Featured Neighbourhood | Centretown has many great condo buildings. This video features Centretown data as well as building-specific data including average price per sqft, highest list price as well as the number of units sold.
Search through current active listings and buildings in Centretown to learn more about each condo building in the neighbourhood.
To learn more about some of the buildings featured, check out the link below:
Historically, Ottawa hasn’t had the same demand for condos as other metropolitan cities. Our demographics didn’t dictate it, our job market wasn’t growing enough (outside of the government), and externalities didn’t put Ottawa on the map. Fast forward to today and things have changed. Baby Boomers are starting to retire and reconsider the value of their massive home against the realities of what they need now and moving forward. Ottawa is being talked about as “Silicon Valley North” with the massive success of Shopify and countless other companies that are about to hit. Nationally, the spotlight is on Ottawa. Toronto and Vancouver have seen major pricing spikes in real estate and declining numbers on livability forcing people to look at alternatives i.e. Ottawa. As a result, condos are a major talking point in the Ottawa real estate market. Not all condos are created the same, which are heavily influenced by the developer. The condo market is evolved and has been shaped by several developers over the decades. Here are the top five condo developers in Ottawa (in no particular order):
Urban Capital brought the trendy feel of Toronto condos to Ottawa. Specializing in the soft loft feel (exposed concrete and high ceilings in a new build), they took the condo market by storm with the three-phase East Market Condos. Based on that success, they went straight into Centretown and cemented themselves in Ottawa with a 24-story high-rise, The Mondrian. Urban Capital’s momentum and popularity were at an all-time high in Ottawa and they had one more gift… ok two, for Centretown. They single handily revitalized Centretown south of Gladstone Av with Central and The Hideaway.
Charlesfort Developments is the most distinct condo builder in Ottawa. Their art-deco style sets them apart from the pack and leaves a lasting impression wherever they build. Think I’m kidding, what’s one of the only things you can remember on Bronson Ave around the Glebe… the McDonalds? How about that cool building less than a block away? Thank you, Glasgow Condos! Wherever you look centrally in Ottawa, Charlesfort has a presence. The Golden Triangle has the Merit, Old Ottawa East has The Glassworks, and Centretown has Hudson Park, to name a few.
Claridge Homes is arguably the Condo Developer that has impacted the downtown condo market the most. Founded in 1986, Claridge started out as a home builder before expanding into condos. Today, their main claim to fame is twofold. One, they have shaped the Byward Market condo market into their own. They built York Plaza Condo, Claridge Plaza Phase 1, Phase 2, Phase 3 and Phase 4, 700 Sussex, and (most recently, even though it’s not a condo) the Andaz Hotel. Moving slightly west, Claridge is about to make history. On the corner of Preston St and Carling Ave, a superstructure is being built. The 45-story Icon will be the tallest condo building in Ottawa. The first of its kind, the Icon will redefine the skyline in Ottawa and will spark the redevelopment of Preston St. that is long overdue.
Founded in 1976, Domicile Developments made a niche for itself in the low to mid-rise building class. They have primarily built units with lofty features (high-ceiling and big windows), blended with modern finishes. Domicile has built so many good projects over the years, it would take too long to talk about them all. Instead, here are a list of buildings Domicile has built-in popular neighbourhoods inside the Greenbelt:
The final entry on this list is Windmill Developments. Founded in 2003, Windmill set its sights on being the most environmentally friendly developer in Ottawa. Every one of their projects has the esteemed Leadership in Energy and Environmental Design (LEED) certification. In addition, they have produced some landmark projects including The Eddy and Cathedral Hill and have a crown jewel set to launch shortly in Southminster Condos. That said, I think Windmill’s best project was The Currents, on the corners of Wellington and Holland (where the Great Canadian Theatre Company is). Ecstatically pleasing, large floor plans, and rarely an active listing in the building make The Currents a big hit!
Ottawa’s condo market is evolving. These top five condo developers in Ottawa have had a major part in shaping the market, the skyline, and the next generation of developers. They have set a precedent in the market and we can’t wait to see what’s next.
Yes, the rental market is on fire! We’ve been hearing all over the country that rental inventory is low, and prices are on the rise. Everyone is focusing on this, while we should be looking at something far more important; tips to rent a condo in this market.
Before this rental boom, the old rental market was like the pace in Ottawa, slow and steady. You could afford to be 10 minutes late because most people would not notice. Now, the new rental market is like New York City: a city that never sleeps and moves at a breakneck pace… don’t be late.
Here are 4 Tips to Rent the Condo of Your Dreams:
Know what you want, but be flexible
Knowing is half the battle, the other half is doing. The same goes for the rental market. Far too often, we meet with clients who don’t know what they want. All they say is, “I want to rent a 1-bedroom condo”. Great, I’ll go find a needle out of a haystack while I’m at it. Point being, before you start looking for a condo, know exactly which neighbourhood you want to call home, have a short-list of buildings you like, get a good sense of what units rent for, and know when you need to move. Now that you’re all organized to start your search, you need to be flexible like a Slinky (click here if you don’t know what it is, you’ll thank me later). It’s super contradictory, but it’s the market we live in. A unit in your dream building may not be available for April 1st, or it may be available; just at a higher price, or it may not be available at all. Worst case, you may have to rent something that’s not perfect, but it’s only for 1 year. When it comes down to it, stick to what’s most important for your condo and for the rest, be like a Slinky!
Be Prepared
We’ve seen too many instances where clients have lost deals because they weren’t prepared. I know what you’re thinking, “Zev, it’s a rental. I don’t have to be prepared. We go see a unit and put an offer in, it’s simple”! And are right, it is simple. It is also simple to have a 6 pack, live an Instagram worthy life, and live on the beach for the rest of your life; it’s just not easy (ok fine, maybe beach life would be easy). It’s not easy because it takes a tremendous amount of work to east the right food consistently, do your hair and make up and find the perfect scene, lighting, and timing for that photo, and find the perfect spot to put your beach chair to enjoy the ocean sunset with your favorite cocktail (That one’s not hard).
Now apply the “It’s simple, but not easy” principle to finding a rental. Before you go looking at condos, ask your boss for your letter of employment (with your salary), get a copy of your full credit report, make sure you have enough for your first and last months deposit, and fill out the rental application. Do the hard work now and enjoy the sunset on the beach later.
Move like the Flash, Fast!
Remember when your parents told you the story of the tortoise and the hare? I can still hear my dad telling me “Zev, be the tortoise”. Let’s recreate the tortoise and the hare story in the context of the condo rental market. The tortoise is someone who looks on realtor.ca and ottawascondominiums.com periodically to find the perfect condo. They look at a new unit from time to time, ask to see a unit they like at their convenience, take a few days to figure out when to see the unit and think about putting an offer in for days. Fast forward to the hare. They are constantly checking new rental inventory through the internet, OC building alerts (shameless self-plug, but they really work), auto-searches, and hounding their agent for new units. When they see something they like, they book a showing same day and make a decision on the spot. Guess who wins? Finally, the hare!
All jokes aside, we hate when people put pressure on us, let alone our clients. This is a stressful process. There are units in certain buildings (TriBeCa) that get listed and rented in a matter of hours. We want you to have the full picture of the market so you can make the most informed decision. No one wants to lose their perfect condo by not knowing how fast the market moves. Fortunately, there are times when being the hare actually works, thank you Ottawa Rental Market!
Incentives
Full price offers don’t matter in this rental market. Chances are if you have followed the advice in this post, and you’re preparing an offer; someone else is too. Yay, multiple offers on rentals! When your fortunate (not really) enough to be in this situation, the Landlord has all the control in the world. They choose which offer they want. Now, before I go into details on incentives, I want you to debunk one myth. Myth: because my offer is exactly what the Landlord wants, I have perfect credit, and a great paying job; the Landlord will pick me. I had a client that had to learn this the hard way. We got into a multiple offer scenario and advised him on which incentive to use to get him the unit. He flat out refused to offer anything else. I asked him how come and he said, “Because I’m me and I’m a great tenant”. I don’t know if there is an emoji that can effectively sum up how I felt when he said that. Anyways, his offer didn’t get accepted. But, as it turns out, the advice I gave him was right and it was the exact same advice the other agent gave to their client who won the unit.
Ok, now that you have hopefully felt the excruciating pain of that story, here are my quick thoughts on what incentives to use.
First, move in date. If you are competing with someone else, chances are you can get a quick win by moving in as soon as the unit is available (especially if the move in date is in the middle of the month).
Second, add an extra few months or a year on to your lease term. This works well between November and February and when you find a sought-after unit in a popular building. No one likes looking for a condo rental or renting a condo in the winter. Inventory is low, tenant selection is lower, and you have to move in the snow. It’s a win-win for both parties.
Finally, money. I’ll save you listening to the theme song from the apprentice. Bottom line, every Landlord likes more money. Typically, a 1.5%-3.5% over ask offer should do the trick. You can mix and match these incentives as you please to get the unit you want. Sometimes it’s better to pay a little more for what you want. As one of my client’s famously said, “I’ve seen enough condos to know, that I don’t want to keep looking. I’m happy to do what it takes to get this condo”.
Overall, the rental market is going gangbusters and we don’t expect it to stop anytime soon. Please use this as a guide to help you navigate your search. Should you need any assistance finding a condo rental in Ottawa, feel free to reach out to one of our Condo Pros.
Game-changing condos in Ottawa are creating an urban lover’s dream, an oasis in the midst of the nation’s capital. Breaking off from the ordinary condo lifestyle and taking it to the extraordinary. Defying the traditional, throwing away the old and tiring, offering more than just a place to sleep at night, these condos are breaking all the rules and changing the game entirely.
Luxury, modern, fresh, vision-driven, and where the first-class service is the name of the game. These condos are redefining the whole market. Condo living is being transformed and revolutionized right before our very eyes here in Ottawa.
So, what new condos are breaking all the rules and changing the game in Ottawa? Keep reading to find out the price per square foot of these game-changing condos in Ottawa!
Become a resident of Island Park Drive and experience the epitome of luxury and some of the finest living Ottawa has to offer. 1451 Wellington is changing the game of condo living here in Ottawa and for good reason. What sets this building apart from every other condo in Ottawa? Not only offering its residences a home located in the heart of two of Ottawa’s trendiest neighbourhoods, Westboro and Wellington West, but residences also have restaurants, coffee shops, grocery stores, fashion boutiques and more just steps outside their front door.
Just by looking at this magnificent structure you know its different than the rest. You can tell this building exudes excellence, actually more than that, you can feel it. That isn’t a surprise though since excellence is what Mizrahi Developments vision was from the start with this project. Exuding excellence from inside out, Ottawa has never seen such luxury in the condo world before. From valet services, concierge, car washing services, an elite fitness room, a saltwater lap pool, guest suites, entertainment suites and much more, living has never been easier or more fabulous. Coming home at the end of the day has never been more enjoyable when you know you are coming home to a luxurious and pristinely maintained environment, where the only thing left for you to do is kick your feet up and relax.
Understanding that every resident has different needs and lifestyles there are plans to accommodate each need, and the option to customize – making your home uniquely you. Pristine 1-bedroom suites are $838/sq ft, while 1-bedroom plus den are $768/sq ft. 2-bedrooms are $897/sqft and if you need a little more room, there are also options for 2-bedrooms plus den for $900/sq ft, rounding out the building average to $850/sq ft. With custom options, high-end finishes and top of the line builds, where even the smallest details are treated with great care and precision, helping residences create their very own sanctuary in the sky and setting the bar extremely high.
This development without a doubt has capitalized luxury living in Ottawa and no detail goes unnoticed, making it one of the leading and premier condos in Ottawa. 1451 Wellington is a game changer, leaving behind the ordinary and inviting you home to the extraordinary.
Claridge Icon happens to be the tallest residential tower in Ottawa but that isn’t the only reason it’s setting the bar high and changing the game in condo living. The exterior alone sets this condo apart from the rest of the city. This building’s architecture is rich with symbolism and creative genius, which is no surprise considering it is a build by one of Canada’s lead architectural firms, Hariri Pontarini. The exterior balconies and building curves are inspired by the swaying reeds on the banks of Dows Lake. And creative and intelligent design from the street view gives passerby’s an illusion of the building shifting and expanding, this fact alone sets this build miles apart from other the other condos in the city. Claridge Icon is a show stopper, there is no doubt about it and residences are graced with an artistic and grand design. Modern, bold and exceptionally crafted, residences are truly living in a piece of art within the nation’s capital. Leading the way in terms of residential building design in Ottawa this project is proving that a building is more than just four walls and a roof.
Not only aesthetically on top of the condo game in Ottawa but it doesn’t stop there for this development. Offering its residences, the best and finest amenities in condo living; a yoga studio for the yogi, a fitness centre for the gym goer and an indoor pool and sauna to be enjoyed at the leisure of each resident. Entertaining has never been made easier with guest suites, a movie theatre and indoor and outdoor party space, making it perfect to host at any time of the year! The developers knew exactly what it was people were looking for when they started this project; offering urban living in the heart of Little Italy, while also providing coveted serene green space for residences to relax and enjoy, all only at a hop, skip and a jump away.
Beautifully crafted, carefully designed and impeccably executed suites make it easy to fall in love with this place. Tastefully and classy 1-bedroom suites average $598/sq ft and a 1-bedroom plus den averages at $592/sq ft. Residences looking for a little more have the option of a 2-bedroom suite averaging $639/sq ft, making the building average $609/sq ft. A trendy, high-end build that also happens to be the tallest residential tower in Ottawa, you know the views are going to be unbeatable and absolutely stunning– and they are! Offering residences gorgeous views of Dows Lake and the city at heights you never have seen them at before.
Setting the condo living bar very high (and not just referring to its height), the lucky ones who get to call Claridge Icon their home experience the new height of condo living in Ottawa. Elite and modern living (with absolutely stunning views) is made possible when you call Claridge Icon your home.
St. Charles Market offers its residences a once in a lifetime opportunity to live in a Heritage Building. The fact that this building is a Heritage building means it’s already on a whole other level.
St. Charles church was built in 1908 and features Quebec inspired neoclassical architecture. The developers have taken this beautiful and historical building and transformed it into one of Ottawa’s most desired and premier living quarters in the sought after Beechwood Village neighbourhood.
This carefully crafted, and magnificently (soon to be) executed build sets itself apart in the condo market and all of the real estate markets for that matter, by putting design at the heart. Melding history with contemporary has been done before but no one has done it quite as exceptional as this and Ottawa better watch out. A seamless blend of new and old with a primary focus on respecting the church, this project offers a historically rich and welcoming environment, making it the kind of place you’d want to call home. Other condos offer a place to sleep but St. Charles Market offers, history, heart and community.
With only 50% of the land utilized for building with the rest dedicated to providing the residences and the community something more than just another building. A beautiful garden and park like border around the building bring an air of calmness and beauty to the hustle and bustle of the city reminding everyone who passes by that even while in the middle of the city it’s still important to take time to stop and smell the flowers.
Leading in the condo market for the uniqueness and creativity, offering exquisite horizontal suites that give residences that full home feel that can often be missed when living in a condo. Offering outdoor space, an elite fitness room and a welcome lounge to gather, again proving that community is at the heart of this development, making it so much more than a condo but a place you can gather and call home.
Offering something for everyone and their lifestyle with a wide range of floor plans. 1-bedroom averages around $559/sq ft, a 2-bedroom $567/sq ft and a 2-bedroom plus den $560/sq ft. Also providing 3-bedroom units averaging $583/sq ft and a Penthouse at $790/sqft, rounding the building average to $611/sqft. Each suite offers finishes that provide both function and beauty as the developers are adamant on providing finishes that speak volume about the quality while still maintaining a high integrity of design and style.
St. Charles Market is something you’ve never seen before and Ottawa is watching closely because ready or not, this place is going to revolutionize condo living, bringing more community, heart and impeccable design than we’ve seen before.
SoBa or “South on Bank” is not merely just a condo development, but something much more. This project is full of so much heart and vision, it’s inspiring. Taking unused and unwanted land and giving it a new lease on life, this heartfelt development is redeeming and reinvigorating a little part of Ottawa. This build is giving us a new lens to look through – to see beauty where there was once nothing. The passion behind the concept and vision of this build is already more than most. Just give it time and developers will be lining up asking SoBa just how it did it and how they can also contribute to the betterment of the city.
The heart and vision behind this project alone are changing the condo game in Ottawa, but that’s only the start of what they are bringing to the table! Finally, what Ottawa has been waiting for, what Ottawa has been asking for, it’s here. Downtown Toronto finally comes to Ottawa! This project is bringing something new and something fresh to the nation’s capital. Not only is it bringing life and new energy to the Bank Street area, but it is also bringing downtown Toronto to Ottawa; with that same feel and energy SoBa is already changing and leading in the Ottawa condo market. With floor to ceiling windows, exposed concrete ceilings and an exposed concrete feature wall with columns, it has got the coveted industrial vibes down to a science. Bringing a whole new energy to the condo game, Ottawa couldn’t be readier or more excited to spice things up. From blah to brilliant and tired to trendy, SoBa has a vision for Ottawa and it is coming to life right in front of us.
Not only is this building the trendy it place to live, but it also offers a wide range of suites from 400 sq ft up to 1,200 sq ft, meeting every need, making it even more desirable than it already is. On average a 1-bedroom runs $536/sq ft, 1-bedroom plus den $526/sq ft, 2-bedrooms average $539/sq ft, 2-bedrooms plus den $522/sq ft and the Penthouse units average $670/sq ft – rounding the building average to $558/sq ft.
From the awesome location in Centretown just off of bustling Bank Street to the modern and chic game-changing ways, this development is going to be the trendy it place to live in Ottawa. Guaranteed.
Bringing a whole new vibe and atmosphere to the Ottawa condo market, SoBa creates that energy, that vibe, that feeling you get when the fit is better than just right, it’s perfect – all while bringing a little more love and beauty to the city.
Game-Changing Condos in Ottawa
Finally offering the people of Ottawa something more than the traditional and breaking away from box like attitudes of many developments. These condos are revolutionary, ahead of the times and creating a whole new way to live in Ottawa. Defying the conventional and bringing a whole lot more to the table, Ottawa better be ready because these condos are bringing a whole new game to town.
Real Estate in the 613 Has Never Looked Better – Ottawa is on Fire
No, Not literally. Although we can’t be blamed for seeing smoke emerging from the city’s hot housing market. It’s a great time to be in the 613. It’s an even greater time to buy a house within the boundaries of Canada’s great capital.
In the last couple of years, Toronto and Vancouver have been hellish for prospective homeowners. Soaring property prices in these two cities and hefty taxes mean most adults who live in either city can only dream of having a place they can call their own. Those who persevere are often priced out of the city and are forced to make long commutes to their businesses and families elsewhere.
Enter the Nations Capital
In comparison, Ottawa’s market seems like a calm oasis. And it keeps getting better. House and condo sales are on a steady rise, increasing year over year in the city. In 2017, there were 17,803 home sold. That’s a 10 percent increase. Condo sales also saw a 22 percent sales gain.
The fact that residents are scrambling to own their own homes in Ottawa is due to a myriad of factors.
Light rail has added the additional boost Ottawa needed to push the market up
What is Drawing Buyers In
While Ottawa does provide some of the big city life, it has managed to preserve the small town feel that makes people so comfortable settling down here. At the same time, the city is welcoming exciting changes like a new light rail system which will make it possible to reach opposite sides of town in under 30 minutes. Residents are also earning steady wages as a result of a booming economy, and big businesses that balk at Toronto’s eye-watering rent prices are setting up shop here.
It also means longtime Ottawa based corporations are expanding as a result of the economic stability they are enjoying. For instance, the online retail software company, Shopify, recently tripled the size of its Ottawa headquarters and major retailers like Tiffany and Nordstrom are planning major expansions in the downtown core.
Stability and Affordability
Although property sales in the city are increasing, the prices have remained relatively stable, meaning individuals who could not dream of owning homes in cities like Toronto and Vancouver actually have a chance to do so here.
25-year-old Alyssa spoke to us about her plans to own a house. Working a steady job, she says, “My partner and I are thinking about moving out. But we don’t want to rent anymore. We’ve been looking around for real estate to buy.”
Likewise, 22-year-old Maya is also encouraged by Ottawa’s housing prices and believes you’re never too young to be a homeowner. “I’ve been looking at houses in the Riverside area,” she tells us, “They’re fairly affordable and I have enough savings for a down payment. I think I’ll be buying a piece of real estate soon.”
With choices at every budget, the future looks bright
If you’re a prospective buyer with deeper pockets, Ottawa still has the home for you. With an astonishing number of millionaires living in the city, it’s no surprise that luxury properties in exclusive areas have sprung up to meet the demand. Individuals hoping to purchase homes valued at $1 million or more will find they’re spoiled with choice.
According to economists, Ottawa’s real estate market won’t be slowing down anytime soon. With a strong economy and steady prices, we’re bound to enjoy Ottawa’s steady growth for years to come.
Most of us are familiar with the landmark “needlepoint building” that once housed Ottawa’s largest tech company, the now fallen Nortel, located just off Moodie Drive right near the 417 Highway. This iconic building sat empty for several years after the Nortel collapse, until the Department of National Defense (DND) finally made a successful bid to revamp this large 370-acre campus into their new DND headquarters. – Ottawa Community News
As with many major retrofit projects, delays were inevitable. Nearly a decade into this 800-million-dollar project, it is running almost two years behind. The end result of this three-phase shift will see 8,500 Civilian and Military personnel being transferred to the old Nortel campus, with the end target being March 31, 2020. – Ottawa Citizen
One area that is seeing significant growth from the first phase of 3,500 workers being transferred is real estate in Ottawa’s west end. Month after month the west end districts have seen the majority of price hike growth on properties, according to the Ottawa Real Estate Board. Coincidentally, the bottom 10 districts are located around the current DND Headquarters located at 101 Colonel By Drive, which will be shutting it’s doors once the new DND headquarters is staffed. – Ottawa Citizen
Although it is still too early to determine exactly the influence that the new DND headquarters will have, this early evidence is a strong indicator that prices will continue to grow in the clustered communities surrounding this major new employment hub.
A major announcement on the new Lebreton Flats Development is expected according to sources involved in the talks between the RendezVous LeBreton Group and the NCC, a tentative land deal has been reached over the future development of Lebreton Flats – ottawacitizen.com. The Lebreton Flats Development, which is planned to have over 4,000 housing units, a major public square, and a landmark new hockey arena, has an estimated price tag of over $3 billion and will without a doubt have a huge impact on the City of Ottawa.
Some may question the significance of this project and whether it’s the best use for this highly coveted piece of Ottawa real estate, as well as whether taxpayer dollars should be spent on the infrastructure to support its build out. I stand to argue that this project is one of, if not the most important development projects needed for the City of Ottawa in recent years.
Let’s think BIG PICTURE. What is it about a centrally located arena that adds value to a community? – The Economic Case for a Downtown Event Centre. For starters, having an event centre that is located in an area that is equally accessible to those in both the West AND East ends of Ottawa improves the quality of entertainment and ensures a strong fan base for attendance at the games. Yes, this is a money-making entertainment business and in order to deliver a high-quality entertainment product, a revenue stream from a strong fan base must exist. Locating the hockey arena on Lebreton Flats Development will create equal accessibility for Ottawa area residence and along with the restaurants, shops, and more expected to be built alongside the arena, create a more appealing atmosphere of complimentary service businesses to attract a larger fan base to games.
My second point surrounds the issue of smart urban planning and efficient use of taxpayer dollars. A city cannot be sustained by spending endless sums of money building new infrastructure further and further out into untouched farmland, which is what Ottawa has seen for far too long now. Urban intensification is now a widespread phenomenon across North America, and it’s happening to lessen the burden on cash-strapped municipalities.
Yes, there will be those who protest “not in my backyard” but the reality is, development always occurs in someone’s “backyard”. Another positive outcome from this development will be the 1,100 affordable housing units that will be integrated into the RVL project and will help lessen the burden on the cities 10,000+ waiting list for affordable housing. Ottawa’s new LRT line will also play a huge factor in creating and sustaining this new community – the Lebreton Flats Development will attract big Ottawa commercial real estate investments. With the line running directly through Lebreton Flats, residents will have a very convenient alternative method of transportation to get around, and with that creating an overall healthier environmental footprint for the city.
The upside of RendezVous LeBreton and the number of Ottawians that will gain enjoyment from its new urban housing options, entertainment offerings and commercial spaces, far outweigh any downside. With a major announcement on the new Le coming, let’s be of the mindset of one wanting to continue to grow into a world class city and to welcome RendezVous LeBreton as the next step on this path.
Investors across the country have taken note of student cities and have begun purchasing condos and renting them to students. With the number of enrolled students across Canada on the rise and the cost of an education reaching new heights, investors should definitely consider this strategy of entering the student condo market.
Since 2000, the number of enrolled students across Canada has grown by 44%, reaching more than a million, according to the Association of Universities and Colleges of Canada. The cost of an education in Canada is also on the rise. Investors catering to this market are aware that they are renting not to the poor student, but effectively, to their wealthy parents. These are parents who are more and more prepared to pay a premium to ensure that nothing gets in the way of their children’s education. In fact, the key to building a profitable and manageable student-housing portfolio lies at the high end of the student condo market. These property types are a great option to both student and their parents for a number of reasons.
Security
Student condos and purpose-built apartment buildings have cameras in all common areas, as well as onsite staff, which gives parents peace of mind. They also have security systems to control entry, as well as 24/7 video monitoring that protects the premises.
Professional Property Management
Managing 18 and 19-year-olds who are enjoying their first taste of freedom can give Landlords a headache worse than a morning-after hangover. But you can eliminate this burden by having a professional property management firm handle your rental property on your behalf.
Maintenance
All the maintenance is handled by the condo, including snow removal, gardening, and cleaning common areas.
Preferred by the City
Condos are a preferred structure for municipalities. Compared to illegal rooming houses, this structure ensures the building isn’t at risk of being shut down.
Fewer Rooms
Condos typically have fewer rooms than student houses. Fewer rooms mean fewer students per unit and a lower chance that damage and Tenant issues will arise. Condos are more desirable than larger houses with more distractions.
Pre-construction condos are one of the best ways to invest in the student condo market. Purchased several years before students apply to schools, investors aren’t competing with parents on resale properties. They often come with full rental guarantees and free or low-cost property management, making them a hands-off investment option.
Buyers are often so focused on finding the desired property within their budget that they make unnecessary and costly mistakes. Here are five common mistakes home buyers make to watch out for:
1. Not Hiring a Qualified Home Inspector
Just like any other profession – no two Home Inspectors are created equal. Always be sure to research a variety of professionals. Find out how they report back results and determine their level of knowledge with the type of home they are inspecting. You want someone who will take detailed notes and pictures, provide guidance, and take the time to explain the various concerns/benefits of the home.
2. Ignoring the Value of the Neighbourhood
The neighbourhood in which a home is located in is often ignored. The focus is usually on the features of the home, but what about access to transit, schools, shops, and highways? How do the other homeowners maintain their properties? Is the area in a state of growth, stability, or decline? Does the house conform to the general area? Is it the worst or best house on the street? All of these factors can impact not only the current market value but its anticipated future value.
3. Getting Caught up in Multiple-Offer Situations
A number of local real estate markets across Canada are experiencing high buyer demand with relative lack of active listings. Typically, this trend will push home prices upwards. This is often compounded by homes that are being priced below market value, and sellers not accepting offers until a specific date. The purpose of these selling strategies in a hot sellers’ market is to encourage multiple-offer situations. All too often, the end result is a buyer paying too much for a home. As a homebuyer, be prepared to walk away from such a situation. Allowing your emotions to rule your thinking may end up costing you more money than you should be otherwise paying for a home.
4. Having Search Criteria that is too Broad
Home buying should involve the process of elimination, not addition. It’s normal to begin the process with a fairly broad set of criteria in terms of home features, location and cost. Once you’ve had the chance to view a couple of homes and build your knowledge base, then it’s time to make some decisions. The more focused and efficient your search is, the more you’re likely to find the home you actually want. When search criteria are too broad, we tend to get overwhelmed and have difficulty making meaningful decisions.
5. Not Hiring a Professional REALTOR®
As in the case with every professional service provider, not all REALTORS® are made the same. Do your homework. Review REALTOR® websites, ask friends and family and interview multiple Real Estate Sales, Professionals. A referral to a reputable REALTOR® can be a great source, but just because your good friend has a parent in the business doesn’t mean they’re a good fit for you.
Keep these five common mistakes home buyers make in mind when you are looking for your next home.
Members of the Ottawa Real Estate Board sold 853 residential properties in February 2015 through the Board’s Multiple Listing Service® system, compared with 868 in February 2014, a decrease of 1.7%. In this February 2015 market update, the five-year average for February sales is 914.
“Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year. Looking at residential properties alone, 13 more properties were sold this February over last February – a 1.9% increase; while the condo market, on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January.” – David Oikle, President of the Ottawa Real Estate Board
February’s market update noted 168 sales in the condominium property class and 685 in the residential property class. The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $358,206, an increase of 1.3% over February 2014. The average sale price for a condominium-class property was $267,880, an increase of 3.8% over February 2014. The average sale price of a residential-class property was $380,358, a decrease of 0.3% over February 2014.
The hottest segments of the Ottawa market update in February were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range, and $400,000 to $500,000 range. These price ranges continue to have the highest concentration of properties sold, while residential two-storey homes and bungalows continue to have the highest concentration of buyers.
