Monthly Archives: January 2019

Five things to avoid once you are approved for a mortgage

An approval is based on the favourable combination of your current debts, income, credit score and more.

Once you are approved for a mortgage it is important that your finances stay constant and if there are potential changes to your financial situation, it’s important to review them with your mortgage professional first.

As some time can pass from when you are approved for a mortgage to when you close on your home purchase, many things can arise during that time, such as buying furniture for your new home, a new car, a new job opportunity, closing or consolidating debts, and so on.

Many lenders, when closing in over 120 days, will want updated documents at the 120-day mark and some will check your credit again 30 days prior to closing.

Here are Five Things to Avoid Once you are Approved for a Mortgage:

1. Having your credit pulled again by another bank or broker. If a lender checks your credit again prior to closing and sees that other brokers or banks have pulled your credit this could be seen by the lender as credit seeking and could jeopardize your approval.

Also, your credit score is an important part of the approval and there are minimum score amounts that need to be met. Each time your credit is pulled, it lowers your score.

2. Applying for more credit or spending large amounts on credit. The more debt you have the higher your debt to income ratio is. Lenders and mortgage insurers (ie CMHC) have strict maximums to these ratios and it’s important to have them in line.

3. Closing or consolidating debt. Not all debts are bad. They can help maintain or increase your credit score and show a history of favourable payments. Plus, many lenders and mortgage insurers will want to see at least two revolving credit items successfully being paid on time.

4. Moving funds around accounts or to/from other people. Having a paper trail of all the funds being used for the down payment is important. Lenders want to see a 90-day history of the funds used for the down payment and closing costs. If there are any large deposits such as cash deposits, e-transfers, wires, etc. a lender will want to see the history of those funds. Also, if lending funds to anyone or getting funds back that were lent to you, it’s important to have a paper trail for this.

5. Changing employers, roles within the same employer, or your type of employment. Have stable, secure, tenured employment is important. Moving to consulting, contract, self-employment, hourly and so on, this may affect your application.

For non-salaried employment, lenders will want to two years tenure and they will use an average income of these two years.

Also, lenders cannot use the income from an applicant that is currently on probation, so the probationary period would have to be completed before closing.

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Little Italy Neighbourhood Guide

Electric, vibrant and one of Ottawa’s favourite neighbourhoods, Little Italy, is not so little anymore. From it’s small and modest beginnings to an integral cultural hub in Ottawa, featuring trendy boutiques, fine dining, and luxury living, Little Italy has seen exponential growth in recent years. While this neighbourhood has grown and expanded over the years it hasn’t lost its charm and tight-knit community appeal.

Let’s take a closer look at Little Italy’s past, present and future. . .

PAST

Little Italy first got its start when Italian immigrants originally settled into the area in the early 1900s. The second wave of immigrants then settled in the area over a decade later, around 1913. It was at this time that the Italian community founded the St. Anthony of Padua Church, which quickly became the cornerstone of the Italian community.

What was once a predominately Italian community soon became home to Irish, French and Asian descendants, making Little Italy an inclusive, vibrant, multi-ethnic community, that is home to many.

While Little Italy is home to an array of cultures and ethnicities, the heart and core of the community is still very much Italian and proudly so. The community hosts Italian heritage festival and events each year, with it’s the major one being the Italian Week Festival that has taken place each year since 1975.

In honour of its Italian heritage, the community has also given two predominant streets in the neighbourhood Italian street names. Preston Street, which is viewed as the main artery through Little Italy has been given the name Corso Italia, and Gladstone Avenue, another main artery, is honoured as Via Marconi.

PRESENT

Currently, home to festivals, boutiques, restaurants, and a unique energetic vibe, Little Italy is an electric community that is thriving, and everyone wants to be a part of this urban oasis right here in Ottawa.

As briefly mentioned above, Italian Week Festival which has been taking place since 1975 is a major celebration every year that draws thousands upon thousands to flock to Little Italy. This festival brings guests from near and far and offers them the opportunity to “be Italian” and honour all the Italian culture, history, art and food that the neighbourhood has to offer.

If you’re are a foodie and also into the restaurant scene, Little Italy is the place to be. With a wide range of options catering to everyone, this neighbourhood is a great place to be whether you’re looking for a fine-dining experience or a place to meet up for brunch. Italian food, French food, Greek food, Thai food or Indian food, it’s really all here. There are so many great options in Little Italy, some popular ones include; Giovanni’s, EVOO Greek Kitchen, Flap Jacks Pancake Shack, RAW Pulp + Grind, Two Six {Ate}, Pure Kitchen, Stoneface Dolly’s, Pub Italia, The Moonroom, Heart & Crown, and Di Rienzo Grocery & Deli, just to name a few.

Not just for the foodie and restaurant connoisseur but also for those who want to have a good time. Home to some great entertainment including, Absolute Comedy, Murder Mystery Ottawa and the Gladstone Theater, it is never a dull moment. Or looking for a place to get your sweat on, this neighbourhood features yoga studios, martial arts gyms, and a number of fitness studios.

Be it summer or winter, Little Italy is ideal for any season! In the summer Preston Street is lined with patios and Dows Lake is just at the end of the street, along with bike paths and the canal to enjoy. In the winter heading to Dows Lake to go skating and then making your way up Preston to grab a hot drink is a Capital tradition not to be missed out on.

Little Italy is ideally situated in walking distance to Dow’s Lake and neighbouring neighbourhoods, including’ LeBreton Flats, Hintonburg and Centretown. With events such as Winterlude, Bluesfest and the Tulip Festival just minutes away everything you could ever need is all at your fingertips.

Even with all the expansion and continued development, Little Italy has managed to keep its community charm that has drawn many people to the neighbourhood in the first place.  With many of the businesses in the community family owned and run, Little Italy still has the same charm and welcoming feeling today as it did when the community first got established, making it an easy place to feel like you’re right at home.

Current developments in the area are offering residences a chance to live in one of Ottawa’s most loved neighbourhoods.

Claridge Icon

Currently under construction, Claridge Icon will be an astounding 45 stories offering amazing views of the city.  Under the design of one of Canada’s most distinguished architect firms, Hariri Pontarini, Claridge Icon is adding an extra oomph to Little Italy. Offering one and two bedrooms to it’s residences; one-bedroom units start at $598/sqft, one bedroom plus den at $592/sqft and two bedrooms at $639/sqft making the building average at $609/sqft.

Sky Condos

Sky Condos, a Richcraft group development, is currently in it’s planning phase and will soon be offering Little Italy Ottawa’s tallest residential building. The development will actually be comprised of a trio of towers which in total will create Sky Condos. With a staggering 1,120 units, ground floor commercial space and a large plaza, Sky Condos are going to be offering so much to the Little Italy community.

SoHo Italia

Right at the gateway of Little Italy comes SoHo Italia. Offering mesmerizing views of Dows Lake, a convenient location to all the action and a place for its residences to work, live and play. SoHo Italia is bringing luxury 21st-century condo living right to Little Italy.

SoHo Champagne

SoHo Champagne, offering city living at its finest right in Little Italy. The epitome of luxury and high-end living offered, SoHo Champagne will be redefining the condo game in not just Little Italy, but in all of Ottawa. Floor-to-ceiling windows and skyline views that can’t be beaten, SoHo Champagne has one bedroom units starting at $499/sqft, two bedrooms at $507/sqft, rounding out the building average to $503/sqft.

Hom

From fitness studios, terrace retreat gardens to dog washing stations, Hom truly is home. Entirely LEED silver certified, Hom offers its residences an impeccable standard of living quality. Steps away to all the restaurants, shops, and fun Little Italy has to offer and with numerous suite options, there is something for everyone. An average one bedroom is $455/sqft an average 2 bedroom runs at $435/sqft, making the building average $445/sqft.

Radcliffe

With views of Dow’s lake and Queen Juliana Park you might never want to leave the Radcliffe, but with a location just minutes from some of Ottawa’s hotspots, including, Little Italy, it is fun to venture out. Minutes from Little Italy, residences of the Radcliffe get to enjoy all the latest foodie places to eat, hit the trendy shops, hop on the walking and bike trails and soak up the community vibes. The Radcliffe offers one bedroom suites at $499/sqft and two bedroom suites at $507/sqft making the building average $503/sqft.

Norfolk

Norfolk offers high-rise living, steps from Little Italy and Dows Lake. Featuring an exercise center, party room, security, storage lockers and suites completed with the finest of detail. Norfolk Condo has various suites available that suit every need. One bedroom units averaging at $443/sqft and two bedrooms units averaging $415/sqft. The building average at Norfolk runs at $429/sqft.

170 Preston

Right in the heart of Little Italy, One Seventy Preston offers 15 condominium suites and stands at five stories tall. Recently completed in 2018, One Seventy Preston is featuring the latest in boutique condo living. Large floor-to-ceiling windows, private balconies, and a rooftop terrace are only a few of the perks for residences who choose to make One Seventy Preston their home. With exquisitely detailed floor plans and two bedroom suites averaging at $417/sqft, One Seventy Preston is a gem in the core of Little Italy.

FUTURE

New LRT Stop

The New LRT will have a stop right in the heart of Little Italy, on Gladstone, making this area even more of a hub than it currently is. The LRT stop is going to bring people, businesses and a mass amount of development to this community. It will now be easier than ever for members of the community to commute around town. It will also add ease for tourists and others to explore this cultural gem right in the Capital. With the increased foot traffic, the number of businesses increasing and development perspective soon to come, this neighbourhood is going to become more of a hotspot than it already is.

The LRT is going to give the residences in Little Italy and Ottawa an efficient, modern and more economical transit system that meets the current needs of our city and has the ability to meet future needs as well. The LRT is a smart investment in our city and will allow for manageable growth in the future. The potential for Ottawa that follows the Light Rail Transit system is undeniable. The LRT is transforming Ottawa and Little Italy is lucky to be at the forefront of such an inaugural expansion and forward moving initiative.

 

Rich with history, culture, and a vibrant beat, Little Italy’s future is brimmed with so much potential. With the soon-to-be LRT stop, condo developments and a steady attraction of both locals and tourists, Little Italy is marking itself on the map more and more. From small beginnings to extraordinary growth and community development, Little Italy is stealing the show in the Capital, and we are okay with that!

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Members of the Ottawa Real Estate Board sold 192 condominium-class properties in December 2018, a decrease of 6.8% from December 2017.

The average sale price for a condo in Ottawa remains reasonable and steady at $285,764, an increase of 11.1% from this November last year. *

Year-end figures show an average sale price of $278,316 for condos, up 3.2% from 2017.

Condo sales were up 13.1% with 4,058 units sold in 2018 versus 3,587 in 2017.

Curious about December 2018 market statistics for residential class properties in Ottawa as well? Click here to read the full story.

 

*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

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