Breaking News - Federal Budget + First Time Buyers

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The Federal Government has announced the budget which includes a number of incentives targeted at housing affordability and helping first time buyers.

The budget includes two main changes, with a number of details still unclear.

The first incentive is the amount that an eligible first time buyer would be able to withdraw from their registered retirement savings plan (RRSP). The Home Buyers’ Plan will allow $35,000 (was previously $25,000) to be withdrew from the RRSP without having to pay tax on the withdrawal.

The second incentive is the introduction if the First-Time Home Buyer Incentive which would allow eligible buyers to finance part of their downpayment through a shared-equity mortgage with CMHC. This would be for eligible first time buyers that are making a downpayment of less than 20 per cent. CMHC would offer 10 per cent shared equity mortgage for new construction homes and condos, or 5 per cent for existing (re-sale) homes and condos. It is expected to start in September and last for three years minimum.

There are lot of details that are still unclear (shared equity? what about losses when properties sell? first time buyers - its not that simple! how much will they make when a buyer sells? etc.).

Any questions on how it could affect you or an upcoming purchase? Fill out the form on the bottom of the page and let’s chat.

Bowery - Sales Promotion

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Richcraft has announced a sales promotion to push the remaining units at The Bowery. The “Closeout Sale” offers a discount on all units, plus a free storage locker during the month of March. Specifically, units up to and including 6th floor will be discounted by $6,000. All units 7th floor & up will be discounted by $5,000. There are still great units available across most price points and sizes.

Located at 255 Bay Street, The Bowery Condos + Lofts is 18 stories with 248 units ranging in size from 493sqft (S5 floorplan for $262,000) up to 781 sqft (T1 floorplan for $452,000) . Amazing rooftop amenities that are worth making the project a must-view.

** For more information about Bowery Condos + Lofts, visit our Bowery page HERE, where you can find floorplans, pricelists, renderings, photos, news clippings, and other information. **

Sellers Guide To Condo Assignments In Ottawa

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Did you purchase a pre-construction condo in Ottawa, and are looking for a way to sell before your closing? You might have heard the term assignment, or seen units that are being sold as “assignments”. While not an easy task, an assignment can provide you with the ability to sell your “condo” without needing to close on it.

What is an assignment?

An assignment is a transfer by the Assignor (original purchaser) of the original Agreement of Purchase and Sale to the Assignee (new buyer). This means that they are not selling or buying the actual condo, but rather their interest in the deal. The Assignee is buying the ability to become the Assignor. You often hear assignments referred to as selling “paper” or selling the deal.

Why do condo assignments occur?

Condominium assignments typically occur for a few reasons. Often, the original condo buyer has had a change in circumstance and no longer wishes to close on the condo. a.k.a. partners, babies, pets, jobs, etc. The buyer might not have the funds to close or be able to secure a mortgage. Sometimes the original purchaser was a speculator who purchased with the intention of assigning the contract to profit from the increase in price or value.

Why can it make sense to assign my condo?

Money. One of the largest reasons it makes sense to assign your condo is that you don’t have to close on it. You don’t need to secure a mortgage and you don’t need to pay the closing costs. The new buyer will take on the builders adjustments or development charges. We have seen builder APS that states an additional 5% deposit payment on occupancy. If occupancy has not yet occurred, it would be the responsibility of the new buyer. The new buyer would also be responsible for the Land Transfer Tax, any interim occupancy fees, etc.

HST. You don’t have to worry about the HST rebate qualification.

First Time Buyer? If you are a first-time buyer, you would retain your status for the next purchase and be entitled to the credits when you do buy and take possession on some other property.

Why might it NOT make sense to assign my condo?

Restrictions. Marketing restrictions are often put in place by the developer when they allow the assignment. This can include restrictions to marketing the condo assignment on the MLS or even advertising it online. This alone can make the process very difficult. Thinking of advertising anyway? Builder contracts often state that if the assignment is advertised online, the builder can cancel your contract and keep your deposit. Not worth the risk.

Cost. Even though you are not closing on the property, there are still fees that you are responsible for. A builder will often impose a fee to allow you to assign your condo. This can range up to $8,000, plus charge their solicitors' fee’s (we have seen up to $2,000). You will likely have to pay a real estate commission (unless you find a buyer yourself). Plus your lawyer will charge slightly higher legal fee’s since the process is more complicated.

Tax. Any profit made will be taxed as a capital gain unless you are in the business of buying and selling real estate, in which case it will be treated and taxed as income. Yes, there was a time when you could get away with this, however, CRA has cracked down and is paying attention to real estate transactions. While these do not get registered on a title, assignments are still handled by the builder and are able to be caught by CRA.

Responsibility. Builders will always include a clause that states the original buyer is still responsible if the new buyer does not close. While it might originally seem like you are completely off the hook, the last thing you want is to find out that you need to close, or are responsible for the default of the assignee.

Top Dollar. While every project and unit is different, selling a unit without the ability for the buyer to see inside, or while a building is not fully finished can hold back the full value of what you can sell your condo for. For example - It is really hard for a buyer to get an idea of what exactly they can expect if the amenities are not finished, especially if the buyer will be an end-user. As well, there might be increased competition due to a surge of units.

Important things to know about condo assignments

Builder Approval. The first step in assigning your condo is finding out if the builder is allowing assignments. This is necessary because most original purchase and sales agreements have restrictions regarding assignments (or listed separately in a schedule). If the builder will consent to an assignment, the builder will need to provide written consent. This consent is usually a condition of the assignment agreement.

Deposit. Assignors typically want their money up front (this includes the original deposit(s) paid plus any profit) and wish to be out of the deal once the assignment agreement is firm. This is usually not practical because most buyers require a mortgage to fund the purchase and they will not get their mortgage until the building is registered and title can pass to the property. Expect the deposit to be held in trust until closing.

Time. Aside from the time, it will take to find a buyer and negotiate the details, you should plan for a number of days before the assignment deal is firm. Both lawyers (yours and the new buyer) will have a condition to review the documents - usually five business days or so. The buyer will want a condition for financing, which can be five business days or longer. Keep in mind that convincing an institutional lender to lend based on an assignment price is not as straight forward as normal financing. There are few sales for appraisers to base the new value on. And finally, you will need developer consent, which could take up to two weeks (or longer sometimes!), regardless if you had already asked before you started or not!

The world of condo assignments is a difficult and tricky one. If you are looking to get more information about assigning your pre-construction condo in Ottawa, fill out the form below and let’s chat.

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Claridge Moon - Launch Date

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Claridge has quietly announced the launch date for its next condo project. Claridge Moon, a 27-storey condo tower that is located above the Lyon LRT station, will launch on March 30th, 2019. There is no pricing yet, however the project will consist of 259 condo units ranging from 510sqft to 1,225sqft.

“The ability to incorporate the LRT in the Claridge Moon development is so unique — it is impossible to place a value on it for the future residents. Imagine being able to access the ByWard Market, Westboro or the University of Ottawa in just a matter of minutes without the inconvenience of traffic through the core.” says Neil Malhotra (Claridge vice-president) to the Ottawa Citizen.

**For more information about Claridge Moon, visit our Claridge Moon project page HERE. All information about the project will be located here, including floorplans, renderings, construction update, news articles, pricing, etc. **

Bank of Canada - Interest Rate Holds at 1.75%

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Once again, the Bank of Canada has released that it will keep its benchmark interest rate unchanged at 1.75%. The last rate change was in October 2018, which was the fifth time since the summer of 2017 that the BoC has decided to raise the rate. In the fall, there was a high guarantee that the rate would rise numerous times in 2019, however, with the economic slowdown that began in the fall (compounded by the slowdown in Canada’s oil sector), has led many to believe rates will hold or drop throughout the year.

What does this mean? The BoC’s rate directly affects the rate that you will get from a retail bank for lending (mortgages and lines of credits) and savings products. When the rate is low, it means that it is cheaper to borrow money, but not as lucrative to save.

The BoC has eight fixed dates each year on which it announces whether or not it will change the policy interest rate. The announcement dates are January 9th, followed by March 6th, April 24th, May 29, July 10, September 4th, October 30th, and December 4th.

Ottawa Condo Market Statistics - February 2019

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As we do every month, we have taken a closer look and broken down the sales data for the month of February 2019 for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 10-14 days.

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

River Terraces 2 - Ground Breaking Sales Promotion + Sales Update

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The River Terraces Phase 2, by EQ Homes, is celebrating the start of construction with a “Ground Breaking Sales Promotion”. Only available until March 10th, or for the first three buyers of a one bedroom or one bedroom plus den, the first three buyers of a two bedroom or two bedroom plus den, or the first two buyers of a penthouse unit. The promotion includes a $10,000, $15,000, or $20,000 EQ Design Studio bonus (per unit size), with the penthouse buyer getting an additional parking spot included ($37,500 value).

Located in Old Ottawa East, just off Main street, The River Terraces Phase 2 consists of 96 units, ranging from 514 sqft (model 3* for $284,900) up to 2156 sqft (Model 36 for $1,799,900). The building is now 25% sold, with the sales team pointing out that the two bedroom units being quite well and the most popular. There is still a good mix of units available, for all price points and sizes. They are expecting an occupancy date of late 2020 or early 2021.

**For more information on The River Terraces Phase 2, visit our River Terraces Two page here.**

THE Buyers Guide To Condo Assignments In Ottawa

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If you are hunting for a condo in Ottawa, you might hear the term assignment, or that a condo is being sold as an “assignment”. While not a typical transaction, purchasing a condo assignment can be a lucrative way to get a great deal, or into a hot building that has no remaining inventory.

What is an assignment?

An assignment is a transfer by the original purchaser (the Assignor) of the original Agreement of Purchase and Sale (APS) to the new purchaser (the Assignee). This means that they are not selling or buying the actual condo, but rather they are selling or buying their interest in the deal. The new buyer (Assignee) is buying the ability to become the Assignor (original buyer). You often hear assignments referred to as selling “paper” or selling the deal. These can happen for any transaction, however in real estate the majority of times it is for either land assembly (buying numerous lots to create one large one - ie for building a condo development), or for single pre-construction condominiums. In Ottawa, it is rare for people to sell an assignment for a residential freehold (house) simply due to the lead time (only takes 6 months to build a house).

Why do condo assignments occur?

Condominium assignments typically occur for a few reasons. The first thing to remember is that condo units were typically first sold three to four years (or even longer) before the buyer could move in. Often, the original purchasers have had a change in circumstance and no longer want to continue with the purchase. a.k.a. partners, babies, pets, jobs, income, etc. The second reason we see often is that the original purchaser was a speculator who purchased with the intention of assigning the contract to profit from the increase in price or value.

Why can it make sense to purchase an assignment?

Hot building? Purchasing a condo assignment is a way to purchase a condo in a building that has no available inventory. It also is typically cheaper than purchasing the unit once the building has been registered and units are listed for resale. PLUS We have seen assignments that are priced lower than the similar unit that is available from the builder in the same project.

Plus you still have the benefits of buying brand new, such as being eligible for Tarion warranty program, pre-delivery inspections, etc. Compared to re-sale where you might have missed these opportunities.

Important things to know when looking to buy a condo assignment

1. You are buying a pre-construction condo and are taking on all of the risks. Delays, changes to occupancy, changes to the building, or even projects that flop and could be canceled. This also includes any interim occupancy payments. While it is the same risk as buying directly from the builder it is important to take note.

2. The original Agreement of Purchase and Sale (APS). When you are buying an assignment, you are replacing the original buyer, and you are taking on all of the terms, conditions, and obligations, that the original buyer agreed to. You are now fully responsible for the purchase. This can include terms that the original buyer might not have cared about, but they might matter to you. It is not possible to renegotiate the terms with the builder.

3. Builder Adjustments or Development Costs. In the original APS it will mention (often clause 6) the adjustments that will be charged by the builder on top of the purchase price. This is no different from buying directly from the builder, but not something you would deal with for a resale property. Usually, these can include development charges, education levies, park levies, initial contribution to the reserve fund, Tarion enrollment, HST on chattels, law society levy, builders solicitors confirmation of deposit letters, etc. These closing costs can easily amount to 1-3% of the original purchase price.

4. Capped Builder Adjustments. Often when purchasing a pre-construction condo from a builder you are able to negotiate and have the builders' adjustments capped (ex $5,000 or $10,000). It is important to know if the original purchaser had negotiated this. While it might seem like a no-brainer, most buyers are not aware it is possible and don’t even ask. Be aware that the cap might not be applicable to the assignee. Every deal and builder is different and this is constantly changing.

5. Deposit. Typically the original buyer (assignor) is looking to mirror the deposit that they have given to the builder. This can be 15% or 20%, which is held in trust until closing. Compared to a re-sale purchase where it can be significantly less. This often rules out assignments for buyers with a smaller downpayment. While this is negotiable between the Assignor and Assignee, it is standard and not typically lower than the original deposit amount.

6. Finishes and Upgrades. Depending on how far along you purchase the assignment, you might not be able to choose the finishes or any upgrades. If they have already been chosen, make sure you like what the Assignor picked out!

7. HST. HST with pre-construction condos can be a complicated beast. Every project can be different, however, it is up to the developer whether to give the HST rebate or have you apply directly to CRA. If the developer believes (or if the original purchaser said it would be for an investment), you will have to pay the HST on closing (and can apply for the rebate after).

8. Closing Costs. The closing costs can be slightly higher compared to a resale property. Legal fees are often higher since the deal is involving two transactions (acquiring the assignment, and the actual closing). Your lawyer should be able to break down the cost in advance.

9. Builder Approval. Every assignment is conditional upon the builder allowing the assignment to happen. Before the assignment is advertised, the assignor will ask the builder for permission. Many builders will not allow their original purchasers the ability to assign contracts. We have seen original APS that state that assignments are allowed, but then a schedule which declares they are not allowed! PLUS if the Assignor is given permission from the builder, there is typically a fee to allow them. We have seen this fee up to $7,000 plus the builder's legal fees of $2,000. While negotiable, this fee is typically the responsibility of the Assignor.

10. Your Team. Have the best team of professionals standing with you to make the purchase. Your lawyer and REALTOR should be experts.

Real estate transactions are complicated to begin with. On an average builder Agreement of Purchase and Sale there can be hundreds of clauses, dozens of schedules, and an endless amount of lawyer talk. The assignment process is more complicated and tricky, using paperwork, terms, and conditions, that doesn’t look anything like the usual APS for a resale condo. When you are looking at purchasing an assignment make sure you have a professional REALTOR well versed with condo assignments who can walk you through the entire process and ensure that you are well protected. If you are looking at buying a condo assignment in Ottawa, fill out the form below to chat!

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Corners On Main - Phase 1/2 - Sales Update

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Domicile’s latest project, The Corners On Main, is nearing completion. All phase 1 units have all received occupancy (73 in total), with phase two occupancy beginning April 15th. Occupancy is scheduled for two units per day, which is slated to last until the middle of June.

There are only six units remaining in phase 2, with pricing ranging from $226,400 (375sqft Rosedale floorplan) to over $769,450 (1,552sqft Hopewell floorplan, includes parking).

The commercial tenants have also started being announced. Laurier Optical, Happy Goat Coffee, River Dental, and Walker Real Estate Group - are among the first to call the building home. No doubt, you will see an influx in commercial tenants to the area with the addition of the new residential buildings.

Looking for more information on Corners On Main, or pre-construction condos in Ottawa? Let’s chat!

Ottawa Condo Market Statistics - January 2019

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As we do every month, we have taken a closer look and broken down the sales data for the month of December 2018 for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 10-14 days.

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

Claridge Moon/District/Royale - Coming 2019

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2019 is shaping up to be the “Year of Claridge”. Aside from Claridge Icon that is under construction, Claridge is getting set to launch three new condo projects in 2019.

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Claridge Moon is going to be located at Queen at Albert, located at the Lyon LRT Station. A three tower development consisting of a 26 storey rental building, 25 storey condo building, and a nine storey tower for rentals. The condo tower name “Claridge Moon” will consist of 229 units. No idea of pricing or sizing at this time. For more information on Claridge Moon, visit our page here, which has all of the renderings and up to date information as it becomes available.

Claridge District is going to be located at 91 Nepean and will be “move-in ready” condos. Not much information at this time.

Claridge Royale looks to be the most exciting. Located in the Byward Market, Claridge had purchased the Metro Grocery site (at 245 Rideau street at Cumberland) a number of years ago which at the time started quite a bit of talk about what exactly they would do with it. The project will consist of three towers (28, 26, and 19 floors) that includes a condo tower, hotel, and most likely a rental building. We are hearing that the Metro will continue to be a tenant in the building (once completed) as well as the possibility of a Canadian Tire on the second floor. For more information on Claridge Royale, visit our page here, which contains all of the renderings and up to date information as it becomes available.

Looking to purchase a pre-construction condo in Ottawa? Want some guidance in navigating which project best fits what you are looking for? Fill out the form at the bottom of the page to chat.

Matt Richling X The Globe And Mail - Buyer Wrangles A Discount For Byward Market Condo

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Matt was interviewed by The Globe and Mail regarding a recent transaction. If you have Globe And Mail subscription, you can view the article here.

”Condo sales have buoyed the Ottawa market throughout 2018, so it was a surprise to have this property on the market for as long as it was. “Our condo market in [2017] wasn’t in the best shape, but this year we’ve seen it pop back up to where we expected it to be. We’re seeing multiple offers and we’ve got a shortage of supply right now,” real estate agent says.

- The Globe and Mail, January 11th, 2019

SOBA - Occupancy Started

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Lamb Developments latest Ottawa project, SoBa - 203 Catherine Street, is nearing completion with occupancy being granted on the first group of units starting Friday January 25th. Owners of units on floors 2-12, are able to pick up their keys in the lobby from 9-5pm.

For more information about SoBa, including floorplans, renderings, etc. visit our SoBa Condos page which has everything in one place. Click Here To View.

The Bowery - Sales Update

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The Bowery is Richcraft Homes’ latest building, located at 255 Bay Street in Centretown. The building is now completed and there are only 40 units left in the building or 84% sold out. Prices for remaining units range from $262,000 up to over $472,000. Size of available units is from 493sqft to 846sqft.

For more information about the Bowery, visit our Bowery page located HERE.

For more information about new condos located in downtown Ottawa, fill out the form at the bottom of the page!

The Grid Lofts - Now Released!

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Modbox Developments has released the new floor plans and pricing on it’s latest project. The Grid Lofts is located at 92 Stonehurst, just north of Scott (and East of Parkdale), and is a perfect mix of hard and soft loft.. There are only six units, all two bedrooms (the penthouse also has a den) ranging from 1,067sqft up to 1,640sqft (not including outdoor spaces). Prices are not publicly published, however they start from the mid 500’s. They are looking at a target occupancy of summer 2020.

Features include:
- private ensuite elevators
- soaring 10ft. ceilings
- Fisher & Paykel appliances (refrigerator, gas range, double-drawer dishwasher
- ensuite bathrooms featuring custom walk-around shower and free-standing soaker tub
- ideal location, short walk to two major LRT stops
- panoramic rooftop terrace (shared)
- across from Laroche Park

One thing we know is that the design and execution is going to be top notch. We have not seen one project that Modbox/Linebox has been involved with that didn’t get us excited.

“ Hard lofts are once-functional factories or warehouses that have been transformed into an expansive dwelling with natural materials and exposed surfaces. Contemporary soft lofts offer high ceilings, large windows, and open concept floor plans with softer detailing, concealed ducts, plumbing and electrical services.  The Grid Lofts offer the best of both worlds-an entirely new building with the elements of true hard lofts plus the comforts and efficiencies of well-built, modern dwellings.”

Interested? You can now reserve a unit with a $5000 reservation deposit until the Agreement of Purchase and Sale is finalized in the next two weeks, at which point clients will have a 10 day rescission period to ensure all questions are answered to their satisfaction.

For more information, including pricing - fill out the form at the bottom of the page.

 

Bank of Canada - Interest Rate Holds at 1.75% again

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Once again, the Bank of Canada has just released today that it will keep its benchmark interest rate unchanged at 1.75%. The last rate change was in October 2018, which was the fifth time since the summer of 2017 that the BoC has decided to raise the rate.

What does this mean? The BoC’s rate directly affects the rate that you will get from a retail bank for lending (mortgages and lines of credits) and savings products. When the rate is low, it means that it is cheaper to borrow money, but not as lucrative to save.

The BoC has eight fixed dates each year on which it announces whether or not it will change the policy interest rate. The next announcement will be on January 9th (followed by March 6th, April 24th, May 29, July 10, September 4th, October 30th, and December 4th).

Ottawa Condo Market Statistics - December 2018

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As we do every month, we have taken a closer look and broken down the sales data for the month of December 2018 for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 10-14 days.

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Questions about how these numbers affect your investment/condo? Let’s chat! Fill out the form on the bottom of the page.

1451 Wellington - Sales Update

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**For everything 1451 Wellington related, visit our 1451 Wellington page. Includes floorplans, renderings, news updates, and more. CLICK HERE**

Sales continue to keep 1451 Wellington moving along. Roughly 70% of the 93 suites are sold, with available units remaining on lower floors and a few penthouses. Starting at $489,990 for the 578sqft one bedroom unit, and up to $2,979,990. 1451 Wellington currently has one of the highest average price per sqft for pre-construction condos in Ottawa - almost $850sqft!

The presentation centre is set to close in February 2019 with construction starting shortly after. Occupancy is slated for June 2021.

Tips For Selling An Ottawa Condo In The Winter

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Thinking of selling your Ottawa condo in the winter does pose a few different problems that are not usually addressed in the freehold (suburban house) market. Here are some tips to help you sell when there is snow falling outside!

- Remove Boots Sign. While you don’t have to deal with snow, the buyers did just walk outside and to the building. Most of the time they have boots that are covered in salt and snow. While it would be obvious that one would remove them before walking around (bonus points for leaving boots in the hallway during a showing), some still don’t. Remind them with a small sign at the entrance. It certainly helps! We have a sign that we put at every listing to help remind people!

- Proper sized welcome mat. When walking inside a unit, and we are trying not to step off the mat, it can be difficult, especially if the mat is too small. You can get large mat’s at Costco or Home Depot (and then trim them with scissors to fit perfectly). Last thing you want is the first impression of the condo to feel too small! Plus use a new, clean, quality one!

- Lights! Winter brings dark rooms, and an early setting sun. Make sure that lights and switches make sense to a buyer walking in. If a room does not have a light, then make sure you find a lamp for each space and room to ensure that it can be seen after dark.

- Light bulbs are all working! A simple one, but I see it too often, where only one bulb works and it doesn’t show the space as best as it can. Bonus: have all of the bulbs in the unit on the same light “colour” - such as daylight or warm white.

- Leave lights on! While it is not as eco friendly as we would like, if it is possible to turn all of the lights on before leaving the property will certainly show better.

- Turn up the heat! Again, this isn’t the time to be thinking of saving a few dollars. Even more important on a colder day, heat the condo a degree or two warmer than usual. It will help make the home cosy and comfortable to a buyer who was just outside in the cold.

- Make sure that the walkways on the outside of the building are shovelled and salted. In most buildings, the building caretaker or super is tasked with ensuring that the exterior area’s are safe and kept clean. Sometimes this means a few constant reminders to the condo board or even a gift card or nice gesture directly to the person who is in charge of the cleaning and maintenance.

- Does your condo have a balcony or terrace? Make sure it is shows the best that it can. This might mean shovelled (if you are able to remove the snow over the edge - without getting in trouble) or make a small pile if possible. Also think about having another mat, so people can go outside (most buyers wont for smaller or normal balconies).

- Do you have seasonal photos? Some views are very different in the winter vs summer. Especially for lower floors that are more impacted by trees for privacy. Leave these photos out for buyers to see. If you are able, get professional photos done in the summer - especially if you know that you will be selling in the winter.

Thinking about selling your Ottawa condo while there is snow on the ground? Let’s chat! Fill out the form below.

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Claridge Icon - Sales Update

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** For more information about Claridge Icon, visit our Claridge Icon page, with all of the renderings, floorplans, detailed information, etc. CLICK HERE.**

Claridge Icon, located at 505 Preston street and just north of Dows Lake and in Little Italy, is continuing to sell units as construction moves along. Currently the building is over 50% sold out and has a good selection of sizes and prices. Units start at $336,000 for the Gable (610sqft), or the Redford (625sqft) for $338,000.

Occupancy is slated for October 2020. Prices average $604sqft. Deposit is 15%.