How did the Ottawa Condo Market do in 2011?

Wondering how the Ottawa condo market is doing? Statistics from the Ottawa Real Estate Board show that condo prices have continued to rise in 2011. The number of condos sold on the Ottawa Real Estate Board's MLS® has also increased. Average price for a condominium in Ottawa now stands at $261,356. An increase of 5% over 2010 when the average condo price was $248,717

The average days on market however has increased over 2010. The average days on market for a condo in Ottawa now stands at 34 days for 2011 compared to 27 days in 2010.

The total number of condos sold in 2010 was 3231. In 2011, this amount has gone up to 3304.

Interested in buying a condo? Selling a condo? Or flipping a condo?

Give me a call today I would be happy to discuss your real estate needs with you.

Roch St-Georges, Sales Representative with HomeLife Capital Realty Inc in Ottawa, Ontario.

Direct: 613-800-2211
Office: 613-627-4141 x 223

Maintaining A Downtown Ottawa Condo

Owning a condo can be a big responsibility. Having the latest trends and styles in the condo can make all the difference when it comes to selling a Downtown Ottawa condo or even just enjoying the time spent in it. Things like decorating and furnishing are key when it comes to creating a beautiful living space.

The Right Way

Decor

When it comes to the decoration of your Downtown Ottawa condo it is important to remember that everything must flow together and the proper contrasts must be present. Decor should always be set up in a way that is fairly general across the board when it comes to what people are looking for. When it comes time to sell, having the right decor can boost the value of the property significantly.

Fine Wood Finishes

Wood finishes can be very impressive to look at when done properly. Always make sure to either hire a professional to do the work or to at least consult one. Do not venture out and try it alone. This can end in disaster. In a lot of cases paint is used to brighten things up. When it comes to smaller sized living spaces such as condos, however, a nice dark wood stain, different styles of finished woods and a unique cherry wood can boost the look and value. As well, wood finishes can be used for many different things around the house besides the floor. Decorating cupboards can be very visually rewarding. Stairs, railings and banisters can be made to look above ordinary with a simple wood finish.

Living Clean

For condo dwellers in Downtown Ottawa it is pretty well accepted that they must limit their items and clutter. Due to the small amount of storage space generally found in condos there is not really any choice. Storage lockers can be rented out to relieve condo owners from having the problem of dealing with too much and too little space. With a clean living space it is possible to actually see what kind of potential a space has.
The Wrong Way

Poor Color Choice

Choosing the right colors, when not going with a wood finish, makes all the difference when it comes to having a flowing decor. Choosing colors like brown, purple, lime green and orange can be very harmful to the value and appeal of the condo when it comes time to sell your Downtown Ottawa condo. While there may be a specific color that stands out amongst the others, it is important not to pick it if there is little chance of others liking it. Always consider that colors should be chosen based on the overall concept and feel that is being created by the condo’s furnishings and decor.

Oversized Furniture

You’ll have to make the right choice when it comes to choosing between comfortable or practical. Comfortable couches are often big and in a condo this may not be the right choice. Big couches and other large furniture can turn a fairly large open space into a crowded stuffy room. Also, it is not necessary to overspend on furnishings. Always look for the best deal that is available.

Don’t overflow the living space with furniture that would be basically the same in a smaller size. Keep the look of your Downtown Ottawa condo clean and neat and you will have a much better chance of selling it fast when the time comes.

The Perfect Kanata Neighbourhood

When you discuss buying property, the expression "location, location, location" usually springs to mind, and that is so true. While it is not uncommon to consider the type of house you want first when you are looking for your ideal home, did you know that finding a suitable Kanata neighbourhood is even more important? If you simply hunt for a perfect home in Kanata without considering the right neighborhood, you may regret it later. It may develop into a potential challenge for you in the long run, to say the least.

Before you decide on a new Kanata neighbourhood, here are some things you need to consider.

1. Is there a school in the vicinity?

If you have school-age children, having a school in the vicinity of your new Kanata neighbourhood is an important factor to take into consideration. When there is a school nearby, you will have less worry about their security and well-being since your children will not have to walk far to reach school. Make sure that you try to find a Kanata neighbourhood that has a number of schools in the community.

2. How safe is it?

Don't ever get caught up in the illusion of a lovely and quiet suburb. You have to ensure that the new neighbourhood you are looking for is not a target for crime. Ask your Kanata real estate agent during your house viewing to help you get the crime statistics and data for various neighbourhoods in Kanata.

3. Does a community center exist in the neighborhood?

You will be able to find a community center in the majority of neighbourhoods in Kanata. Some neighborhoods, however, do not have one. When you see a Kanata community center that looks inviting, take note of its location. You do not want one that is located at the far end of a large neighbourhood if you need to walk the distance with small children.

4. Does it have a local church nearby?

If you regularly attend church, you may want to consider getting a home in a neighbourhood with a local church nearby. This would also depend on your church affiliation since you do not want to end up driving across the city just to reach your regular place of worship if you attend the church often.

5. Is shopping easily accessible in the neighbourhood?

Do you find yourself regularly going out to the nearest store to get a lot of your home supplies and provisions? It is best to look for the ideal Kanata home that is in close proximity to shopping. Also note the different kinds of shops located in the area to ensure that they have whatever you need.

While looking at the various neighborhoods in Kanata, you should consider these points and you should also make up your own personal list of amenities you would you like to have in your new Kanata neighbourhood. Remember to bring this list with you every time you have a viewing appointment with your Kanata property agent, especially when you meet for the first time. This will help your real estate agent direct you to the perfect neighbourhood for you in Kanata.

Ottawa Condo Buyers - Answers To Some Common Questions

If you are looking for a great deal on real estate, you may have some of these Ottawa condo buyers questions. Every day you can find hundreds of houses that have been put up for sale in Ottawa and are waiting for a buyer. To help you find that ideal Ottawa condo that you really want, here are several frequently asked questions and their answers.

Question 1. Should I use the services of a real estate agent?

If you want to save time, get the best price and avoid any type of hassle, you should really look into hiring a Ottawa real estate agent. An experienced agent will be able to assist you by narrowing down your available choices and negotiating for the best possible deal.

Question 2. Will I be able to afford one?

To answer this question, you should talk to your financial consultant together with your Ottawa real estate agent so that they can help you identify a sensible buying price and a loan that you can easily afford to repay monthly. You can apply for a pre-approved loan at that point and start your eager house hunting.

Question 3. Can I obtain a mortgage loan?

It will all depends on your level of finances and your credit score. Ottawa condo buyers have to prove to their lending institution that they have been able to manage debt well in the past and are a good risk. You'll have to speak to a Ottawa loan specialist and then fill out an application. Your past financial accounts and your present income will be assessed.

Question 4. How much of a down payment will I need?

It depends. Different financial institutions have their own set of criteria for their mortgages. In most cases you will be expected to pay at least 10% to 20%. The more money you can put down for a payment, however, the less interest you will have to pay.

Question 5. How do I get started?

The first thing you need to do is contact a Ottawa real estate agent. You will find out whether you should start house-hunting immediately or whether you should take some time to put some things in order first.

If you are considering a new condo and becoming a Ottawa condo buyer in the near future, give me a call. I can let you know if we should schedule an appointment and look through your options.

One Bedroom Luxury Condo Downtown Ottawa - Centre Town Laurier Building

Luxurious one bedroom condominium (770 sq ft) located on the 14th floor of the prestigious Laurier building in centretown Ottawa, Ontario. Built in 2004 by the Richcraft group of companies. Only a walking distance from the Parliament, the National Arts Center, Byward Market, Rideau center shopping mall and canal, National Capital Commission bike paths and also from little Italy. This one bedroom condo in Ottawa is close to everything downtown Ottawa has to offer! Call Roch St-Georges for your personal showing. 613-889-7732
Listing Price: $342,900 | 570 Laurier Avenue West, Ottawa, Ontario| 1 bed | 1 bath