Minto Vibe at Lansdowne Now SOLD Out!

The Vibe, located at 118 Holmwood and Bank, is officially sold out. The Vibe is the first of two towers for Minto's Lansdowne project. The Vibe was a 13 storey, 125 unit, building with commercial space in the lower levels. Minto has a good history of building condos with The Metropole and Ampersand here in Ottawa, among others (in Ottawa, Toronto, and Florida). 

There are only twelve units available out of the 280 from both towers. Most of these condos are one plus dens, two plus dens, and some penthouse units that remain. Prices range from $424,900 for a 764sqft west facing unit, up to $1.3M for the 2002sqft northwest facing penthouse.

Questions? Would love to help. Click here for more information!

Minto Vibe - sold out

Fortress Real Developments - Market Manuscript Spring 2015

Fortress Real Developments, has now released the third edition of their semi-annual Market Manuscript. This is the third edition which is an in-depth analysis of available real estate data and projections, delineated by market, and grounded in solid research. It profiles the Canadian Market as a whole along with individual markets such as Ottawa, Toronto, Calgary, Edmonton and Winnipeg, along with local and national trends.

The 50 page report is written by analyst Ben Myers, a 15 year veteran of researching real estate markets across North America. "There are a lot of conflicting reports on the real estate market. These studies rely on oversimplified calculations, which lead to misleading results. It is important for both buyers and sellers to know who to trust," says Myers. "That's why we put this Manuscript together: to promote the best analysts, and dispel common misconceptions."

Highlights include:

• No one thinks there will be a national crash: Despite the predictions of doomsayers, nearly two-thirds of analysts now believe that there is less than a five per cent chance of a housing correction over the next five years. Indeed, RBC Global Asset Management even believes that Canadian house prices are undervalued by four per cent.
• Analysts disagree on the definition of a housing bubble: Survey results indicate no consensus on the level of price growth that suggests a bubble, with a need for speculative buyers to be included in that definition. Foreign condominium buyers are not bad for Canada, and analysts concur that they will not immediately flee the market should house prices decline drastically.
• Ottawa is expected to rebalance in 2015:  Although data providers have reported divergent results of year-over-year price growth, the fundamentals – employment growth – are still positive. Condominium apartment prices and absorption should improve, following a rare period of overbuilding and over exuberance in the typically staid market in the nation's capital.

Download the full report HERE.

Note* Fortress Real Developments is involved with Gotham Ottawa, SoBa Condos, the upcoming Bronson, among others outside of Ottawa.

*taken from the Market Manuscript Spring 2015

Domicile Names Main Street Project: The Corners On Main

Domicile has announced that the project located at 141 Main Street will officially be called "The Corners On Main". Announced through Facebook and on Twitter, the local Ottawa builder also linked to the promotional page which includes some history on the location. See the Domicile page here, or check out our write up.

The Corners On Main is/was planned to start selling early 2015, with occupancy planned for 2017. Phase one and phase two each plan to include 70 units ranging from 600 to 1250sqft, 140 total units plus commercial space.

Tamarack Wellington - Construction Update

Tamarack Home's newest building Tamarack Wellington, a 52 unit, six floor building, designed by Barry J. Hobin, will be starting construction this Monday, March 9th. Located at 1140 Wellington Street West, the building is set for completion mid 2016. Currently 37% sold out, with floor plans across every floor still available.

Here is the full memo released by Tamarack:

WEEK OF MARCH 2ND, 2015 - BREAKING GROUND

Overview:
After overcoming some final hurdles to obtain our Building Permit, we are now officially ready to start Construction! Taggart Construction has mobilized on site and are completing some exploratory work in preparation to commence shoring and excavation work next week.

On Monday March 9th, our shoring contractor will begin to drill and install piles along the perimeter of the site. You will see a large drill rig on site that will be used to drill and drive the piles into the earth. As we install the piles, we will be removing earth and installing lagging to support the extent of the excavation. This portion of the work will take roughly 2-3 weeks to complete.

What to expect during this stage of construction?

-Increased site activity. You will see delivery trucks, equipment being delivered, and increased activity of individual workers on Site. Safety is our number one priority. We will ensure that every truck entering and leaving the site does so with traffic control present.

-Noise caused by drilling and driving piles into the earth will be evident. This is typical construction practice and should not disrupt daily activity for nearby residents and businesses. Noise will only be heard during conventional hours of Construction (7am-5pm).

-Removal of earth will be ongoing but infrequent. Due to the infrequency of loads traffic should not be impacted.

-Removal of trees – We are required to remove four existing trees at the east end of our property, bordering the Grace Hospital. We will be replacing these trees with a mix of new species that will enhance the natural landscape of the area.

What’s next?

-Installation of Site Servicing at the east end of our Site is schedule to commence on March 23rd. We will update the blog as dates become firm.

-Line drilling and rock blasting is scheduled to commence on March 30th. We will be sharing a detailed blasting schedule and blasting protocol as we approach this stage of the work.

Thank you all for your ongoing patience and support!

Sincerely,
Tamarack Wellington Construction Team

SoBa Condos - Model Suite Furniture Sale - This Saturday

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

In preparation for the start of construction, Lamb Development Corp. is selling off the furniture in the model suite at SoBa (203 Catherine St). The sale will take place this Saturday from 12noon till 4pm. They are offering up to 65% off retail price for furniture, kitchen cabinetry, fixtures, appliances, as well as the bathroom fixtures and lighting. Brands include UpCountry, italinteriors, klaus, Teknion, Visitor Parking, Home Atelier, and plan b. Note: Cash only, and all sales are final.

This sale will allow the construction crew to move the sales centre on March 1st, so that construction can begin.

Pets In Ottawa Condos

A renovated condo at 324 Laurier Ave by Kariouk Associates featuring dog bowl (repurposed urinal).

When working with a client, one of the common questions I receive about a building or a property is regarding pets, and are they allowed in the building. While most buildings in Ottawa allow pets, there are a few condo buildings that have pet restrictions. If you are looking to buy and have a four legged friend, there are a few things to note before you sign on the dotted line.

Tell your agent. Before you head out looking, make sure to express to your agent that you have a pet, and that you will be taking the pet with you. While most buildings will be okay with pets, some are not, and it would be best to know before falling in love with a unit. Your agent will know, or be able to find out what the stance of the building is on pets. 

Tell your lawyer. While the lawyer is reviewing the status certificate, they will review the bylaws of the building. This is when they would be able to tell you that there are certain bylaws that restrict pets, certain pets, or not at all. Even if your agent has given the go ahead, a second set of eyes that can ensure the building is okay with pets, never hurts. 

Matt and his partner with their Weim "Ella"

Keep in mind - you might see an owner with a dog in the lobby, but that doesn't mean pets are allowed. Rules are constantly changing, and it is always best to consult the building bylaws for the correct and up to date rules. EXAMPLE: 199 Kent Street or Kent Towers, has recently changed the ruling for dogs in the building. However a number of owners had pets already, so they were "grandfathered" which would allow them to stay even though the building has a pet restriction.

Other restrictions might be size or weight of the pet ( no pets over 50lbs, or some even 25.5lbs!). Some buildings restrict amount of pets (no more than one pet), height restriction (20 inches or less), and even type of pet. 

Are you a pet owner looking to make a move, and not sure if the condo life will work? We lived in our condo when we had Ella as a puppy. I would love to answer any questions!

Click Here to Contact Matt

Pets in Condos

Pretoria Avenue - Slow Home Studio Video Walkthrough

Check out this three part video from Slow Home Studio (Calgary) discussing the remodel by Andrew Reeves (Linebox Studio) for 124 Pretoria. John and Matthew take a look at the living room, kitchen, and upper floor areas. They are a quick watch - 2:49, 2:29, 2:21 

"The Slow Home Movement was founded in 2006 by John Brown, Matthew North, and Carina van Olm as a critical response to the poor design practices that pervade the mass housing industry. Our mission is to advocate for a more thoughtful approach to residential design that improves the quality of our daily lives and reduces our impact on the environment."

Currently listed for sale, you can find more information about 124 Pretoria at PretoriaAve.com. 

Part One

Part Two

Part Three

Best Day Of The Week To List My Condo?

Ask any agent when the best time of year to sell and you will get two answers (usually), being "Yesterday" and the other more obvious "Spring and Fall". However what about the best day of the week? Typically there is no rhyme or reason that any certain day of the week is better than the other. However I seem to have a few ideas and Ill explain why. (Over thinking it? just maybe...)

First off, a few things to remember about what happens when a property is listed. I typically plan anywhere from four to seven days in advance (or less, really depends on the owner), to be able to have time to create all the marketing materials, get the photographer in, photos processed, etc. So a day here or there can be picked in advance, not just at random. When we list a property on our back end site (MLXchange), it immediately sends out an auto-notification email to any buyer who has a criteria setup  that matches that property. This notification email is a significant, and is a huge tool we rely on, especially during busy buyer months. Depending on the property you can match to 300 or even over 1000 different buyers, being hand delivered to each buyer, with all the information. Then within usually 24 hours, the property is uploaded to the full MLS or Realtor.ca.

Mid Week Theory

Typically the busiest time of the week for showings is during the weekend. This is when most people are going to be out looking (not at work), and have the flexibility to drive around. As an agent, we typically will book all these appointments the day or so before (usually Friday - if we have that much notice). Which means we send the property search results to our clients the day or so before that, for them to browse through and decide which ones they want to see. SO, if you list a property mid week, Tuesday, Wednesday or even Thursday, then you will be able to get many of the people who are going to be booking for the weekend.

After Work or Weekend Theory

For these auto notification emails to be effective, they need to be opened, and read. This means not only must they have photos (HUGE NO NO, why list if you don't have photos??), but also the buyers attention when the email is sent. If I am a buyer at work when the email comes and I can't focus on it, I will either miss/ignore it, or archive it. However if I am not in the middle of something the chances of me reading that email, and looking at the property are much greater. So the other theory is to list a property in the after work hours or on the weekend when you are less stressed about work, and more able to have the time to read the emails.  

Yesterday

While all marketing materials need time to be created, there are always buyers who are currently looking and placing offers. What if the perfect buyer for your condo placed an offer on another one last night, or today? ..... !

Basically there is no perfect answer, or at least for now, and we can only just guess at what makes the most sense. Do you have a suggestion to the best day of the week? I would love to hear it.

Need A Parking Spot? What To Expect!

If you purchased a condo in Ottawa with only one parking spot (or without any spot), and now need a second spot, there are a number of different ways to go about it.

Many developers place a limit on which units are able to purchase parking, and many buildings have much fewer parking to condo units. For those who need parking, it can add an additional and difficult check box to tick off when looking to buy. Often it can be easier to focus on which unit you want first, and then acquire parking after you close. For those who need parking, there are a number of different ways to get a parking spot. depending on if you need a shorter solution, or a more permanent one, you are able to rent or even buy a spot.

Renting

For many, renting a parking spot is the easiest way to acquire parking in the building. Renting makes it affordable, and less of a financial commitment. A parking spot can range from $80 to over $200 per month, per spot. There are many factors that can determine the cost of a spot in Ottawa such as the location of the building, which floor the spot is located on, distance to elevator, and if their are any fans or pipes that block part of the space. Supply and demand can also influence the price (more spots = lower price). Usually parking spots for rent can be found on notice boards, by asking security or concierge, or even  found in the building's facebook group. 

TIP: Often if you are able to pay up front for a longer period of time, you can get additional savings.

Buying

While not easy for many to do, the other option to acquire a parking spot is to purchase one. In order to do this, the building must have each unit, parking, and locker, registered under separate PINS. This allows each unit, parking, or locker to be sold separately. Typically cost is between $30,000 to $35,000 but depending on the building and location of the spot, the price does range. Keep in mind that it is open to negotiation, so if the seller really needs to sell, then you might get a good deal.

The main issue with buying the spot, is how you will have to pay for it. Essentially you need to pay cash for the parking spot, and most people do not have an extra $35,000 just laying around. If you are like most and do not have a large hidden supply of cash, or if your dream condo does not have a parking spot, you might still be in luck. PPPI Mortgages, or Purchase Price Plus Improvements is a product that will allow the bank to finance the purchase the parking spot into the mortgage, since it will improve the overall value of the unit. Keep in mind there are a number of regulations and rules, so speak to a mortgage broker if this interests you.

Things To Remember

While for many that work downtown, it might seem like a perfect solution to the parking problem to rent one of the available spots from a near by condo building. However, many (if not all) condo corporations have by-laws in place that restrict someone from owning, renting, or purchasing, if they do not reside in the building. So if you have a spot to rent or sell, remember that you will need to sell it so someone who lives in the building.

If you have any questions about parking, or Ottawa condos in general, I would love to chat. Click Here.

What Is Interim Occupancy? And What Are These Fees?

Gotham Condo in Ottawa that is under construction.

Typically when you purchase a pre-construction condominium here in Ottawa you will be given two different dates, the interim occupancy date and the closing date.  Let's try and explain the difference between the two and what how exactly they come up with the fee amount.

The Closing Date and Interim Occupancy?

The closing date is when the ownership of the condominium unit is registered and transfered over to the buyer (you) from the builder. This registration cannot take place until all the units in the condominium building have reached a degree of construction (as set out in the regulations of the Condo Act).  However, before the building is registered many of the units will be substantially complete and will already have obtained the occupancy permits from the city. This allows the builder to move the owners in, without the owner having ownership of the unit. It is standard for a developer to require the buyer to take occupancy before the buyer gets ownership, and will be written out in the agreement of purchase and sale.

 Fee?

Section 80(4) of the Condo Act allows a developer to charge a monthly occupancy fee to the buyer upon occupancy of the condo unit. The monthly fee may include;

- Interest on the balance of the purchase price at the rate of interest that the bank of Canada has most recently reported as the chartered bank rate for a conventional one year mortgage rate.
- An amount reasonably estimated (on a monthly basis) for municipal taxes, for that unit.
- The projected monthly common expenses contribution, for that unit.

Essentially it is roughly what you would be paying, but just to the builder. None of these fees goes against your mortgage, property taxes etc. Keep in mind that you are not the legal owner of the condo unit yet, and there is no condo corporation to pay any fees to. 

Your Rights During Occupancy

During the interim occupancy period, the developer has a number of rules (as per section 80(6) of the Condo Act) that they have to follow and that the buyer must follow. These include:

- The developer shall repair and maintain the property and the unit in the same manner as the future condo corporation, which will maintain the building and units after registration of the corporation.
- The developer may withhold consent to an assignment of the right to occupy the unit.
- The developer may charge a reasonable fee for consenting to any assignment of the occupancy.
- The developer must (within 30 days of registration), notify the buyer in writing of the date and information of the registration, (unless the buyer receives a registrable deed to the unit).
- The buyer is able to pay the entire balance of the purchase price, on the date of interim occupancy, in order to reduce or eliminate the interest component of the monthly occupancy fee that the developer can charge.

Do you have a specific question about occupancy and interim occupancy fees? I would love to chat! 

Richcraft Joins The Tallest Condo in Ottawa Battle!

Next week Richcraft is going to be in front of the planning committee to get approval for the tallest condo building in Ottawa. The building will be located at 845 Carling, one of three buildings they are hoping to construct on the site which is the old Dow's Honda location. 

From Ottawa Citizen Article

Currently approved and now under construction, Claridge's Icon holds (or will hold?!) the title for tallest condo building in Ottawa sitting at 45 storeys. Richcraft is hoping for a 55 storey(180 meters) building, along side a 45 storey (148 meters) and 18 storey (66 meters) sister towers, all containing approximately 1120 units, with 6,800 sq meters of ground floor commercial space.  Currently the entire Carling/Preston area is zoned for 31 storeys, which was approved last summer.

The main issue at this point seems to be over parking. Minimum parking for the complex is 675 residential spaces (91 commercial), however Richcraft is looking for an extra 100 spaces (766 in total plus the 91 commercial). The builder is also looking for an increase in bicycle parking spots to 566. Plus this complex will have direct access to the O-Train's Carling station, raising questions as to why the extra spots. 

Link to the Zoning Amendment

Link to the Wind Study

Any questions about pre-construction condos? I would love to chat!

Claridge Icon - Construction Started - Sales Update

Photo from Claridge Icon Facebook Page

Construction has officially started on the Claridge's Little Italy tower, Icon. Currently the tallest to condo tower in Ottawa at 45 storeys and 420 feet high (until Richcraft steals the title), which will see construction continue for the next four years (December 3rd, 2018).

Currently with about 25% sold, or about 80 units, Claridge is very confident that with the amount of time to build the project, they will have no issue in selling all of the units.

For more information on the project, visit the website ClaridgeIcon.com.

If you have any questions about this project, or pre-construction condos in Ottawa, click the button below.

Click Here To Contact Matt

Claridge Icon Started

Byward Market to see Andaz Hotel = What does it mean for Ottawa?

News broke yesterday when Claridge VP Neil Malhotra tweeted "We're very pleased to announce and welcome the first Andaz Hotel to Canada". Which set off a small tweet-fest, mostly of support in favour of the ritzy chain to come to Ottawa.

The hotel itself will be 200-rooms, expected to open in 2016, and will be the first Andaz-branded hotel in Canada. Currently under construction, it is a great addition to the area. Much needed in fact, which has not seen much attention from developers as it has in the past number of years.

Photo: Sheldon DeFilippi on Flickr

Besides the hotel, Claridge will also be looking to build a 22 storey residential tower, that will tower over the 15 storey hotel. While still early in the planning it will certainly interesting to see the reaction from the current residents. It is not that tall, in comparison to previous and nearby towers. 

Both towers will certainly help bring back the glory of the Byward Market, especially with marketing dollars being spent to sell the area. Will be interesting to see things moving forward.

Ottawa Citizen Article Here

Nest Thermostat + Hydro One

Nest has now teamed up with Hydro One to help you save more energy, plus it can pay you up to $125. Keep seeing more and more in homes and condos around Ottawa (such as 124 Pretoria Ave), and have had it in my place for a couple years now (and LOVE it). You can sign up HERE for the program.

From Nest:
Hydro One will give you a $100 cheque per Nest Learning Thermostat when you sign up for Nest Rush Hour Rewards and Seasonal Savings. You’ll get another $25 after you complete a series of 3 surveys about the program. 

Rush Hour Rewards can help you use less electricity during peak energy rush hours while still keeping you cool and comfortable. While everyone else is cranking up the air conditioning, it can automatically cool your home ahead of time or make minor temperature tweaks to your thermostat schedule. If you don’t like a temperature that Nest sets, you can change it at any time. 

You may not even notice it working, but Seasonal Savings can help you save up to 10% on heating and cooling bills. Every summer and winter, Seasonal Savings slowly fine-tunes the temperatures in your schedule to save energy.

SoBa Update + Final Pre-Construction Sale

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

Lamb Development Corp has officially announced date for the start of construction. Starting on March 1st, the sales office will close and construction will begin. Currently the building is at 86% sold out, with a good selection of units still remaining. In order to start the next phase with a bang, Lamb is offering a "Final Pre-Construction Promo" of up to $50,000 off prices depending on the size of the unit. Official amount ranges from $13,000 for the smallest unit, up to $50,000 off for the penthouse unit.

Interested in getting more information about SoBa condo units, or purchasing a condo in Ottawa? Let's chat!

Dear Matt: Looking at buying my first place.... Lawsuits?!

Have a question about real estate that you would like answered? Email Matt directly Matt@MattRichling.com.

Dear Matt,

I'm looking at buying my first condo in Ottawa and my search keeps bringing me to a particular building. I love the central location and the prices aren't as high as the new builds I've seen. I have been told that it has a lawsuit against the builder, any idea on that?

I'm wondering if you have any more information about situations like this and weather it is a bad idea to bad in a building that has a lawsuit or other issues.

Thanks,
Taylor

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Hi Taylor:

Right off the bat, talk to your lawyer. If/when you decide to move forward, you will include a condition in the Agreement of Purchase and Sale (APS) that allows your lawyer time to review the status certificate and documents. During this period, you will be able to find out much more detailed information about the condo corporation, building by-laws, financial history, and any projected increases in fees, among other things. 

HOWEVER. Lawyers are hired by you, to save you from any trouble. Think guardian angel sorta domain. So when it comes time to choose your lawyer, be very picky on who you have standing in your corner. Ideally you want someone who is local, who is not afraid to tell you the issues, but is able to remove judgement from the issues and not scare you. Great example is also the building inspector, who is also working for you to find issues and give you information. A good building inspector can tell you all the issues without saying personal judgement - "Don't buy this", "I love this builder", These renovations look horrible",  "I would live here" etc. You want facts. Not emotion. A good lawyer will tell you the facts without trying to scare you. 

That being said, purchasing a unit while knowing that there are issues in the building is a risk. Lawsuits are not "cut and dry" and it can go either way. It can be resolved and the building/condo corporation gets what it wants, or the builder can win and certain costs could be picked up by the owners in a special assessment or increase in condo fees.

You need to fully understand the issues, get the facts, listen to the professionals who you hire to look out for you, and know if you are comfortable taking a risk like this or not. 

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