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

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

Purchasing a condo is an exciting venture, and 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. In this guide, 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, or make a list of a few who meet these criteria. Proximity to the downtown core or a more residential area can make a huge impact on your ability to access services quickly!

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. A home inspector and status certificate can also help you evaluate how much this may cost you in the future so that you aren’t shocked by a future increase in condo fees.

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. There may be multiple options within your budget at the condo you’re looking at, so view different floor plans, even if they are the same square footage. What works for some may not work for you!

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! Units may be more expensive with sunset views, while others may get too warm with the afternoon sun. Ideally, you’ll visit the unit multiple times at different times of the day to ensure that the unit works for your lifestyle.

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! It’s okay to choose a larger unit in a building with no amenities if you decide it suits you better, but at the same time, many young professionals or couples may choose a smaller unit with more amenities and use them to host their guests instead.

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, and whether one comes with your unit or if one will be available.

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. During your visits to the unit, listen to see if you can hear noises from the hallway or other units. This is another great reason to visit at multiple times during the day to see if it gets louder or quieter. If there is a balcony, you can also take a look to see how private it feels, and whether or not there is noise from the surrounding area or other tenants.

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. Our website tracks the prices and sales each year for each condo in Ottawa on our individual condo pages - which can help you get an idea before you even speak to one of our agents, or we’d be more than happy to work through it with you!

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.

The Spring Market is in Full Force!

The Ottawa Real Estate Board (OREB) has released its month-over-month recap for residential and condo sales, revealing positive trends and promising growth in May. The report highlights significant increases in sales volume and average prices, indicating a robust seller's market in Ottawa.

We spoke with Mitch Mackenzie about the current market trends.

Below is a summary of the numbers, keep reading for a more in-depth analysis.

Residential Sales in May:

• # of Sales are up 245% vs January

• # of Sales are up 28% vs April

• Average prices are up since Jan-March but remained stable compared to April

• Average prices are up a total of $69,695 since Jan

Condo Sales in May:

• # of Sales are up 216% vs January

• # of Sales are up 39% vs April

• Average prices are up month-over-month since Jan.

• Average prices are up a total of $30,615 since Jan

Days to Sell (CDOM - Days on Market) has dropped in half since January with the average days to sell sitting at 35-36 days and getting better each month.

Residential Sales Surge:

Residential sales in May demonstrated remarkable growth compared to previous months. The number of sales soared by an impressive 245% when compared to January, showcasing the increasing demand for residential properties in Ottawa. Moreover, May witnessed a 28% increase in sales compared to April, further solidifying the upward trajectory of the market.

Despite the surge in sales, average prices remained stable compared to April. However, compared to the January to March period, we are seeing a noticeable increase in average prices. Since January, the average residential property price in Ottawa has risen by a substantial $69,695, reflecting the growing value of properties in the area.

Condo Sales Flourish:

Condo sales also experienced significant growth, reinforcing the overall positive trend in the Ottawa real estate market. Compared to January, condo sales in May increased by an impressive 216%. Furthermore, there was a 39% surge in sales compared to April, demonstrating sustained momentum in this segment.

Average condo prices have been consistently rising month-over-month since January. Overall, there has been a significant increase of $30,615 in average condo prices since the beginning of the year. These findings indicate a healthy and thriving condo market in Ottawa.

Reduced Days on Market:

Another notable metric that has significantly improved since January is the days on market (CDOM). The average number of days it takes to sell a property has been cut in half, with the current average sitting at around 35-36 days. This reduction indicates a faster pace of transactions and suggests increased buyer interest in the market.

Market Outlook:

According to Ken Dekker, President of the Ottawa Real Estate Board, May's transactions have surpassed expectations and signify a promising year for sellers. While he acknowledges the potential impact of interest rate adjustments, he remains optimistic about the market's strength. With limited inventory, the current conditions favour sellers, as demand continues to outstrip supply.

The Ottawa real estate market has shown remarkable growth in May, with both residential and condo sales experiencing substantial increases compared to previous months. The surge in sales volume and rising average prices suggest a strong seller's market, highlighting the high demand for properties in Ottawa. As the market continues to evolve, it will be interesting to observe how these trends shape the future of the real estate landscape in the capital city.

Mitch MacKenzie

mitch@newpurveyors.com

613 282 9441

Condo Living in Downtown Ottawa: The Ultimate Urban Experience

Downtown Ottawa features a variety of amazing condominiums, and they come with a lifestyle completely separate from residential living. In this blog post, we’ll dive into some of the best parts of condo living in Downtown Ottawa.

Proximity to Work and Entertainment

One of the significant advantages of condo living in downtown Ottawa is the convenience of being close to work and entertainment options. Many professionals choose to live downtown to minimize commute times and enjoy a larger work-life balance. With a large number of office buildings, government buildings, and corporate headquarters located in the city center, residents can easily walk, bike, or take public transportation to their workplaces.

Furthermore, downtown Ottawa offers an array of entertainment venues, including theatres, concert halls, art galleries, and museums. Residents can enjoy Ottawa’s large and diverse cultural scene as well as easy access to live performances, exhibitions, and festivals held in the heart of the city.

Accessibility and Transportation

Downtown Ottawa is known for its walkability and excellent transportation infrastructure. Condo residents can take advantage of the city's extensive network of sidewalks, bike lanes, and pedestrian-friendly streets. This allows for easy exploration of the downtown core and its surrounding neighbourhoods, as well as access to a wide range of shops, restaurants, and cafes.

For those who prefer public transportation, Downtown Ottawa features an efficient transit system of buses and the O-Train Confederation Line. Commuting to different parts of Ottawa or travelling to nearby cities is convenient, making condo living in downtown Ottawa an ideal choice for those who value accessibility and mobility.

Amenities and Services

Condo buildings in downtown Ottawa are designed to provide residents with an abundance of amenities and services. From fitness centers and rooftop terraces to concierge services and 24/7 security, these buildings offer a host of conveniences that enhance the urban living experience.

Residents can enjoy amenities such as swimming pools, saunas, gyms, and communal spaces for socializing and hosting events. Many condominiums also have on-site management and maintenance teams, ensuring that common areas are well-maintained and repairs are promptly addressed.

Although condominiums can sometimes be smaller than the average residential home, the amenities offered usually accommodate large parties and events for guests, allowing them to extend their living spaces.

Dining and Culinary Experiences

Living in downtown Ottawa means having a plethora of dining options right at your doorstep. The city's culinary scene is diverse and ever-evolving, with a wide range of restaurants, cafes, and food markets to suit every taste and budget. From international cuisine to local delicacies, residents can indulge in a gastronomic adventure without travelling far.

Furthermore, downtown Ottawa is home to the famous ByWard Market, a vibrant and historic area that offers fresh produce, artisanal goods, and a bustling farmers' market. Condo residents can enjoy the convenience of shopping for high-quality ingredients to prepare their own meals or explore the market's many eateries and patios for a delightful dining experience.

Parks and Outdoor Spaces

Despite being a bustling urban center, downtown Ottawa boasts an abundance of parks and green spaces. Residents can take advantage of these outdoor spaces to relax, exercise, or enjoy outdoor activities. Major parks such as Major's Hill Park, Confederation Park, and Jacques Cartier Park offer scenic views of the Ottawa River, beautiful gardens, and walking paths.

Many condo buildings also have their own spaces for residents to enjoy the outdoors like terraces, rooftop patios, pools, and balconies.

In addition, the Rideau Canal, a UNESCO World Heritage Site, offers opportunities for recreational activities throughout the year. Whether it's cycling along the canal's pathways, ice skating in the winter, or simply strolling along its picturesque banks, condo residents have easy access to this iconic landmark.

Cultural and Historical Significance

Living in downtown Ottawa means being surrounded by the rich history and cultural heritage of the nation's capital. The area is home to numerous historical landmarks and iconic attractions, including Parliament Hill, the National Gallery of Canada, and the Rideau Canal. Residents can explore these landmarks at their leisure, immersing themselves in Canada's history and appreciating its architectural and artistic treasures.

Additionally, downtown Ottawa hosts various festivals and events throughout the year, including Canada Day celebrations, Winterlude, and the Canadian Tulip Festival. Condo residents can actively engage in the city's vibrant cultural scene, attending concerts, exhibitions, and performances that showcase local and international talent.

Condo living in downtown Ottawa offers residents an unparalleled urban experience. The proximity to work, the abundance of entertainment options, and the convenience of amenities and services make downtown living highly desirable. From dining experiences to outdoor adventures, the city provides a diverse range of attractions and activities for residents to enjoy. If you're looking for a dynamic and vibrant lifestyle in Canada's capital, consider the benefits of condo living in downtown Ottawa. It's an investment in a lifestyle that combines convenience, culture, and the ultimate urban experience.

The Residences: Image Courtesy of Capital Condos

Condo vs. House: Which is the Better Investment in the Ottawa Real Estate Market?

Investing in real estate is a significant financial decision that requires careful consideration and analysis. In the Ottawa real estate market, prospective buyers often face a crucial dilemma: Should they invest in a condo or a house? Both options have their own advantages and disadvantages, and the choice ultimately depends on individual preferences and investment goals. In this blog post, we will explore the key factors to consider when deciding between a condo and a house as an investment in the Ottawa real estate market.

Affordability and Upfront Costs

One of the primary considerations when investing in real estate is affordability. Condos are generally more affordable than houses in Ottawa, making them an attractive option for first-time buyers and those with limited budgets. Condos often come with a lower upfront cost, requiring a smaller down payment and offering more manageable mortgage payments. On the other hand, houses tend to have higher price tags and may require a more substantial initial investment.

Maintenance and Lifestyle

Another factor to consider is maintenance and lifestyle preferences. Condos typically offer a low-maintenance lifestyle as the responsibility for exterior maintenance, repairs, and landscaping rests with the condominium corporation. This can be a significant advantage for busy professionals or those who prefer to spend their time on other pursuits. Houses, on the other hand, offer greater control and privacy but also come with additional maintenance and upkeep responsibilities. Homeowners are responsible for the maintenance of the property, including repairs, landscaping, and other ongoing costs. With greater responsibility in owning a home also comes greater freedom, larger property, and typically more storage space among other things. Depending on the lifestyle your tenants intend to live, the size of your family, and your day-to-day needs, either may be a better option for you. Homeowners may spend more time at home and like to entertain, while condo owners may be away from home more often and want fewer responsibilities.

Location and Amenities

Location plays a crucial role in real estate investment. Condos are often located in urban centers and offer proximity to amenities such as shops, restaurants, and public transportation. They are especially attractive to young professionals or those looking for a vibrant city lifestyle. Houses, on the other hand, are more commonly found in suburban areas, offering more space, larger yards, and a quieter atmosphere. Families or individuals seeking a more peaceful environment may find houses more appealing.

Rental Potential and Cash Flow

Investors often consider the potential rental income and cash flow when deciding between a condo and a house. Condos in Ottawa tend to have a higher rental demand, especially in downtown areas and near universities, making them a popular choice for investors looking for steady rental income. Additionally, condos often have lower maintenance costs, allowing for a higher return on investment. Houses, on the other hand, may attract long-term tenants, such as families, who are looking for a spacious living environment. Renting out a house may provide a higher rental yield but may also require more ongoing maintenance and management.

Market Trends and Appreciation Potential

Examining market trends and appreciation potential is crucial for long-term real estate investments. In recent years, the Ottawa real estate market has witnessed steady growth and appreciation in both condos and houses. However, houses tend to have a higher appreciation rate compared to condos over time. Houses offer the potential for land value appreciation, especially in desirable neighbourhoods. Condos, on the other hand, may have more stable and predictable price growth, with less emphasis on land value.

When considering whether to invest in a condo or a house in the Ottawa real estate market, it's essential to weigh factors such as affordability, maintenance, location, rental potential, and market trends. Condos offer a more affordable entry point, low-maintenance lifestyle, and urban convenience, making them ideal for first-time buyers or investors seeking consistent rental income. Houses provide greater control, privacy, and potential for land appreciation, attracting families and those seeking a suburban lifestyle. Ultimately, the choice between a condo and a house depends on personal preferences, investment goals, and long-term financial planning. Consulting with a real estate professional can provide valuable insights and guidance tailored to your specific needs.

The Residences: Image Courtesy of Capital Condos

Pros of Purchasing an Assignment Sale

What is an Assignment Sale?

An assignment involves the transfer of the original Agreement of Purchase and Sale (APS) from the original purchaser (the Assignor) to a new purchaser (the Assignee). Instead of buying or selling the physical condo itself, the parties are trading their respective interests in the agreement. The Assignee, the new buyer, acquires the rights and obligations of the Assignor, the original buyer. Assignments are often referred to as selling the "paper" or the deal. While assignments can occur in any transaction, they are particularly common in real estate, especially for land assembly projects (where multiple lots are purchased to create a larger property, such as for a condo development) or for pre-construction condominiums. However, in Ottawa, it is uncommon for people to sell assignments for residential freehold properties (houses) due to the relatively short construction period of only six months.

What are the pros of purchasing one?

1. Access to Desirable Properties: Often, pre-construction projects in prime locations sell out quickly, leaving many potential buyers disappointed. However, by purchasing through an assignment sale, you can gain access to these coveted units that may otherwise be unavailable on the open market.

2. Potential for Profit: As Ottawa's real estate market continues to appreciate, purchasing a property during the pre-construction phase allows you to benefit from rising property values. By the time the project is completed, the market value of the condo may have increased, enabling you to sell the assignment at a higher price and realize a profit without ever owning the property.

3. Flexibility and Lower Costs: When you purchase a pre-construction condo through an assignment, you are essentially buying the rights to the property and the original purchase agreement. This means you can avoid some of the costs associated with traditional real estate transactions. Additionally, you may have the option to customize the unit during the construction phase, adding personal touches to suit your preferences, typically within the last year of the construction.

4. Mitigated Risks: Purchasing a pre-construction condo from an assignment sale in Ottawa can help mitigate certain risks associated with buying directly from a developer. For instance, you can assess the progress of construction before committing to the purchase, reducing the uncertainty of investing in a property that is yet to be built. Moreover, the assignment process allows you to inherit any warranties or guarantees offered by the developer, providing an added layer of assurance.

5. Time Advantage: By purchasing a pre-construction condo through an assignment sale, you can save time compared to buying directly from the developer. Typically, developers have extended construction timelines, and the process can involve delays. However, by acquiring an assignment, you can skip the waiting period and enjoy a more immediate possession of the property once the deal is closed.

To summarize, some of the best parts about assignment sales for buyers include:

• Owning a brand new unit without having to wait years for it to be built

• Less competition from other buyers as assignment sales are typically marketed significantly less (and are a more complex transaction, meaning a smaller buyer pool)

• Less likely to enter a multiple-offer scenario for the same reason

• Don’t have to worry about significant delays or project cancellations like you have when the project is just beginning

Investing in a pre-construction condo through an assignment sale in Ottawa can be an excellent opportunity for buyers looking to secure desirable properties, capitalize on potential profits, and enjoy greater flexibility in their real estate transactions. While it's important to conduct thorough due diligence and seek legal advice, the advantages of buying from an assignment sale, including access to sought-after properties, profit potential, lower costs, mitigated risks, and time advantages, make it a compelling option for astute buyers in Ottawa's thriving real estate market.

The Residences: Image Courtesy of Capital Condos

Exploring Ottawa's Luxury Condo Market: Top Developments and Amenities

Ottawa's luxury condo market is thriving, offering discerning buyers a wide range of upscale properties with exceptional amenities and breathtaking views. If you're in search of opulent living spaces and luxurious lifestyles, this comprehensive guide will introduce you to some of the top luxury condo developments in Ottawa. From stylish penthouses to exclusive waterfront residences, let's dive into the specific details and explore the best that Ottawa's luxury condo market has to offer.

The Residences: Image Courtesy of Capital Condos

The Residences at Island Park Drive

Located in the heart of Westboro, The Residences at Island Park Drive will offer unparalleled luxury living. This prestigious development features spacious units with high-end finishes and panoramic views of the Ottawa River. Residents can enjoy access to a private fitness center, rooftop terrace, and concierge services. The building's prime location provides easy access to trendy boutiques, gourmet restaurants, and scenic walking paths along the river.

The Rideau

Situated in the vibrant neighbourhood of Lowertown, The Rideau is a landmark luxury condo development offering an exceptional living experience. With its iconic architecture and world-class amenities, this upscale residence features elegantly designed units with floor-to-ceiling windows, gourmet kitchens, and lavish bathrooms. Residents can indulge in a range of amenities, including a state-of-the-art fitness center, spa, indoor pool, and private theatre room. The Rideau's central location provides convenient access to the ByWard Market, cultural attractions, and the picturesque Rideau Canal.

The Slater

The Slater

Nestled in the heart of downtown Ottawa, The Slater is a premier luxury condo development renowned for its contemporary design and exquisite finishes. The building's sleek glass exterior is a striking addition to Ottawa's skyline. The spacious units boast open-concept layouts, high-end appliances, and private balconies offering stunning views of the city. The Slater offers residents exclusive access to a rooftop terrace, fitness center, and a stylish lobby with concierge services. With its prime location, residents can enjoy the vibrant downtown lifestyle, with top-notch dining, entertainment, and shopping just steps away.

Lofts at Tribeca

Located in the desirable neighbourhood of Centretown, The Yard and Lofts at Tribeca offer luxurious urban living with a modern twist. The development features a mix of loft-style units and spacious condos, combining contemporary design with industrial-inspired elements. Residents can enjoy high ceilings, exposed ductwork, and stylish finishes. The amenities include a fully equipped fitness center, a party room, and an outdoor terrace with BBQ facilities. The Yard and Lofts at Tribeca are ideally situated near Bank Street, known for its trendy restaurants, vibrant nightlife, and boutique shops.

The Metropole

Situated in the heart of Sandy Hill, The Metropole is an exclusive luxury condo building known for its elegant design and sophisticated living spaces. The spacious units feature high ceilings, oversized windows, and top-of-the-line finishes. Residents can take advantage of amenities such as a fitness center, sauna, and a landscaped rooftop terrace with panoramic views of the city. The Metropole's prime location offers easy access to the University of Ottawa, Rideau Centre, and the scenic pathways along the Rideau River.

Cathedral Hill

Cathedral Hill is a prestigious luxury condo development situated in the charming neighbourhood of Golden Triangle. Known for its iconic architecture and sophisticated design, Cathedral Hill offers a collection of spacious and thoughtfully designed units. Residents can enjoy amenities such as a fitness center, a rooftop terrace, and a lounge area with a fireplace. The building's prime location provides easy access to the National Arts Centre, Parliament Hill, and the vibrant Elgin Street, renowned for its bustling entertainment and dining scene.

The Bowery

The Bowery

The Bowery is a sleek and modern luxury condo development nestled in the heart of Centretown. With its striking architectural design and upscale amenities, The Bowery offers residents a sophisticated living experience. The units feature contemporary interiors, high-end appliances, and spacious balconies. Residents can enjoy amenities such as a fitness center, a rooftop terrace with BBQ facilities, and a stylish lobby with concierge services. The Bowery's central location provides easy access to Parliament Hill, the Rideau Canal, and the trendy shops and restaurants along Bank Street.

The Eddy

Situated in the vibrant neighbourhood of Hintonburg, The Eddy is a unique luxury condo development that embraces sustainable design and modern aesthetics. The building offers environmentally conscious features such as geothermal heating and cooling systems and a green roof. The units showcase contemporary finishes, open-concept layouts, and large windows to maximize natural light. Residents can take advantage of amenities such as a fitness center, rooftop terrace, and bike storage. The Eddy's location offers easy access to Wellington Street's hip boutiques, art galleries, and the popular Parkdale Market.

Ottawa's luxury condo market is brimming with exceptional developments, each offering its own distinct style, amenities, and location advantages. From elegant waterfront residences to contemporary urban retreats, these top luxury condo developments showcase the best of Ottawa's upscale living. Whether you're seeking panoramic views, state-of-the-art amenities, or proximity to vibrant neighbourhoods, the Ottawa luxury condo market has something to suit every discerning buyer's taste. Explore these remarkable developments, immerse yourself in the luxurious lifestyles they offer, and find your perfect haven in the heart of Canada's capital city.

Why Invest in Condos in Ottawa? The Benefit of a Booming Condo Market

The capital city of Canada is home to a booming real estate market - with a steadily increasing population and a high demand for housing. Despite the recent dip in the market, Ottawa remains a seller’s market with a high level of interest and a low level of inventory.

Ottawa is also a condo-centred city, with tons of options for all lifestyles and budgets. Condos continue to pop up in the city every day, with new projects continually proposed. The demand for easy, downtown living is clearly high here and continues to grow with the population.

Economic Growth

Ottawa has a stable economy and a low unemployment rate, which is always good news for real estate investors. Ottawa has a very diverse economy, with plenty of large sectors in the area including government, tech, healthcare, and education. This stability has contributed to a steady increase in property values and eligible tenants.

High Demand

Ottawa’s population has been steadily increasing over the years, and will continue to do so as Canada and Ontario particularly continue to welcome more people. Condos in particular have become more popular in Ottawa because of their affordability and convenience. Many people in the city are looking for small and affordable living spaces. Furthermore, homes that are close to the action of downtown - whether that be work or shopping, dining, and entertainment. They also fix a lot of the problems that come from Ottawa’s harsh winters. In condos, snow removal is covered by the building, parking is typically inside, and there are often amenity spaces to host friends outside of your home without having to travel.

Rental Market

Another reason Ottawa is a great place for investing in condos is that Ottawa is a major rental city. From a high student and young-professional population, there are plenty of renters in the city who are looking for small, affordable, and temporary properties in the area. Condos, additionally, are an excellent choice for investors anywhere because they offer low-maintenance, turn-key investments that typically bring in more income than residential rentals.

Amenities and Lifestyle

Ottawa is a great city for condo investments too because of the amenities and lifestyle that are offered in so many of these buildings. Condos not only reduce a lot of the maintenance and housework that can be a deterrent for renters (like shovelling snow, parking outside, gardening, and more), but they also offer a lot of great options to replace what a condo unit may lack compared to a residential home. Condos often have party rooms, pools and hot tubs, and gyms - meaning residents don’t have to leave the comfort of their homes to host parties, swim or relax, or workout. All of these lifestyle additions are a huge attraction for tenants.

2022 Condo Market Recap with Mitch MacKenzie

The change in the condo market from 2021 to 2022 is a nuanced one. We started the year with an exceptionally fast paced market, and ended with a more slow, balanced one. Mitch MacKenzie has taken the time to pull statistics from the past two years in the Ottawa condo market to give us a better understanding of how trends are looking into 2023. 

Here is the area of Ottawa we are working with for these statistics. 

In 2021, there were 983 condo sales in the city limits. In 2022, we saw a drop of only 6 units, for a total of 977 condo sales throughout the year. 

The average price of condos in the city actually rose considerably, up $23,465 from 2021. The median price rose even higher, $28,500 more than 2021. 

Below is a breakdown of the prices we saw in studio, 1 bed, and 2 bedroom condos within the city limits this year and last, to show where the increases are most prevalent, and which months we saw large increases. 

So now, let’s look into the two halves of the year. As mentioned earlier, 2022 was categorized by two distinct half-years with very different market conditions. 

In the first half of the year, there were twice as many houses sold as there were in the second!

It does seem like the market is slowing down considerably, but for the time being, demand is still high! Mitch breaks down what a buyer’s and seller’s market means - and due to our inventory being 1.86 months as of the start of 2023, we’re still in a seller’s market! This means there are considerably more buyers at the moment than there are sellers. 

Now, let’s take a look at the days on market for each quarter of the past two years. We’re seeing that the 2021 average was actually higher every quarter, except for the fourth quarter, where the days on market averaged out the same. 

Mitch explains that although lending has been tightening over the last year, this has actually impacted the residential market a lot more than the condo market, as more residential buyers have been forced down to condos and less condo buyers can move up into residential.

Mitch has some property suggestions for buyers, take a look at the links below! 

Detached homes in the mid 500s

Townhomes in the high 400s, many of which were priced at well over 500k in the past few years.

Condos in great locations in the city.

Mitch MacKenzie

New Purveyors’ resident condo expert.

mitch@newpurveyors.com

Selling Your Condo in Ottawa in the Winter

If you’re cautious about selling your Ottawa condo during the winter season, you’re not alone. You’ve probably heard that the winter is a slow season, that people typically aren’t looking to move, or that you’d be wise to wait until the spring. However, that isn’t always true. Let’s break down some of the pros and cons of selling your condo during the winter season.

Pros:

Although there are fewer buyers shopping in the winter season, those who are are more serious about finding a home. You can assume if they are looking during the winter ‘slow’ season, that it is imperative they move relatively soon! Because of this, you may actually get away with fewer showings and more interested parties earlier on.

Because the winter market is slow, you’ll also have fewer competitors in your specific market. During the spring, you may find that plenty of condos similar to yours are on the market. In the winter, you may be the only one, meaning you’ll have more interested buyers coming right to you.

Another benefit of starting your journey to sell your condo in the winter is it gives you more time if you need it. If after meeting with your real estate agent you realize you’d like to upgrade the floors for example, even if it takes longer than expected, the market is heating up as you do it, so you’ll still benefit from an easier sale. If you decided to do the same in the summer, you might have the opposite.

Finally, after the holidays, we typically see an increase of people browsing for new homes. It’s a great time to be on the market because your home will be seen by a large number of people who are getting started on their buyer’s journeys!

Cons:

Despite these benefits, there are definitely some ways that selling a condo in the winter is difficult. First and foremost, the exterior of your building and any outdoor amenities may be hard to photograph for your listing. You may be able to bypass this if your real estate agent has previously listed a home in your condo, or if they have connections to the building and can access photos from the initial marketing of the building. Snow and ice typically don’t perform well, and some outdoor amenities may be totally closed off.

A second issue with the snow and ice is keeping your home clean while potential buyers visit for showings or open houses. A pro tip from our team, get a large and thick rug for your front entrance to give people adequate space to remove their shoes!

Although fewer buyers mean more serious buyers, it also means that your property may be on the market for longer than you’d like. If you’re looking for a quick closing, you’ll need to work with your real estate agent to create a plan to try and get that done.

Winter is also cold and flu season, meaning you may find more showings getting cancelled, and you may be at a larger risk of getting sick by welcoming so many people into your home. We always offer our clients hand sanitizer for all showings and open houses, but there is definitely more risk during this season!

Overall, there is no one perfect time for everyone to put their property up for sale. If you are considering selling, the best thing that you can do is work with an expert realtor who can help develop a plan for you and your property based on your needs! Whether you’re prioritizing a high-priced sale, a quick closing, or are just testing the waters… working with an expert will help you ensure you’re making all the right choices.