricing for remaining units start at $346,000 for a “modified” Jewel floorplan - 490sqft studio unit on the 2nd floor. The most expensive unit remaining for purchase is the Paramount floorplan - 980sqft two bedroom two bathroom unit on the top floor (26 or PH2), priced at $978,000. The building average price per sqft for all units combined is $776sqft, with the lowest unit priced at $678sqft (Plush floorplan 645sqft on the 3rd floor).

For more information about Claridge Royale, or pre-construction condos in Ottawa, fill out the form below.

Echo Canal - Uniform Developments - Sales Update

**For more information about ECHO Canal by Uniform, visit the ECHO Canal page here. This includes floorplans, pricing, renderings, news updates, and more.**

Uniform Development’s latest project, ECHO Canal, is located at 115 Echo Drive at the corner of Main street and Echo Drive, just steps from the Rideau Canal. The building has done very well, with 29% of the building sold (12 units sold out of 42 units). Considering this is a luxury product, the remaining units start at $575,000 for a one-bedroom plus den, 844sqft, on the third floor (unit 306). Overall, the building average price per unit is $1,08,833, with an average size of 1,312sqft, and with an average price per square foot of $801.55/sqft (*for remaining units).

The building is looking at a tentative occupancy date of March 2022. Each unit includes one storage locker in the price. Parking spots can be purchased for $45,000. Condo fees are projected to be $0.54/sqft.

Questions about ECHO Canal, or about pre-construction condos in Ottawa? Fill out the form below, or email Matt directly - Matt@MattRichling.com.

What is a PDI or Pre-Delivery Inspection?

Often you will hear people in Ottawa throwing around the term PDI - Which stands for pre-delivery inspection. When you purchase a brand new condo (or home) you will be enrolled in the seven-year Tarion Warranty program. Before you take occupancy (move in), you will do an "inspection" of the entire unit with the builder. This is a comprehensive inspection where you may also be demonstrated on how to operate the home's systems such as plumbing, heating, and cooling. 

Any item that is damaged, missing, incomplete, or not operating correctly, should be noted on the PDI form that the builder will provide, which will verify that these conditions existed prior to occupancy. Some units have many small problems, some have very few. This is a chance for the builder to correct any issues before you take occupancy. Once the inspection is over, you will be asked to sign the PDI form.

Some examples that we have seen first hand are:
- tiles or flooring installed incorrectly or damaged
- appliances missing or damaged
- cabinet trim missing or damaged
- windows damaged
- baseboard trim damaged or missing
- poor paint or drywall mudding
- drywall nail pops
- counters missing or damaged
- the list goes on...

Keep in mind that the PDI is to establish that the problem existed before you moved in. If it is not mentioned on the PDI form, then it may be difficult to establish that the issue did not happen after you moved in and after you have occupancy. If there are any items that are not corrected by the time you move in, they need to be listed on a 30-day or year-end form. These forms represent a request for a warranty service and listed items that are covered under warranty that must be addressed by the builder within a specific amount of time.

If you are unable to make the PDI, you can always ask the builder and try to change the date. If that is not possible, you are able to send a designate (such as your real estate agent or friend/family member) - just provide your builder with written authority to sign the PDI form. 

Check out our post with tips for doing your PDI inspection - CLICK HERE.

Questions about buying condos in Ottawa? I would love to chat. Fill out the form below and ask away!

CLICK HERE TO CHAT!

PDI Inspections

SOBA - Construction Update - January 30th 2018

Things are progressing quite nicely at SoBa. Construction is currently pouring the 23rd floor (seven more to go), with windows starting to be installed on the 2nd etc. There are reports of construction crews working over the weekends in order to catch up with the delays (weather, mainly low temperatures). 

For more information about SoBa Condos, check out the dedicated section with regularly updated construction and sales information. CLICK HERE

For more information or to chat with Matt Richling about pre-construction condos in downtown Ottawa, fill out the form at the bottom of the page.

Arthaus Condos - Hits 17th Floor - Construction Update

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The private condo section is now underway at Arthaus Condos and is expected to be finished pouring the structure this month. Currently pouring on the 17th out of the total 23 floors, DevMcGill is planning on starting occupancy of the 89 condominium suites by this fall.

For more information about Arthaus condo project, visit the Arthaus section HERE. If you have questions about pre-construction condos in Ottawa, contact Matt Richling by filling out the form below.

Zibi Ottawa - Kanaal - Grand Launch Date

After great success with the launch of the first phase on the Gatineau side, Windmill Developments has announced the name and date for the second phase of the Zibi Project. Kanaal will be a mixture of 61 condos and stacked town houses designed by Barry J. Hobin and Associates Architects. Located on the Ontario side of Ottawa's Chaudiere Island, many buyers have been very eager for an Ontario building in this project.

Grand Launch for Zibi's Kanaal has been set for 10am Saturday November 7th at the Zibi Sales Centre (3 Eddy Street in Gatineau). If the first launch was any indication - expect some great food and entertainment.

For assistance with purchasing a pre-construction unit at the launch or for more information about Kanaal, or the entire Zibi project, fill out the form below. 

The Bowery Promo Event

New promo has just announced directly from Richcraft for anyone who purchases The Bowery. Buyers have the choice between no condo fees for one year, free storage locker, upgraded designer package, or hardwood in the bedroom.

While you might have a preference on which you would prefer, it will depend on the size of the unit to decide which option would be the best option. No condo fees for one year is typically a rebate or discount off purchase price. Easily calculated for the size of the unit - $0.36sqft 800sqft = $3456/year or 400sqft = $1728/year. Storage lockers are priced around $3,000. Then the designer package and hardwood depend on the unit. 

Questions about the building, units, or purchasing pre-construction condos in Ottawa? I would love to chat - fill out the form below or email directly Matt@MattRichling.com.

When Do I Have To Pay The Deposit?

Question: When do I have to pay the deposit when I am purchasing a pre-construction condo through the developer?

Every condominium project in Ottawa will have a different deposit structure, however the typical deposit required is 20% paid in four instalments.

Example based on a $350,000 purchase price:

At time of signing - $5,000 
30 days from signing - Balance up to 5% - $12,500
90 days from signing - Another 5% - $17,500
180 days from signing - Another 5% - $17,500
Occupancy - Another 5% - $17,500

Total paid is the 20% deposit which (based on $350,000 purchase price) is $70,000.

Keep in mind that every condo development is different, and the deposit structure even might change from initial launch to nearing completion. Builders typically require higher deposits at the beginning of a project, as the bank that is financing the building will have set out requirements in order to start construction. As the project gets underway, the developer typically has more room to negotiate amounts and dates, with extensions or even reducing the amounts. 

Have a question about deposits or purchasing a pre construction condo here in Ottawa? I would love to chat!

What Is The Ten Day Cooling Off Period?

As per the Ontario Condominium Act, each developer has certain restrictions and rules to follow that are in place protect you, the consumer. When you buy a newly-built condo direct from the developer, you have the right to cancel the purchase within a 10 calendar day cooling-off period. This was put in place so when on launch day you get all caught up in the hype and excitement, you are still able to make sure you don't have any buyers remorse. Just remember that there is no cooling off period on re-sale condominiums.

Things to be aware of:
- The clock on the 10 day period starts from the time you receive a copy of the fully signed purchase and sale agreement OR the disclosure statement, which ever comes later.
- You also have the right to cancel a sales agreement within 10 days after any "material change" (significant change) to the disclosure statement.
- If you decide to cancel, the developer must refund any deposit plus any interest that may be payable.
- A developer is not able to terminate your purchase and sale agreement without your consent or a court order.

During the 10 day cooling off period we highly suggest that you:
- Have your lawyer to review the agreement and discuss any concerns that you might have about the purchase or the agreement. This is the time to request any changes to the agreement, not once the cooling off period is over.
- Speak to your mortgage broker and ensure you are pre-approved for the purchase. Keep in mind the closing date and get in writing that they are able to do a rate hold till your closing. Not all mortgage brokers and banks are able to do long rate holds for pre-construction condos in Ottawa.

More questions? I would love to help you find the answer! Contact Matt.