Ottawa's Condo Investment Hotspots: Emerging Areas for Growth

When it comes to real estate investments, Ottawa has become a thriving market that offers exciting prospects. Our area boasts a strong economy, a growing job market, and an enviable quality of life. Investors looking to capitalize on the city's growth should consider emerging areas with promising potential. In this blog post, we'll delve into some of Ottawa's rising neighbourhoods where condo investments align with what prospective buyers and investors commonly search for.

LeBreton Flats: Ottawa Condos Near an LRT Station

LeBreton Flats has long been an area of interest for investors due to its prime location just west of downtown Ottawa. The recent development plans for the area, including the future LeBreton Flats LRT station, make it a hotbed for investment. This mixed-use community is set to offer residential, commercial, and recreational spaces, attracting both young professionals and families looking for urban living with a touch of greenery along the Ottawa River.

Hintonburg Condos: Affordable Urban Living in Ottawa

Hintonburg is an established neighbourhood that has seen substantial growth in recent years. It's known for its vibrant arts and culture scene, as well as a thriving culinary and retail landscape. Condos in Hintonburg are attracting young professionals and artists, thanks to their affordability and the neighbourhood's welcoming atmosphere. This area offers a unique blend of historic charm and modern amenities.

Little Italy Condos: Ottawa's Cultural Hub

Little Italy is another neighbourhood that has been steadily gaining popularity among both investors and homebuyers. Its central location and easy access to amenities and entertainment make it a promising spot for condo investments. The community is known for its cultural diversity, making it an appealing destination for those seeking a dynamic urban lifestyle.

Bayview: Ottawa Condos with River Views

Located just north of LeBreton Flats, Bayview is part of Ottawa's Zibi development project, a sustainable and innovative community that aims to bring residential, commercial, and recreational spaces together. The proximity to the Ottawa River and scenic views add to Bayview's appeal, making it a promising area for future condo investment.

Vanier Condo Market: Affordable Ottawa Real Estate

Vanier, once considered a hidden gem, is undergoing a transformation that's attracting attention from investors. The neighbourhood's affordability, coupled with its strong sense of community, is making it a viable option for those looking to invest in Ottawa's condo market. The city's plans for renewal and development in Vanier have contributed to its potential for significant growth.

Orleans Condos: Family-Friendly Ottawa Neighborhoods

Located in the eastern part of the city, Orleans has been a thriving suburb, and its condo market is showing signs of growth. The expansion of transit services and the development of new amenities and commercial spaces make Orleans an area to watch for condo investments, especially for families looking for a more suburban lifestyle.

Kanata: Ottawa Tech Hub Condos

Kanata, once known for its tech park and business centers, is becoming an attractive destination for condo investments. With a growing number of tech companies and a thriving job market, Kanata is appealing to professionals and families seeking a mix of urban and suburban living.

Investors seeking to leverage Ottawa's real estate market growth should explore these emerging neighbourhoods. Tailoring your content to include the phrases and terms people frequently search for can help your blog reach a wider audience and attract potential investors to these promising condo investment hotspots in Ottawa. Conducting keyword research and incorporating these terms strategically can boost your blog's SEO and visibility. Keep an eye on market trends and work with real estate professionals to make well-informed investment decisions in Ottawa's dynamic real estate market.

Ottawa Condo Market Insights: A Year-to-Year Review with Mitch MacKenzie

We spoke with Mitch MacKenzie about the Ottawa condo market and how it compares not only to other types of homes on the market in Ottawa, but also about how it stacks up to condo markets across Canada.

Unit Sales and Average Sale Prices: January-September 2022 vs 2023

The following table illustrates the percentage change in unit sales and average sale prices for various housing types in Ottawa, comparing the period of January to September for 2023 and the previous year (LY):

These statistics provide a nuanced understanding of how various housing types have fared in the face of changing market conditions. It's clear that, across the board, there has been a decrease in unit sales compared to the same period last year. Additionally, average sale prices have experienced fluctuations, with some segments exhibiting more resilience than others.

Condo Market Resilience: A Recap

The condo market is oftentimes more stable than the market for other types of homes. Here are some of the main reasons:

1. Affordability Advantage: Condos typically come with lower entry costs compared to other housing types, making them more accessible to a broader range of buyers. This affordability factor acts as a buffer, allowing demand to remain steady even in challenging economic times.

2. Urban Living: Situated in urban or metropolitan areas, condos benefit from consistent demand driven by factors such as job opportunities, amenities, and convenient transportation access. This urban appeal establishes a more stable market, especially in cities where people value the convenience and vibrancy of condo living.

3. Lifestyle Preferences: The lifestyle advantages offered by condos, including maintenance-free living, shared amenities, and a sense of community, make them an attractive choice for many. This preference for a hassle-free lifestyle can insulate the condo market from economic downturns that might impact other segments of the real estate market.

4. Diversified Ownership Structure: Condo buildings typically have multiple owners, spreading the risk across different units. This means that if one owner faces financial challenges or sells at a reduced price, it doesn't necessarily have a significant impact on the overall value of other units within the building.

5. Rental Income Stability: Many condo owners leverage their units for rental income, providing a consistent source of revenue. This income stream can help offset costs and contribute to stability, even in less favourable economic climates.

6. Sensitivity to Local Dynamics: The condo market is often more sensitive to supply and demand dynamics in specific areas. If there's limited supply and high demand for condos in a particular location, prices can remain relatively stable despite broader economic trends.

Condo Prices vs Other Canadian Cities: A Comparative Analysis

To offer a fuller perspective, let's compare Ottawa's condo market performance with other major Canadian cities, as highlighted earlier:

The Ottawa real estate market presents a dynamic landscape with nuances across various housing types. The condo market, in particular, stands out for its resilience, as demonstrated by a relatively minor decline in average prices.

Understanding the intricacies of unit sales and average sale prices across different housing types provides valuable insights for both buyers and sellers. Ottawa's real estate market, while influenced by broader economic factors, showcases a level of stability and adaptability that positions it as a robust investment option.

As we navigate evolving market trends, keeping a close eye on these statistics provides a solid foundation for making informed real estate decisions in the vibrant and ever-changing Ottawa market.

Mitch MacKenzie

mitch@newpurveyors.com

613 282 9441

Condo Living for Millennials

More and more, millennials are choosing condos as their home of choice. There are plenty of benefits to condo living outside of the price point - so let’s look into some of the biggest yes-factors condos have for the millennial generation.

there's a real estate shift happening, led by millennials. They're on the lookout for condos that won't break the bank but still offer a strong sense of community and a front-row seat to downtown life. Let's dig into why condo living in Ottawa is hitting the mark with millennials – it's budget-friendly, community-oriented, and right where the action is.

Budget-Friendly Appeal

For Ottawa's millennials, condos are striking that balance of being affordable without cutting corners on location or perks. These places are a cost-effective way to dip a toe into the real estate market, letting millennials snag a home that suits their lifestyle without emptying their pockets.

Community Vibes

Condos in Ottawa aren't just about four walls and a roof. They're all about building a community. Think shared spaces, communal hangouts, and events that bring people together. It's the kind of living where neighbours aren't just neighbours – they're friends. This community-driven setup clicks perfectly with millennials who appreciate a friendly and supportive atmosphere.

Downtown Living, No FOMO

Being right downtown is a big deal for Ottawa's millennials, and condos get that memo. These places put you right in the middle of everything – from cool coffee spots to hip events. It's not just a home; it's a ticket to the lively downtown scene that millennials love.

Now, let’s explore the ten main reasons that millennials are choosing condo living:

1. Location Matters

Condominiums in Ottawa are mostly centred in the downtown core or other urban areas, offering residents easy access to workplaces, entertainment venues, and cultural hubs. Proximity to public transportation and key amenities aligns with the millennial desire for a convenient and connected lifestyle.

2. Compact Living, Maximum Convenience

Condo living often means streamlined, compact spaces that resonate with millennials seeking minimalistic and efficient living. Smart design solutions and multifunctional furniture cater to the need for simplicity, while reduced maintenance efforts provide the freedom to focus on experiences over possessions.

3. Amenities Tailored to Millennials

Modern condos in Ottawa boast amenities designed to cater to millennials' multifaceted lifestyles. From co-working spaces equipped with high-speed internet to fitness centers and recreational areas, these amenities create a well-rounded living experience that aligns with the dynamic interests of this generation.

4. Tech-Integrated Living Spaces

Condos embrace the tech-savvy preferences of millennials by incorporating smart home technologies. From automated lighting and thermostats to integrated security systems, these features enhance convenience, connectivity, and energy efficiency, catering to the technologically inclined lifestyles of millennials.

5. Community Engagement: Social Spaces in Condos

Condominiums go beyond individual units, offering communal spaces that foster a sense of community. Social lounges, rooftop gardens, and shared event spaces provide opportunities for residents to connect with neighbours, reinforcing a sense of belonging and shared experiences within the urban environment.

6. Sustainable Living Practices

Millennials, often characterized by their commitment to environmental sustainability, are drawn to condos that integrate eco-friendly practices. Green building materials, energy-efficient appliances, and recycling programs contribute to a more sustainable lifestyle, aligning with the values of eco-conscious millennials.

7. Flexible Ownership Models: Meeting Millennial Financial Realities

Condos offer diverse ownership models, such as shared ownership or co-housing arrangements, providing millennials with flexible financial options. This resonates with a generation that may prioritize experiences over traditional homeownership, allowing for financial freedom and a more adaptable lifestyle.

8. Cultural Integration: Art and Events

Condos in Ottawa contribute to the city's cultural landscape by integrating art installations, hosting community events, and providing spaces for local artists to showcase their work. This cultural integration aligns with millennials' appreciation for diversity and creativity, creating a dynamic and culturally rich living environment.

9. Transportation Accessibility

Condos strategically located near public transportation hubs, bike paths, and walkable neighborhoods cater to millennials who value sustainable and efficient commuting. Easy access to transportation options aligns with the desire for environmentally friendly and convenient travel.

10. Adaptable Workspaces in Condos

Recognizing the rise of remote work and entrepreneurial pursuits among millennials, condos incorporate adaptable workspaces. Whether it's a dedicated co-working area within the building or flexible spaces within individual units, these features support the evolving nature of work and lifestyle preferences among millennials.

Ottawa Condo Market Statistics - September 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In September 2023, the Ottawa Real Estate Board (OREB) reported a total of 946 homes sold through the MLS® System, marking no change from the same month in 2022.

The sales figures for September were notably 29.6% below the five-year average and 23.6% below the 10-year average. Looking at the year-to-date perspective, home sales amounted to 9,889 units over the first nine months, indicating a significant 13% decrease compared to the same period in 2022.

OREB President Ken Dekker commented, "Sales activity remains consistent with last year but falls below the usual levels for September. A surge in new listings over the past few months has led to a gradual increase in overall inventories. Despite this, the available supply remains historically low, with room for absorbing additional listings. Our market is currently in a balanced state, and while MLS® Benchmark prices have decreased from last year, they are trending at levels similar to 2021."

Turning our attention to pricing trends, the MLS® Home Price Index (HPI) is highlighted as a more accurate measure compared to average or median price calculations. In September 2023, the overall MLS® HPI composite benchmark price stood at $643,600, showing a marginal increase of 0.5% from the same month in 2022. The benchmark prices for single-family homes and townhouse/row units saw slight changes, while the benchmark apartment price experienced a modest decline.

The average price of homes sold in September 2023 was $675,412, reflecting a 2.7% increase from September 2022. However, the year-to-date average price of $672,837 indicated a decline of 6.5% from the first nine months of 2022.

The total dollar value of home sales in September 2023 reached $638.9 million, a modest 2.7% increase from the same month in 2022. OREB emphasizes that while the average sale price is useful for establishing trends, it should not be considered an indicator of specific property value changes, as prices vary by neighborhood.

Looking at new listings, there was a 9.8% increase from September 2022, with 2,259 new residential listings in September 2023. Active residential listings at the end of September 2023 totaled 2,997 units, marking a substantial 14% increase from the end of September 2022 and reaching a five-year high for the month of September.

The months of inventory, indicating the time it would take to sell current inventories at the current sales rate, numbered 3.2 at the end of September 2023. While this was an increase from the 2.8 months recorded in September 2022, it remained below the long-run average of 3.3 months for this time of year.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Strategic Insights for Ottawa Home Buyers: Navigating Seasonal Trends for Cost-Savvy Purchases

If you're contemplating a real estate investment in Ottawa, Ontario, in the upcoming six months, we have valuable insights to guide you towards a financially wise decision. The Ottawa real estate market has displayed consistent trends in price fluctuations since 2017. Familiarizing yourself with these patterns could potentially lead to substantial savings when making a home purchase in the capital city. We had a discussion with Mitch MacKenzie to delve into the historical market trends and the reasons behind them.

Optimal Purchase Months

After analyzing the statistics from the previous month, it's evident that August ranks as the 10th lowest month in terms of average sale prices. This suggests that late summer, particularly August, offers favorable conditions for lower prices. Additionally, buyers should also consider September, October, and November, which respectively hold the #6, #7, and #8 positions for the lowest average sale prices.

Historical Cost Savings

Let's delve into the numbers. Historical data indicates that prices typically experience a 3.6% to 8.9% reduction from September to February compared to the peak spring months. This equates to potential savings ranging from $20,000 to $50,000 on your property purchase. Such significant savings could be allocated towards furnishing your new home, undertaking renovations, or even building your savings for the future.

Timing the Market

Understanding the reasons behind these fluctuations is crucial. Here's a breakdown:

• March (#1): Spring demand surges as buyers prefer making moves in warmer weather.

• April (#2): With rising temperatures and blooming gardens, April continues the upward price trend.

• May (#3): The real estate market remains hot as buyers seek to secure homes before summer.

• June (#4): Families looking to settle before the school year contribute to a strong June market.

• September (#6): Prices start to dip as summer winds down, and families shift focus to back-to-school preparations.

• October (#7) and November (#8): Fall brings a further decline in prices, making these months advantageous for budget-conscious buyers.

Statistical Overview

A quick glance at the average monthly ranking of Ottawa's real estate market since 2017:

1. March

2. May

3. April

4. June

5. February

6. September

7. October

8. November

9. July

10. August

11. January

12. December

Understanding the seasonal trends in Ottawa's real estate market can significantly impact your purchasing decisions. If you're considering buying a home in the next six months, give serious thought to doing so between September and February. These months historically provide more affordable prices compared to the peak spring and summer seasons.

Mitch MacKenzie

mitch@newpurveyors.com

613 282 9441

Securing Your Ottawa Condo: From Building Features to Personal Safety Tips

Ottawa is a city where condo living is the most convenient way to live downtown. That said, sharing a building with so many other people and being located in the downtown core, many condo residents have concerns about safety features in their building and their units.

Tips for Keeping Your Ottawa Condo Secure

1. Secure Entry Systems:

   • Many Ottawa condos are equipped with secure entry systems, such as key fobs or electronic key codes.

   • Always ensure that these systems are used diligently and avoid sharing access codes with unauthorized individuals.

2. Building Access Points:

   • Regularly inspect doors, windows, and other access points to ensure they are secure.

   • Report any malfunctioning locks or entry systems to the condo management promptly.

3. Neighbourhood Watch:

   • Foster a sense of community within your condo complex by participating in or establishing a neighbourhood watch program.

   • Encourage residents to be vigilant and report any suspicious activity to condo security or local authorities.

4. Lighting:

   • Well-lit common areas deter potential intruders.

   • Ensure that hallways, parking lots, and other communal spaces are adequately illuminated, especially during nighttime hours.

5. Know Your Neighbors:

   • Establishing good relationships with your neighbours creates a supportive community.

   • Look out for each other and inform neighbours or building security if you notice anything unusual.

6. Security Cameras:

   • Some condos in Ottawa are equipped with security cameras in common areas.

   • These cameras act as a deterrent and aid in identifying any security issues.

7. Emergency Preparedness:

   • Familiarize yourself with emergency procedures established by the condo management.

   • Know the location of fire exits, fire extinguishers, and emergency exits.

Security Features Within Ottawa Condo Buildings

1. Concierge Services:

   • Many upscale condos in Ottawa offer concierge services, providing an added layer of security.

   • Concierges can monitor entry points, verify visitors, and assist with emergency situations.

2. Access-Controlled Amenities:

   • Access to certain amenities like the gym, pool, or rooftop may require a key fob or special access.

   • This ensures that only residents and authorized individuals can use these facilities.

3. Secure Parking:

   • Condo parking areas often have controlled access points.

   • Ensure that these areas are well-lit, and report any malfunctioning gates or security features.

4. Regular Security Audits:

   • Some condo management teams conduct regular security audits to identify and address potential vulnerabilities.

   • Stay informed about these audits and provide feedback if necessary.

5. Visitor Management:

   • Many Ottawa condos have a visitor sign-in process at the front desk.

   • This helps monitor and control who enters the building.

Security Features for your unit

While your Ottawa condo building likely has solid security measures, there are simple and effective ways to give your own unit an added layer of protection. Here are straightforward tips to make your condo more secure:

1. Smart Safety Gadgets:

   • Consider getting a smart home security system with motion sensors and cameras.

   • These systems link to your phone, letting you keep an eye on things even when you're away.

2. Extra Locks for Doors:

   • Beef up your door security with extra locks like deadbolts or keyless entry systems.

   • They add extra strength to your main lock.

3. Window Watch:

   • Make your windows more secure with locks and sturdy glass.

   • Window film or blinds can give you privacy without inviting prying eyes.

4. Your Own Security Cameras:

   • Install security cameras inside your condo, especially near entrances.

   • Visible cameras can deter trouble, and hidden ones provide discreet monitoring.

5. Bright Ideas for Lighting:

   • Ensure your condo is well-lit, inside and out.

   • Timers or smart lights can make it seem like someone's home even when they're not.

6. Lock Up Valuables:

   • Keep valuable items in a safe or secure storage.

   • Avoid showcasing valuable stuff near windows where it might catch the wrong kind of attention.

7. Regular Checks:

   • Do quick checks on your locks, windows, and security gear.

8. Community Connections:

   • Get to know your neighbours and exchange contact info.

   • Create a system to watch out for each other.

9. Emergency Kit:

   • Assemble an emergency kit with essentials like flashlights and first aid supplies.

   • Know the emergency exits in your condo.

Ensuring the safety and security of your Ottawa condo involves a collaborative effort between residents and condo management. By following these tips and staying proactive, you can contribute to creating a secure living environment in the heart of this beautiful city. A safe and sound condo is not just a residence but a place where peace of mind is part of the lifestyle.

Condo Flipping in Ottawa: Strategies for Profitable Real Estate Investments

Real estate investment is a tried-and-true method for building wealth, and condo flipping is one of the most popular ways to do it. Ottawa, with its thriving real estate market, presents a fantastic opportunity for investors to engage in condo flipping for profitable returns. In this blog post, we'll explore some key strategies and tips to help you succeed in the exciting world of condo flipping in Ottawa.

Understanding Condo Flipping

What is Condo Flipping?

Condo flipping, simply put, is the art of buying a condominium, renovating or improving it, and then selling it at a higher price to make a profit. The goal is to enhance the condo's value by upgrading its features and aesthetics, thereby attracting buyers willing to pay a premium.

Why Ottawa?

Ottawa boasts a robust real estate market with a steady demand for condominiums. Several factors make it an ideal location for condo flipping:

1. Growing Population: Ottawa's population continues to increase, attracting newcomers who often seek convenient and modern condo living.

2. Strong Economy: As the capital city of Canada, Ottawa enjoys a stable economy and a strong job market, increasing the potential pool of condo buyers.

3. Low Vacancy Rates: Ottawa typically experiences low vacancy rates, ensuring a consistent demand for rental condos.

4. Tourism and Education: The city's tourism industry and numerous educational institutions provide opportunities for both long-term residents and short-term rentals.

Strategies for Condo Flipping Success

1. Market Research

Before diving into any condo flipping project, thorough market research is essential. Study recent sales data, current market trends, and neighbourhood growth potential. Identifying up-and-coming neighbourhoods or areas with high appreciation rates can be a game-changer.

2. Budgeting and Financial Planning

Set a clear budget that includes the purchase price, renovation costs, and carrying costs (property taxes, condo fees, utilities, etc.). It's crucial to maintain a cushion for unexpected expenses. Additionally, secure financing and understand the financial implications of your investment.

3. Selecting the Right Condo

Choose a condo that aligns with your investment goals. Look for units in need of improvement but with the potential for substantial value appreciation. Consider factors like location, size, layout, condo fees, and market demand.

4. Renovation and Improvement

Invest in high-impact renovations that increase the condo's appeal without overspending. Focus on kitchens, bathrooms, flooring, and lighting. Energy-efficient upgrades and smart home features can also add value.

5. Professional Help

Hire professionals for tasks like renovation, interior design, and real estate agents. Their expertise can help you avoid costly mistakes and make informed decisions.

6. Pricing Strategy

Determine your selling price strategically. It should be competitive yet profitable. Consult with real estate agents to set the right asking price that attracts potential buyers.

7. Timing Matters

Consider the best time to list your flipped condo for sale. Spring and early summer are typically strong selling seasons in Ottawa.

8. Legal and Tax Considerations

Understand the legal requirements and tax implications of condo flipping in Ottawa. Consult with a lawyer and accountant to ensure compliance with all regulations.

Condo flipping in Ottawa can be a lucrative investment strategy if done wisely. With the city's thriving real estate market, growing population, and strong economy, it offers ample opportunities for profitable real estate ventures. However, success requires careful planning, market research, budgeting, and a commitment to enhancing the value of your condominium. By following these strategies, you can embark on a path to profitable real estate investments in Ottawa's condo market.

Remember that real estate investments involve risks, so always seek professional advice and conduct due diligence before making any financial decisions.

Ottawa Condo Market Statistics - August 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In the month of August, OREB members sold 1196 residential properties - up 6% over last year. This is broken down into 903 freeholds (up 7% from the same period last year) and 293 condos (up 2% from the same period last year). However, these numbers are lower than the five-year average for August. 

OREB President Ken Dekker explains that sales in August hve increased year over year but still remain below historical averages. This can be attributed to strong demand entering the market through our growing population, contrasted by the lack of suitable or affordable housing options and high borrowing costs.

Key figures include:

Average Prices:

• The average sale price for freehold-class properties in August was $709,739, a 0.5% increase from 2022 but a 5.6% decrease compared to July 2023.

• Condominium-class properties had an average sale price of $425,968, a 1% increase from the previous year but 1.4% lower than July 2023.

Year-to-date average sale prices are $732,220 for freeholds (an 8% decrease from 2022) and $432,571 for condos (a 5.5% decrease from 2022).

Inventory & New Listings:

• August's new listings totalled 2,228, a 7% increase from August 2022, and were on par with the previous month (2,234). The 5-year average for new listings in August is 2,177.

• Months of Inventory for freehold-class properties increased to 3 months from 2.9 months in August 2022 and 2.7 months in July 2023.

• Months of Inventory for condominium-class properties remained similar to August 2022 at 2.2 months, slightly decreasing from 2.3 months in July 2023.

• Days on market (DOM) for freeholds increased to 31 days from 25 days in August 2022 and 26 days in July 2023.

• DOM for condos increased to 29 days from 28 days in August 2022 and 28 days in July 2023.

Additionally, OREB Members have played a crucial role in assisting clients with rentals, facilitating the renting of 4,571 properties since the beginning of the year, marking a 10% increase compared to the same period last year when 4,172 properties were rented.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

South Facings Condos - What Makes Them Desirable?

The orientation of a condo can play a pivotal role in enhancing the living experience. Among the various options, a south-facing condo stands out as a prime choice for those seeking not only a comfortable living space but also a host of natural benefits. The direction a condo faces can significantly impact its exposure to sunlight, temperature regulation, energy efficiency, and overall ambiance.

South-facing condos are often considered more valuable for several reasons, outlined below. If you’d like to see just how much more valuable, check out some stats pulled by our amazing agent, Mitch MacKenzie, comparing south and north-facing units in Ottawa.

1. Natural Light: South-facing units receive ample natural sunlight throughout the day, creating a bright and welcoming living space. The abundance of natural light can make the interior feel more open, airy, and visually appealing.

2. Warmth: In regions with cold climates, south-facing condos tend to be warmer during the colder months. The sunlight that enters through south-facing windows can help to naturally heat the space, reducing the need for additional heating.

3. Sunrises and Sunsets: Depending on the condo's location, a south-facing unit might offer views of both sunrises and sunsets. This added aesthetic appeal can enhance the overall living experience.

4. Energy Efficiency: The natural heating provided by sunlight in south-facing condos can lead to decreased energy consumption, as less artificial heating is required. This can result in lower utility bills and a smaller environmental footprint.

5. Resale Value: Because of their desirable features, south-facing condos often have higher resale values. Buyers are willing to pay a premium for units that offer enhanced natural lighting and other benefits associated with southern exposure.

6. Wellness and Mood: Exposure to natural light has been linked to improved well-being, mood, and even productivity. South-facing units can provide residents with these positive effects, creating a more enjoyable living environment.

7. Plant Growth: If you're a plant enthusiast, south-facing units offer optimal conditions for indoor plants. Many plants thrive in sunlight, and a south-facing condo can provide the necessary light for maintaining a green and lush indoor garden.

8. Views: Depending on the location of the condo, a south-facing unit might offer better views of city skylines, landscapes, or bodies of water.

Price Analysis with Mitch MacKenzie:

When comparing similar units at 224 Lyon (Gotham), south-facing units sell for roughly 9% higher than north facing due to unobstructed southern views from the 4th floor or higher where, as the north side has a higher chance of being a bit darker with less natural light due to buildings on Gloucester.

When breaking down one bedroom and one bedroom + den sales:

• Price per sq.ft. average in the last 12 months for one bed: $665.57 per sq ft

• Price per sq.ft. average in the last 12 months for one bed + den: $559.27 per sq ft

• Price per sq.ft. average in the last 12 months for south facing one bed + den: $609.34 per sq ft

• Price per sq.ft. average in the last 12 months for north facing one bed + den: $559.27 per sq ft

It's important to note that the desirability of south-facing units can vary based on geographic location and individual preferences. While south-facing condos offer numerous advantages, it's also essential to consider factors such as privacy, potential glare, and whether the climate in the area makes south-facing units practical and comfortable year-round.

Mitch MacKenzie

mitch@newpurveyors.com

The Pros and Cons of Buying Pre-Construction Condos in Ottawa

Buying a pre-construction condo in Ottawa can be an exciting opportunity to own a brand-new property in a desirable location. We will explore the advantages and disadvantages of purchasing pre-construction condos in Ottawa, helping you make an informed decision that aligns with your goals and preferences.

The Pros of Buying Pre-Construction Condos

Customization and Modern Features:

• One of the main advantages of buying a pre-construction condo is the ability to customize the unit to your preferences. Developers often offer various floor plans, finishes, and upgrade options, allowing you to create a space that reflects your style and needs. Additionally, pre-construction condos are typically designed with modern features and amenities, ensuring a contemporary and convenient living experience.

Potential Appreciation and Investment Opportunity:

• Buying a pre-construction condo can offer the potential for capital appreciation. As the property is completed and the market evolves, there is a large possibility of increased value. This can be advantageous if you plan to sell or rent out the condo in the future, providing a potential return on your investment.

Extended Payment Plans and Lower Initial Costs:

• Developers often offer extended payment plans for pre-construction condos, allowing buyers to spread out their payments over a period of time. This can be beneficial for those who prefer a more manageable initial cost. Additionally, purchasing pre-construction eliminates the need for immediate financing or a large down payment, making it accessible to a wider range of buyers.

Warranty and New Construction Standards:

• Pre-construction condos come with warranties provided by the developer, offering protection against certain defects or issues that may arise during the initial years of ownership. Additionally, new construction must adhere to current building codes and standards, ensuring that your condo meets the latest safety and efficiency requirements.

The Cons of Buying Pre-Construction Condos

Delays in Completion and Occupancy:

• One of the significant drawbacks of buying pre-construction condos is the potential for delays in construction and occupancy. Factors such as weather, construction permits, or unforeseen circumstances can prolong the timeline, resulting in an extended wait before you can move into your new condo. This can be frustrating, especially if you have specific move-in plans or time-sensitive arrangements.

Uncertainty in Final Product and Quality:

• When purchasing a pre-construction condo, you are essentially buying based on plans, renderings, and promises. There is inherent uncertainty about the final product, as the actual condo may differ slightly from what was initially presented. Additionally, despite warranties, there is a small chance of construction or workmanship issues that may require resolution after occupancy.

Lack of Established Community and Amenities:

• Unlike resale condos, pre-construction developments may lack an established community and immediate access to amenities. It takes time for the community to develop, and amenities such as parks, shopping centers, or recreational facilities may not be available right away. This is important to consider if you prefer a fully developed neighbourhood with a range of amenities at your doorstep.

Potential for Market Fluctuations:

• The real estate market is subject to fluctuations, and there is always a degree of uncertainty regarding future market conditions. While pre-construction condos offer the potential for appreciation, there is also a risk that market conditions may change, affecting the value of your investment. It's important to carefully assess the market and consult with real estate professionals to gauge the potential risks.

Tips for Buying Pre-Construction Condos

Research the Developer's Reputation:

• Before committing to a pre-construction condo, thoroughly research the developer's track record and reputation. Look into their past projects, customer reviews, and financial stability. A reputable and experienced developer is more likely to deliver a quality product and adhere to promised timelines.

Review the Contract and Disclosures:

• Carefully review the purchase agreement, contract, and disclosure documents provided by the developer. Pay attention to important details such as deposit structure, occupancy dates, unit specifications, and any conditions or contingencies that may affect the purchase. Consider consulting with a real estate lawyer to ensure you fully understand the terms and conditions.

Conduct Due Diligence on the Location:

• Evaluate the location of the pre-construction development. Research the neighbourhood, amenities, transportation options, and future development plans in the area. Consider the long-term desirability and potential for growth, as these factors can impact the value and livability of your condo.

Have Realistic Expectations and Patience:

• Buying a pre-construction condo requires patience and realistic expectations. Understand that delays and unforeseen circumstances can occur. Set realistic timelines for move-in and be prepared for potential changes in the final product. Maintain open communication with the developer and stay informed about the progress of the construction.

Buying a pre-construction condo in Ottawa can be an enticing opportunity, offering customization, potential appreciation, and extended payment plans. However, it's essential to weigh the pros and cons before making a decision. Consider factors such as construction delays, uncertainty in the final product, and the lack of immediate community and amenities. Conduct thorough research, review contracts diligently, and consult with professionals to make an informed choice that aligns with your goals and preferences.

Unveiling 2023 Real Estate Trends: Condo and Residential Markets

Exploring Ottawa's Changing Real Estate Scene: Unveiling 2023 Trends for Condos and Homes

In the realm of Ottawa's real estate, 2023 has brought about some interesting changes, especially within the condo and residential markets. Let's dive into the facts that shape these trends, without getting lost in complex numbers.

We spoke with Mitch MacKenzie to break down the numbers - but scroll down to the bottom to read the full report.

A Closer Look at Condos:

Comparing January to July of 2023 with the same period in 2022, condo sales went down by 19.1%, and the average price dipped by 6.1%. But something worth noting happened in July 2023 compared to July 2022. There was a positive change, with a 5.6% increase in condo sales and a 2.1% rise in the average price.

Insights into Homes:

Turning our attention to freeholds, a similar pattern emerges. From January to July 2023, compared to 2022, home sales were down by 14.6%, and the average price dropped by 8.7%. But then, in July 2023 compared to July 2022, a surprising shift occurred. Home sales jumped by 17.5%, and the average price increased by 5.1%.

What Do These Numbers Tell Us?

The real estate market isn't straightforward. These different trends show how things like the economy, how people feel about buying, and how many homes or condos are available all work together in a complex way. It's also interesting to see how both the condo and residential markets got a boost in July. This is due to the slowdown that we saw last Spring and Summer when the rates started going up.

The prices of homes and condos are also telling us a story. In July, they went up, which is a good sign. It's like a signal that things are getting better. For example, in July 2023, the average price of a home was the highest it had been all year, reaching $754,188. This could be because people are feeling more sure about the market now, compared to when they were more cautious due to interest rate fluctuations and economic uncertainties.

If you're thinking about buying, selling, or investing in real estate, it's important to keep an eye on these trends. By understanding what's happening, you'll be better equipped to make smart decisions as the real estate world keeps changing. Remember, staying informed is your best tool for navigating these twists and turns and reaching your real estate goals.

Mitch MacKenzie

mitch@newpurveyors.com

613 282 9441

The Ultimate Condo Buyer's Checklist: What to Consider When Purchasing a Condo in Ottawa

Purchasing a condo is an exciting venture, especially in a vibrant city like Ottawa. Ottawa offers a diverse range of condominium options to suit various lifestyles and preferences. However, with so many choices available, it's crucial to approach the buying process with a well-defined checklist. We'll walk you through the essential factors to consider when purchasing a condo in Ottawa. By following this ultimate condo buyer's checklist, you'll be well-prepared to make an informed decision and find your dream home in the city.

Location and Neighborhood:

The first item on your condo buyer's checklist should be the location. Consider the neighbourhood's proximity to amenities, such as schools, parks, shopping centers, and public transportation. Ottawa offers a range of neighbourhoods, each with its unique charm and character, so choose one that aligns with your lifestyle and preferences.

Condo Association and Fees:

Evaluate the condo association and its management. Review the association's financial statements, rules and regulations, and bylaws. Additionally, inquire about monthly condo fees and what they cover, such as maintenance, utilities, and amenities. Understanding these fees upfront will help you budget and determine the overall affordability of the condo.

Building Condition and Maintenance:

Inspect the building's overall condition, including common areas, elevators, parking facilities, and landscaping. Assess the maintenance and cleanliness of these areas to gauge the level of care the condo receives. It's also essential to inquire about any upcoming renovations or repairs that may affect your living experience or result in increased fees.

Unit Size and Layout:

Consider your space requirements and lifestyle when evaluating the size and layout of the condo unit. Determine if the floor plan meets your needs and offers flexibility for future changes. Assess the storage options, the number of bedrooms and bathrooms, and the overall flow of the living spaces.

Natural Light and Views:

Take note of the condo unit's exposure to natural light and its views. Natural light can significantly enhance the ambiance of a space, while views can provide a sense of serenity and connection to the surroundings. Consider the orientation of the unit and whether it aligns with your preferences.

Amenities and Facilities:

Assess the amenities and facilities offered within the condo complex. Common amenities may include a fitness center, swimming pool, party room, rooftop terrace, or concierge services. Evaluate whether these amenities align with your lifestyle and if they add value to your living experience.

Parking and Storage:

Determine the availability and cost of parking spaces and storage units. Inquire about the number of parking spots allocated to each unit and whether they are owned or rented. Adequate storage space is also crucial, so evaluate the availability of storage lockers or closets within the condo or building.

Building Security:

Safety and security should be a top priority. Inquire about the building's security measures, including surveillance systems, access control, and on-site staff. A secure condo complex will provide you with peace of mind and ensure the safety of your property and loved ones.

Noise and Privacy:

Consider the noise levels within the building and surrounding area. Ask about the construction materials used in the condo unit and whether soundproofing measures have been implemented. Evaluate the distance between units and the potential for noise disturbances from neighbours or common areas.

Resale Value and Market Trends:

While buying a condo is a long-term investment, it's important to consider its potential resale value. Research the recent market trends in the neighbourhood and evaluate the appreciation rates of similar properties. Understanding the market will help you make an informed decision and ensure your investment holds its value.

Purchasing a condo in Ottawa is an exciting opportunity to own a piece of this dynamic city. By following the ultimate condo buyer's checklist outlined above, you'll be equipped to make an informed decision and find a condo that meets your needs, preferences, and budget. Remember to thoroughly research each item on the checklist, seek professional advice when needed, and take your time to ensure a successful and satisfying condo purchase in Ottawa.

Ottawa Condo Market Statistics - July 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for July 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In July, the Ottawa Real Estate Board (OREB) had an impressive month, with its members selling 1,263 residential properties through the Multiple Listing Service® (MLS®) System. This represents a significant 15% increase compared to the same month last year (2022), when 1,102 properties were sold.

Breaking down the sales, the freehold-property class saw a substantial jump, with 979 houses sold, marking an impressive 18% increase from the same period a year ago. Additionally, the condominium-property category also showed healthy growth, with 284 units sold, reflecting a 6% increase from July 2022.

Notably, both freehold and condominium properties had higher average prices. The average sale price for a freehold-class property in July was $754,188, which is 5% higher than prices seen in 2022, and there was a modest 1% increase compared to June 2023. The average sale price for a condominium-class property reached $435,094, indicating a 2% rise compared to the same period last year, though it was 3% lower than prices recorded in June 2023.

Despite the two recent quarter-percent interest rate hikes by the Bank of Canada, Ottawa's real estate market remains resilient, and consumers show confidence in its stability and growth potential.

July's figures, both in sales and average prices, are positive indicators that gradually close the gap from the peak pandemic market activity observed in early 2022. Furthermore, inventory levels continue to increase, with new listings added to the housing stock, providing more choices for prospective homebuyers.

While the market currently favours sellers, it's important to maintain a realistic perspective. Not every property will attract multiple offers or sell quickly. A property's price is ultimately determined by the willingness of buyers to pay, and working with a professional licensed REALTOR® becomes crucial in navigating this dynamic market landscape.

Looking ahead, there are promising signs for continued growth in the real estate sector. The second half of the year is likely to yield solid year-over-year results, given the positive indicators observed in July.

On the rental side, OREB members have been actively assisting clients, facilitating the renting of 3,921 properties since the beginning of the year. This figure marks an 11% increase from the same period last year (2022), showing continued demand for rental properties in the region.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

10 Essential Tips for Finding the Perfect Condo in Ottawa with Luke Thompson

Are you considering condo living in Ottawa? With its vibrant neighbourhoods, convenient amenities, and attractive urban lifestyle, the city offers numerous options for those seeking the perfect condo. However, finding the ideal condo that aligns with your needs and preferences requires careful consideration.

We spoke with Luke Thompson to gather ten valuable tips to help you navigate the process and find your dream condo in Ottawa.

Assess Your Lifestyle and Preferences:

Before delving into the condo search, take a moment to evaluate whether the condo lifestyle is the right fit for you. Consider factors like maintenance responsibilities, shared amenities, and community living. If you enjoy spending time in gardens or tending to a backyard, a condo may not be the ideal choice. However, if the appeal of a low-maintenance, urban lifestyle resonates with you, then condos are worth exploring.

Determine Your Budget:

Establishing a clear budget is essential before starting your condo hunt. Obtain a pre-approval from your bank to understand your financing options and limitations. Additionally, assess your monthly budget to determine what you can comfortably afford in terms of mortgage payments, condo fees, and other associated costs.

Identify Preferred Neighborhoods:

Ottawa is a diverse city, offering a range of neighborhoods, each with its unique charm and character. Identify the areas that align with your lifestyle, proximity to amenities, and any specific requirements you may have. Consult with a knowledgeable real estate agent who can ask you pertinent questions to help narrow down your search.

Define Your Priorities:

Every condo purchase involves trade-offs. Assess your priorities and determine which aspects are most important to you. Are you seeking a spacious unit, a newer building, or specific amenities such as a gym or pool? Understanding your priorities will help you make informed decisions while considering the impact they may have on the condo's value.

Understand Condo Ownership:

Educate yourself about the key differences between owning a condo and a freehold property. Condo ownership entails shared responsibilities and adhering to the rules and regulations of the condo corporation. Research the advantages and potential limitations to ensure you make an informed choice.

Consider Parking Requirements:

Determine whether parking is a necessity for you. If not, be aware of the implications of purchasing a condo without designated parking. Factors such as resale value, rental potential, and convenience should all be taken into account.

Learn About Condo Fees:

Condo fees play a vital role in determining the overall value of a condo. Inquire about the condo fees for each building you're interested in and understand what they include. This will help you assess whether the fees are reasonable in relation to the amenities and services provided.

Evaluate Price Per Square Foot:

Condos are commonly valued based on their price per square foot. If you find the purchase price or condo fee to be relatively high, calculate the actual cost per square foot. This calculation will give you a clearer picture of how the condo's value compares to others you're considering.

Explore the Surrounding Area:

To gain a comprehensive understanding of your potential condo's surroundings, visit the area at different times of the day. This will allow you to assess noise levels, traffic patterns, and the general ambiance of the neighbourhood. Pay attention to nearby amenities, public transportation options, and the overall livability of the area.

Work with an Experienced Condo Specialist:

Collaborating with a real estate agent who specializes in condos is essential. They possess in-depth knowledge of the condo market, are familiar with the buying, selling, and rental processes specific to condos, and can guide you through the entire journey. A knowledgeable agent will ensure you make informed decisions and navigate any challenges that may arise.

Finding the perfect condo in Ottawa requires careful consideration, research, and expert guidance. By following these ten essential tips, you'll be equipped with the knowledge and insights necessary to make informed decisions throughout the condo search process. Remember to assess your lifestyle, set a budget, identify preferred neighbourhoods, and prioritize your needs. Understanding condo ownership, fees, and surrounding areas will further refine your search. Ultimately, working with a specialized real estate agent will enhance your condo-hunting experience, leading you closer to finding your dream condo in the vibrant city of Ottawa.

Luke Thompson

luke@newpurveyors.com

613 316 5967

Real Estate Market Update: Analyzing June Numbers and Predicting the Future

As we delve into the midway point of 2023, it's a great time to analyze the real estate market trends and gain insights into how the year is shaping up.

June's numbers are now available, offering us valuable information about the state of the market. In this blog post, Mitch MacKenzie will examine the key statistics from June and compare them to previous months and the first half of 2022. Additionally, we will discuss the implications of these trends and make predictions about how the real estate market might fare in the remainder of 2023.

June Market Snapshot:

In terms of the average sale price, June closely follows the trends observed in April and May. However, there is a slight decrease in the number of units sold. Interestingly, homes and condos are selling faster in June than in any other month this year, with the average selling time decreasing from 36 days in the previous month to 34 days in June. These indicators point to a dynamic market where properties are in high demand, potentially benefiting both buyers and sellers.

First Half of 2023 vs. 2022:

When comparing the performance of the real estate market during the first six months of 2023 to the same period in 2022 (January to June), several noteworthy differences emerge. Firstly, there is a decrease in the number of sales by 1,924 properties, which indicates a slightly slower market activity. Total sales volume also experiences a decline, with a decrease of $1.88 billion. Furthermore, the average sales price dips by $68,747, reflecting a potential shift in buyer preferences or market conditions.

Another notable change is the increased time it takes for homes to sell. On average, properties are taking roughly a month longer to sell, indicating a more competitive landscape or a more discerning buyer pool.

Comparing First and Last Six Months of 2022:

Looking at the real estate market from a broader perspective, by comparing the performance of the first half of 2023 to the last half of 2022, we observe some interesting trends. The number of sales has increased by 1,987 properties, showcasing a potential rebound in market activity and demand. Total sales volume has also risen, with an increase of $1.46 billion, suggesting a resurgence in market value.

Additionally, the average sales price has experienced an upward trend, rising by $29,456. This increase could signify growing confidence among buyers and the potential for greater returns for sellers. However, homes are taking an additional two days to sell on average, which may indicate a slightly more cautious approach from buyers or increased market competition.

Predicting the Future:

Based on the observed trends and the performance of the real estate market in the first half of 2023, it is possible to make some predictions about how the year might conclude. If the current trends continue in the second half of the year, we can anticipate a balance similar to that of 2022. However, it is crucial to remain vigilant and pay close attention to the rate announcement scheduled for July 12th. This announcement may have a significant impact on market conditions and influence buyer and seller behaviours.

As we reach the midpoint of 2023, the real estate market shows signs of both stability and change. While the average sale price follows a consistent trend, the number of units sold experiences a slight dip. Nonetheless, the market remains dynamic, with properties selling at an accelerated pace in June. Analyzing the first half of 2023 against 2022 reveals fluctuations in key indicators such as sales volume, average sales price, and time taken to sell homes.

To predict the outcome of 2023, we must closely monitor market conditions and upcoming announcements. Whether you are planning to buy or sell this fall, understanding the trends and factors that impact the real estate market will be crucial in making informed decisions.

Mitch MacKenzie

mitch@newpurveyors.com

613 282 9441

Ottawa Condo Market Statistics - June 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for June 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In June, Ottawa Real Estate Board (OREB) members sold 1,658 residential properties through the Board's MLS® System, marking an 11% increase from June 2022’s 1,493 sold properties. Within this, 1,234 were freehold, a 10% increase from last year, and 424 condominium properties were sold, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881.

OREB President Ken Dekker stated that while June's sales exceeded last year's, the number of sales, average prices, and new listings declined on a week-to-week basis throughout the month. The summer decline in activity combined with the Bank of Canada's interest rate adjustment at the beginning of the month may have contributed to this trend.

The average sale price for a freehold property in June was $746,445, showing a 4% decrease from 2022 but remaining consistent with May 2023 prices. The average sale price for a condominium property was $448,380, a 2% increase from the previous year and a 1% increase from May 2023 prices. Year-to-date average sale prices for freehold properties are $731,847, reflecting a 10% decrease from 2022, while average sale prices for condominiums are $432,885, indicating a 7% decrease from the previous year.

Dekker expressed optimism about the increase in inventory, which suggests sellers have confidence in the market. This growing resale housing stock is expected to provide more options for buyers and contribute to increased sales.

In terms of inventory and new listings, June's new listings amounted to 2,758, which is 14% lower than June 2022 and 2% lower than May 2023. The five-year average for new listings in June is 2,802. Months of inventory for freehold properties increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023. For condominium properties, months of inventory decreased to 1.4 months from 1.6 months in June 2022 but increased compared to 1.3 months in May 2023. The days on market (DOM) for freehold properties remained at 23 days, while for condos, it increased to 27 days from the previous month's 26 days.

Dekker anticipates a strong second half of 2023 in terms of sales volume and prices compared to last year.

OREB Members have also assisted clients in renting properties, with 3,336 rentals facilitated since the beginning of the year, marking a 14% increase from the same period last year when 2,919 rentals were arranged.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Condo Living 101: A Beginner's Guide to Owning a Condominium

Welcome to our beginner's guide to condo living! If you're considering buying a condominium in Ottawa, you've come to the right place. Condos offer a unique lifestyle and a range of benefits, but understanding the ins and outs of condo ownership is crucial before making a decision. In this blog post, we'll provide you with essential information and insights to help you navigate the world of condo living with confidence.

What is a Condominium?

Let's start with the basics. A condominium, or condo, is a type of real estate where individuals own a specific unit within a larger building or community. Alongside individual ownership, condo owners also have shared ownership of common areas such as lobbies, hallways, and recreational facilities. This shared ownership is facilitated through a condo association, which oversees the management and maintenance of the property.

Benefits of Condo Living:

Owning a condo comes with several advantages that make it an appealing choice for many buyers. These benefits may include:

• Lifestyle amenities: Condos often offer amenities such as fitness centers, swimming pools, communal spaces, and security features, providing a convenient and enjoyable lifestyle.

• Maintenance and repairs: As a condo owner, you're typically responsible for the maintenance and repairs within your unit. However, common areas and external maintenance are typically handled by the condo association, saving you time and effort.

• Affordability and location: Condos can be a more affordable option compared to single-family homes, allowing you to live in desirable areas closer to downtown Ottawa and other amenities.

  Sense of community: Condo living often fosters a sense of community, with opportunities to socialize and connect with neighbors through organized events or shared spaces.

Considerations before Buying:

Before diving into condo ownership, it's essential to consider a few factors:

• Budget: Determine your budget and factor in not just the purchase price but also monthly condo fees, property taxes, and potential special assessments.

• Rules and regulations: Each condo community has its own set of rules and regulations that dictate things like pet policies, noise restrictions, and renovation guidelines. Make sure you review and understand these rules before committing to a condo.

• Association management: Research the condo association's management practices, financial stability, and reputation. A well-managed association is crucial for a smooth living experience.

Financing a Condo Purchase:

Financing a condo purchase is slightly different from financing a single-family home. Lenders often have specific requirements for condos, including the association's financial health, insurance coverage, and owner-occupancy ratios. Consult with a mortgage professional to understand the financing options available to you.

Engaging with the Condo Association:

Once you become a condo owner, it's important to engage with the condo association and participate in its affairs. Attend meetings, stay informed about association decisions, and contribute to discussions. This involvement ensures that your voice is heard and that the association is working in the best interest of the community.

We hope this beginner's guide has provided you with valuable insights and knowledge about condo living in Ottawa. Remember to conduct thorough research, seek expert advice, and carefully consider your lifestyle and needs before making a decision. If you have any further questions or need assistance in your condo search, our experienced real estate team is here to help.

A Guide to Condo Associations in Ottawa: What You Need to Know

Condo living offers numerous benefits, including shared amenities, lower maintenance responsibilities, and a sense of community. However, understanding and navigating the role of condo associations is essential for a smooth and enjoyable living experience.

What is a Condo Association?

Definition and Purpose:

A condo association, also known as a homeowners association (HOA), is an organization formed by the residents or owners of a condominium complex. Its purpose is to manage and govern the common areas and shared responsibilities of the condo community.

Legal Framework:

Condo associations are established under provincial legislation, such as the Condominium Act in Ontario. This legislation outlines the rights, responsibilities, and powers of condo associations and provides a framework for their operations.

Key Roles and Responsibilities of Condo Associations

Maintenance and Repairs:

One of the primary responsibilities of a condo association is to oversee the maintenance and repairs of common areas and shared infrastructure. This includes landscaping, exterior building maintenance, elevators, parking facilities, and more. The association may hire contractors or establish a maintenance team to carry out these tasks.

Financial Management:

Condo associations collect monthly or annual fees from unit owners to fund the maintenance and operation of the common elements. These fees are typically used to cover expenses such as utilities, insurance, reserve funds, and ongoing maintenance. The association is responsible for budgeting, financial reporting, and ensuring the proper allocation of funds.

Rule Enforcement and Governance:

Condo associations establish and enforce rules and regulations to maintain a harmonious living environment for all residents. These rules may cover areas such as noise restrictions, pet policies, architectural guidelines, and common area usage. The association has the authority to enforce these rules and may impose fines or penalties for non-compliance.

Insurance and Risk Management:

The condo association typically carries insurance coverage for the common areas and shared structures. This insurance protects against liabilities and potential damages. However, it's important for individual unit owners to understand their own insurance needs for personal belongings, liability coverage, and any improvements made to their units.

Interacting with the Condo Association

Active Participation:

Active involvement in the condo association can positively impact your living experience. Attend meetings, join committees, and contribute your ideas and suggestions. By participating, you have a voice in decision-making processes and can help shape the community's future.

Reviewing Association Documents:

Before purchasing a condo, thoroughly review the condo association's documents, including bylaws, rules and regulations, financial statements, and meeting minutes. Understand the association's financial health, any pending legal issues, and future plans or special assessments that may affect the fees or operation of the community.

Building Positive Relationships:

Developing positive relationships with board members, property managers, and fellow residents can foster a sense of community and cooperation. Open lines of communication and respectful interactions can lead to smoother operations and an enjoyable living environment.

Common Challenges and Dispute Resolution

Conflict Resolution:

Disagreements or conflicts may arise within condo communities. It's important to follow the established procedures outlined in the association's bylaws for dispute resolution. This may involve mediation, arbitration, or legal recourse if necessary.

Understanding Legal Rights and Obligations:

Unit owners have certain legal rights and obligations outlined in provincial legislation and the condo association's bylaws. Familiarize yourself with these rights and obligations to ensure you are treated fairly and understand your responsibilities as a condo owner.

Understanding the role of condo associations is crucial for a successful condo living experience in Ottawa. By understanding their responsibilities, participating actively, and maintaining positive relationships, you can contribute to a thriving community. Always review the condo association's documents carefully, seek professional advice when needed, and embrace the opportunities that condo living provides in Ottawa.

Top Neighbourhoods for Condo Living in Ottawa: A Comprehensive Guide

Choosing the right neighbourhood is essential when searching for a condo in Ottawa. Each neighbourhood offers a unique atmosphere, amenities, and lifestyle options. To help you in your search, we've compiled a comprehensive guide to the top neighbourhoods for condo living in Ottawa. Whether you prefer a bustling urban center, a family-friendly community, or a tranquil suburban retreat, this guide will highlight the key features and advantages of each neighbourhood, ensuring you find the perfect place to call home.

Centretown:

Centretown is a vibrant and bustling neighbourhood located in the heart of Ottawa. It offers a mix of high-rise and low-rise condo buildings, providing a range of options for condo buyers. Centretown is known for its lively atmosphere, with numerous shops, restaurants, and entertainment venues within walking distance. Residents can also enjoy proximity to popular attractions like Parliament Hill, the Rideau Canal, and the ByWard Market. With its central location and urban conveniences, Centretown is a top choice for those seeking a vibrant downtown lifestyle.

Westboro:

Nestled along the Ottawa River, Westboro is a trendy and sought-after neighbourhood that combines urban amenities with a suburban feel. The area is known for its stylish boutiques, cozy cafes, and diverse dining options. Westboro offers a range of condominiums, including modern high-rises and boutique low-rise buildings. Residents can enjoy easy access to scenic parks, bike paths, and the Ottawa River Parkway, making it an ideal choice for nature enthusiasts. With its thriving local community and proximity to both downtown Ottawa and the outdoor wonders of Gatineau Park, Westboro offers the best of both worlds.

Hintonburg:

Hintonburg is an eclectic and artistic neighbourhood located just west of downtown Ottawa. This vibrant community is known for its thriving arts scene, independent shops, and trendy eateries. Hintonburg offers a mix of loft-style condos, converted heritage buildings, and contemporary developments. The neighbourhood's character and charm, combined with its proximity to downtown and convenient transit options, make it a popular choice for young professionals and creatives seeking an urban living experience with a touch of bohemian flair.

ByWard Market:

Located in the heart of downtown Ottawa, the ByWard Market neighbourhood is a bustling and historic district. It is renowned for its vibrant market, where you can find fresh produce, artisanal goods, and lively patios during the summer months. The ByWard Market offers a variety of condominium options, from modern high-rises to charming low-rise buildings. Living in this neighbourhood means being steps away from trendy restaurants, popular nightlife spots, and cultural attractions. With its energetic vibe and central location, the ByWard Market is an excellent choice for those who crave the excitement of downtown living.

Glebe:

The Glebe is a desirable neighbourhood located just south of downtown Ottawa, known for its tree-lined streets, picturesque homes, and a sense of community. This family-friendly area offers a mix of housing options, including spacious condos and heritage townhouses. The neighbourhood is home to Lansdowne Park, a major sports and entertainment complex, and the Rideau Canal, offering ample opportunities for outdoor activities. With its welcoming atmosphere, excellent schools, and proximity to parks and recreational facilities, the Glebe is a top choice for families looking for a peaceful yet vibrant community.

Sandy Hill:

Sandy Hill is an established neighbourhood located east of downtown Ottawa, adjacent to the University of Ottawa. It offers a mix of historic mansions, heritage buildings, and modern condos. Sandy Hill is popular among students, professionals, and families alike, thanks to its close proximity to the university, downtown core, and the Rideau River. The neighbourhood boasts an array of parks, including the scenic Strathcona Park, and is within walking distance of the Rideau Canal and its picturesque pathways. Sandy Hill offers a balanced blend of urban amenities and a tranquil residential atmosphere.

By considering factors such as proximity to amenities, transportation options, and the overall atmosphere, you can find the ideal neighbourhood for your condo living in Ottawa. Take your time to explore the options, visit different neighbourhoods, and envision yourself thriving in your new home.

Ottawa Real Estate Market Holds Steady Amidst Interest Rate Fluctuations

As the real estate market in Ottawa continues to attract attention, prospective buyers and sellers are keeping a close eye on the fluctuating interest rates. We spoke with Mitch MacKenzie about the trends he’s seen in the market in terms of average selling prices and interest rates.

In this article, we'll explore the average prices over the past two years and their correlation with the target rates, as well as the overall stability of the market in the face of interest rate changes.

Average Prices and Target Rates:

Comparing the average prices in May 2023 to previous months with varying target rates provides valuable insights into the current state of the Ottawa real estate market. Surprisingly, the average prices in May 2023, with a 4.5% target rate, closely resemble those seen in January 2022, when the target rate was a mere 0.50%. Furthermore, these prices are not far off from June 2022, when the target rate stood at 1.50%.

Market Resilience:

Despite the rate increases throughout 2023, the Ottawa real estate market has demonstrated resilience as prices have either increased or remained stable on a monthly basis. This stability can be attributed to various factors such as strong demand, limited supply, and the adaptability of buyers and sellers to changing market conditions.

Minimal Effect of Recent Increase:

On June 7th, a new interest rate increase of 0.25% was announced. However, it is anticipated that this adjustment will have a minimal effect on property values for both buyers and sellers. The reason behind this prediction lies in the fact that the market has already been operating under a 4.5% or higher target rate since January. Therefore, buyers and sellers have already adjusted their expectations and strategies accordingly.

Adaptation to Changing Rates:

It is worth noting that the majority of the interest rate increase occurred in the second half of 2022. Despite this significant change, people continued to move forward with their purchases and successfully adjusted to the new rates. This adaptability demonstrates the willingness of buyers and sellers to navigate changing conditions.

The Ottawa real estate market has proven its resilience in the face of fluctuating interest rates. Average prices in May 2023, despite a 4.5% target rate, mirror those observed in previous months with much lower rates. The market's ability to remain stable or experience growth month over month throughout 2023 indicates a sustained demand for properties in Ottawa. With the recent interest rate increase expected to have minimal impact, buyers and sellers can continue to navigate the market with confidence. As we move forward, the Ottawa real estate market appears poised for continued stability and growth.

Mitch MacKenzie

mitch@newpurveyors.com

613 282 9441