Domicile Model Suite Furniture Sale

Looking to spruce up your space? Domicile is hosting a one-day furniture sale that has been collected and used in model units over the last few years. We are told it is a mix of contemporary and classic pieces that will be at "very affordable prices". Happening this Friday, February 10th from Noon to 5pm at 376 Madison Ave. 

SOBA - Construction Update February 2017

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Things are moving ahead on the SoBa project which is located on Catherine street. Digging has now stopped and things are moving upwards! 

For more information about SoBa Condos, check out the dedicated section with regularly updated construction and sales information. CLICK HERE to view.
 

2017 Ottawa Condo Market - Predictions

If you ask ten strangers about the Ottawa condo market right now, you are likely to get a pretty general idea of how things are currently going. Not great, slow, crap, etc. Unlike it's sister market - freehold homes are selling quite well and are still breaking monthly sales numbers. Condo's on the other hand, are not so hot. Let's take a quick look back and then see where things are possibly headed.

The condo market has been in this "slump" since 2012 when supply/demand started catching up. We started noticing the number of listings and DOM (days on market) increasing, and fewer multiple offers etc. Over the last few years, the conversation when sitting down with someone looking to sell is often about how to loose as little as possible, or even how to break even. Now keep in mind there are a few factors in play here. Most of these people bought in 2009-2013 (or earlier) and expected the market to keep going the path that it was. At that time, who cared if the view was horrible, upgrades were slim, or they over paid.... it would still be worth more when they sold. As well, many times the condo that was purchased does not fit their current lifestyle (partner/pet/baby/clothes addiction), and after only a few years they are looking to sell. That person has not stayed in the unit long enough to really see the value rise. 

Where are we right now? Well in 2016, the number of unsold units dropped by almost a fourth from November to February (529 vs 699). Builder condo starts (number of permits etc.) from the first 11 months of 2016 were 583. Down from 776 for the same period in 2015, and down significantly from 1301 in the same 11 month stretch in 2014. Less builder starts mean less supply and allows everything to even out (typically 2-3 years). Right now, we still have buildings on the way but more builders are focusing on the hot rental market. Switching poor selling or upcoming projects to rental buildings. Housing affordability really hasn't changed - its still an issue overall, however new first-time buyer credits and low-interest rates still make purchasing attractive (if you can afford it). 

Is the market right now really that bad? The fall market saw numerous multiple offers... (yes, you read that correct), and short days on market (3-4 days, 7 days etc). We had this first hand and couldn't believe it. One of my Centretown listings in the fall had multiple offers (five in fact!) and the property sold over list price. So, no... the condo market in Ottawa is certainly not horrible. It just depends on numbers and who you're talking to.

What should we expect for 2017? Based on the numbers and market, I expect a better condo market overall for 2017. Not a crazy difference, but it will feel better or more positive than 2014/2015/2016, leading the way for a larger change in 2018. 
- A positive condo market.
- Similar sales numbers, but with a modest 1-3% increase in price.
- Sellers spending more to prepare the unit before selling. Painting, decluttering, even staging. All in an effort to maximize the value and shorten the time it takes to sell.
- Fewer high rise condos selling for investment. The 2015/2016 built condo's are all seeing the condo fee rise and the numbers are harder and harder to make work. However you will still see it, being more hands-off and easier to handle makes them perfect for out of city owners, or new first time investors.
- No units purchased for airbnb. This will move to centrally located freehold housing with less rules and restrictions. If a building didn't restrict short term rentals in 2016, it will in 2017.
 - Buyers will spend more time to decide before making a purchase. There is more information and reviews online about buildings and the builder. Buyers will (or should - see below) look closer at the building and unit before they place an offer.
- First-time buyers looking at slightly larger units. Even if that means waiting to afford them. They will learn from the mistakes of those selling now.

Keep in mind there is a lot going on with respect to United States, which could impact all of this. These are my perdictions. Thoughts?

SOHO Italia - Possible Launch Date?

Rumors are suggesting that Mastercraft Starwood is looking at this May to start local sales for the latest building to carry the Soho name. Soho Italia is going to be a 30 story, 254 unit building that will be located in Little Italy at 500 Preston Street at Carling Ave. Prices are suggested to "start from the low $200,000's". 

The building has been for sale in outside markets (Toronto, Montreal) to investors. No word on the amount that has been sold.

Soho Italia is set to contain over 10,000sqft of indoor and outdoor amenities, which includes a fourth-floor area as well as a 30th-floor rooftop amenity area (ask buyers at Mondrian why it matters to specify!).

Arthaus Condos - Hits 17th Floor - Construction Update

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The private condo section is now underway at Arthaus Condos and is expected to be finished pouring the structure this month. Currently pouring on the 17th out of the total 23 floors, DevMcGill is planning on starting occupancy of the 89 condominium suites by this fall.

For more information about Arthaus condo project, visit the Arthaus section HERE. If you have questions about pre-construction condos in Ottawa, contact Matt Richling by filling out the form below.

The Corners On Main Phase Two - Release Date

Domicile has announced the date for The Corners On Main phase two release! Official launch is set for Saturday November 19th from 12-5pm at the sales center at 223 Main Street . There is a model suite that you will be able to tour as well. For more information about The Corners On Main or about being part of opening day, fill out the form below.

Breaking News - More Changes To Mortgage Lending - 10/2016

Earlier today the government announced more changes to mortgage lending to ensure that buyers are not taking on bigger mortgages that they can afford. Let me break down the change and how it will affect buying a house or condo here in Ottawa. Keep in mind there were four major changes, but I am going to focus on the "Stress Test" change.

The "Stress Test" Change

If you (buyer) are using less than 20% downpayment, you will need to be approved using the posted rate (currently 4.64%) not the actual rate of the mortgage. This posted rate is typically going to be higher than what your rate will be, so it will lower the overall amount that you are approved for. This doesn't change the rate or the payment, just lowering the approved amount for borrowing. Before this change, you would have been pre-approved using the rate you were paying - allowing your budget to be much higher.

Who will this affect?

Unlike previous changes (for those borrowing over 1M), this affects anyone who was pushing the top end of their budget and had less than 20% downpayment. This change essentially lowers the amount you will be approved for by on average 20-25%, or less depending on the price point. It is said that this change should impact between 7% and 10% of buyers.

When?

You have until October 17th to get your purchase and sale agreement in writing and mortgage application in to get qualified under the old rules. 

Why is being changed?

Really it lowers the risk that our country is taking on with people that really shouldn't be buying. I can't count the number of times that a buyer here in Ottawa has told me that the amount they were approved for was way more than they could afford. If you were pushing that to the highest amount it is riskier and this looks to help reduce the risk. What if rates rise during your term and when you go to renew the rate is 1% or 3% higher? 

Examples

Before: Income of $100,000 with a downpayment of $40,000, five-year fixed rate of 2.17% would qualify to purchase an Ottawa home worth $665,435 (including tax of $400 and heating of $150 /month).
Now: You would be qualified at 4.64% (todays rate) not 2.17% interest rate, and it would drop your purchase price to $505,762 - a difference of 24% or $159,673. 

If you are thinking of buying or are looking to learn more about how these changes affect you specifically, let's chat!

CLICK TO CONTACT MATT RICHLING

Mortgage Changes

reResidences - Sales Update

Ashcroft has had great success across Ottawa in the past and is certainly not stopping anytime soon. After the initial soft re-launch of reResidences over the weekend, Ashcroft only has 29 of the 91 units still available for purchase. Most of the floorplans are still available, ranging from the J2 (south view, 475sqft 1bed, 1 bath, no balcony, starting from $428,800) up to the Iconic Penthouse Suites #14, 15, and 16 (panoramic views, 2275+sqft plus balcony or terrace, starting from $3.5M). 

reResidence Facts
- 101 Queen Street, between Queen and Sparks
- 18 Storeys,
- 201 Total Suites - 91 Private Residence and 110 Long Term Rental Suites
- Parking is an additional $65,000
- One Storage Locker and Bicycle Rack included
- Condo Fees are as posted (approximately $0.578sqft) not including the additional locker ($6/month), bike rack ($1/month), and parking if purchased ($36/month)

If you are interested in pre-construction condos in Ottawa, or would like to chat more about RE - fill out the form below or contact Matt Richling (sales representative with RE/MAX Hallmark Realty Group) directly at 613-286-9501 or Matt@MattRichling.com

Click To Contact Matt Richling

ReResidence Sales Update

Northshore at Greystone Village - EQ Homes

After large success with Greystone Village Phase 1, EQ Homes is getting ready to launch phase two of the Main Street project. This second phase of Greystone Village features 36 townhomes and only 13 single homes that are being released making these very limited. 

***Phase two is launching October 1st at 9am - to pre-registrants only - not the general public. If you have interest to purchase on of these few units in the project or would like to learn more about the upcoming lots and homes fill out the form below or contact Matt Richling (sales representative at RE/MAX Hallmark Realty) 613-286-9501.***

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Phase two includes the Riva Townhomes and the Vista Collection detached homes. The Riva Townhomes start from the high $500's and is a collection of three different models (The Thelon, The Albany, and The Finlay) each three stories. Each home is designed as a two bedroom plus den,  however the Thelon has the optional layout to convert the first floor den into a third bedroom and larger full bath. The Thelon is 1,548sqft or 1,560sqft with the optional 3rd bed.  The Albany is 1,470sqft while the Finlay is 1,451sqft, both units featuring two bedrooms, and two full bathrooms plus one half bathroom. All of the townhouses feature rear-lane access garages, rear-facing BBQ decks, and landscaped front yards.

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The detached homes in phase two are known as the Vista Collection and are priced starting from the high $800's. There are five models as part of the Vista Collection which range from 1,988sqft Aspen floor plan, up to the Oriana floorplan which is 3,117sqft. The Aspen is a two bedroom plus den which could be used as a third bedroom as per the floorplan. The Harmony, the Cascade, and the Arcadia, are all three bedrooms PLUS the den or optional bedroom. The Oriana is a three bedroom plus den, however there is no closet which would keep this as a three bedroom. Keep in mind the Oriana features an optional elevator lift which if not choosing could be re-structured to have the lift/closet open into the den, making it a possible bedroom. 

***Again - this limited phase is launching October 1st at 9am to those pre-registered and NOT to the general public. If you are not registered and would like to attend, or would like to purchase one of these homes fill out the form below. ***

For all of the floorplans, more information, or to be one of the first in line for the upcoming launch of Phase 2 of Greystone Village, fill out the form below or contact Matt Richling directly 613-286-9501. 

 

Domicile Speaker Series - Home Automation

Domicile has been putting on small events to help buyers and owners continue to learn about their homes and the city around them. The next event is focused on "Smart Living" and home automation, featuring Domoticka (a local home automation design and installation company). "Join us on October 5th, when we invite Moe Gazale from Domoticka to The Corners on Main to discuss the industry he’s a part of, where it’s headed, and what innovative ideas are leading the charge."

You can sign up by emailing Ainslie@Domicile.ca or visiting HERE for more information.

reResidences - Ashcroft

Ashcroft is gearing up to relaunch the RE Residences, a luxury highrise condo building located on Queen and Sparks street. Views from the north facing suites are directly facing Parliament Hill and will have some of the best in the city. The information from the builder is new as of today includes;

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- Building Address: 101 Queen Street
- 18 Storeys
- 201 Total Suites
- 91 Privately Owned Residential Suites
- 55 Long term rental suites on Queen St
- 55 Long term rental suites on Sparks St.
- Full mix of sizes ranging from 475sqft to 4,345sqft
- Architect - Roderick Lahey Architects Inc.
- Interior Design Concept - Cecconi Simone
- Amenities to include: Fitness Centre, Sauna, Virtual Golf Room, Theatre, Games and Party Room, "Sky Lounge" with Catering Kitchen, Pet Spa, Sports Utility Room, Car Wash Bay
- Pricing from the $400's up to over $4M

With the location, outside forces (like the Vancouver foreign investor tax), and projected quality, this project is expected to do quite well. For more information visit the new website reResidences.com We will update as more information becomes available.

 

Gotham - Fall Sale

Lamb Development Corp. has announced another sale to push the remaining units at Gotham, located at 224 Lyon St. This fall sale has discounts up to $62,000 off the developer prices for the remaining 20 developer inventory suites from the original 251 units. 

For any questions about pre-construction condos across Ottawa contact Matt Richling (Sales representative with RE/MAX Hallmark Realty Group) by filling out the form below or Matt@MattRichling.com.

Richcraft Sales Event - Galleria 2 (238 Besserer)

Richcraft Homes is currently pushing the last remaining units inside of the Galleria 2, located at the corner of Besserer and King Edward (on the border of Sandy Hill and the Byward Market). "The Million Dollar Event" has discounts on the remaining ten units, ranging from $40,000 to over $275,000 off of the purchase price. The building is now fully completed, allowing a quick closing period (for those who are looking to move fast). Building features an indoor pool, gym, amenities room and outdoor area, visitor parking, etc.

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A few of the available units include - The Urban Sp. on the 11th floor, 720sqft plus a large 435sqft terrace originally priced at $493,778, now priced at $399,000. The first major standout is the terrace, but looking closer you will see that the living area is decent and provides plenty of room depending on how you wish to enjoy the space. This includes underground parking, storage locker, stainless appliances,  hardwood throughout including the bedroom, Granite counters throughout etc.

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Another favorite is the Fenton floorplan on the 6th floor, 978sqft two bedroom two bathroom that was originally listed at $487,000 and now priced at $447,000. A smaller sized corner unit that includes a master en-suite bathroom and lots of light. This includes underground parking, storage locker, stainless appliances,  hardwood throughout including the bedroom, Granite counters throughout etc. 

 

Overall with the highly desired location (steps to Byward Market, Rideau Shopping Center, Nordstrom, Parliament Hill, University Of Ottawa, etc), and high-quality finishes, these units are certainly appealing to those currently shopping. There are only ten units - so once they sell, they are gone.

If you are interested in downtown condos for sale in Ottawa, contact Matt Richling (sales representative with RE/MAX Hallmark Realty Group) who focuses on downtown living. Fill out the form below or email him directly - Matt@MattRichling.com.

Click To Contact Matt Richling

238 Besserer Sales Event

Yard & Station - Construction Update

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Construction is almost complete and occupancy has begun at Morley Hoppner's Yard & Station which is located at 12 Stirling Avenue in Hintonburg. This luxury low-rise loft building was designed by lead architect Barry J Hobin & Associates. Only one unit still remains available for purchase, an 1807 sqft loft for $939,000 (price is up from earlier in the year). The lower units have started occupancy and the finishing details have started on the other two floors. 

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Click to expand the floorplan for the last available unit below - yes, it is very impressive. Two bedrooms plus large den, along with two bathrooms, separate laundry room, direct access from the elevator, etc. This is certainly not shoebox living. 

For more information about loft living in Ottawa fill out the form below. Matt Richling (salesperson at RE/MAX Hallmark Realty Group) is focused on downtown living and helping buyers with finding the perfect investment space. 

Mechanicsville Lofts by Modbox

Mechanicsville Lofts is a new low rise, six unit condo development by ModBox Developments that will be located at 92 Stonehurst Avenue in Mechanicsville area of Ottawa. ModBox is the sister company to Linebox Studio which is the Architect of the project and the creative behind the design. The building is set for completion 2017 with construction to start this summer.

Units start at $550,000 with sizes ranging from 1114sqft to 1745sqft. Each unit has a few different layout choices allowing the buyer a two-bedroom layout, one bedroom plus den layout, or a fully open concept layout (depending on the unit). Not to mention high-end european standard finishes and appliances. Each unit is equipped with a high-end Wolf all-gas range - yes, included standard at no extra charge. Unit features include 10'6" ceilings with radiant-heated polished concrete floors, high-end custom millwork, and direct access elevators into each unit. Parking is covered, above ground, and very limited - however with the central location it might not be necessary.

The building will feature a large rooftop terrace that has been designed specifically for entertaining and relaxing, with panoramic views looking over Laroche Park and of the downtown skyline.

"The Mechanicsville Lofts are inspired by the true hard lofts of New York City and the contemporary soft lofts of Toronto and Montreal. Hard lofts are spaces that were once a functional factory or warehouse and then transformed into an expansive dwelling with rugged detailing and exposed services. Contemporary soft lofts refine this concept with softer detailing, concealed ducts, plumbing and electrical services. Both versions offer high ceilings, big windows, and open concept floor plans.

Mechanicsville Lofts offers the best of both worlds: an entirely new build with all the elements of true hard lofts plus the comforts and efficiencies of well-built, modern dwellings. Building features include soaring 10'-6" ceiling heights, radiant-heated polished concrete floors, floor-to-ceiling windows, high-end custom millwork, open floor plans, and secure elevators that open directly into each unit. A large rooftop terrace overlooks Laroche Park and Ottawa’s Parliament Buildings. All this to give to you the hard loft life." -mechanicsvillelofts.ca

Two units both with the open-concept layout. Numerous layouts per unit are available for the buyer to choose from.

Same units as above except with the two bedroom, two bathroom layout.

For more information about ModBox Developments Mechanicsville Lofts, visit their sales website at Mechanicsvillelofts.ca. If you have any questions about pre-construction condos in Ottawa, fill out the form below.

 

SoBa - Construction Update August

**For updated information about SoBa Condos, check out the dedicated section with regularly updated construction and sales information. CLICK HERE to view.**

Since the last update earlier this year, Lamb Developments has continued to move forward with construction of SoBa which will be located at 203 Catherine Street. Construction of the 240 unit, 23 storey building is expected to be completed in late 2017 or early 2018. Units are still available for purchase.

For information on pre-construction condos in Ottawa, contact Matt Richling (Sales Representative with RE/MAX Hallmark Realty Group) by filling out the form below.

Claridge Icon Ottawa Condo - Construction Update

Claridge Homes is steadily progressing on construction of what will be Ottawa's tallest condominium building. Claridge Icon is located at 485 Preston Street in Little Italy and across from Dow's Lake. Expected completion of the 45 story building is April 2019. Unit price ranges from $291,000 to well over $1,235,000 of the 230 total units.

For more information about pre-construction condos within the city of Ottawa, please contact Matt Richling (sales representative with RE/MAX Hallmark Realty Group) by filling out the form below.

Arthaus Condos Ottawa - Construction Update

ArtHaus residence and condominium is currently on track for a late 2017 completion. Built by DevMcGill and located at 20 Daly Avenue with a premium location beside the Rideau Shopping Center and the Byward Market. Prices for available units range from $246,990 up to $589,990.

For more information about pre-construction condos in downtown Ottawa, contact Matt Richling (sales representative with RE/MAX Hallmark Realty Group) by filling out the form below or by email Matt@MattRichling.com

Claridge Icon - Construction Fire

Photo Source: Ottawa Citizen/Kara Hayne

Construction fire at the Claridge Icon site at 485 Preston St. The full article from the Ottawa Citizen is below; read the full article here. 

Hazmat call, fire at construction site doused in Little Italy
- Megan Gillis, Ottawa Citizen, August 10th 2016
A fire that ignited spray foam insulation at a Little Italy construction site has been doused and fire and air tests turned up clear, although road closures are still in place, Ottawa Fire Services said Wednesday as the afternoon commute began.

Concerns about potentially-toxic burning insulation was behind the large perimeter established around the Claridge Icon project at Carling Avenue and Preston Street after a loud noise and smoke were reported at noon, a fire service spokeswoman said.

First responders called the hazardous materials team to the scene and closed Carling Avenue from Bronson Avenue to Sherwood Drive, and Preston Street from Pamilla Street to Prince of Wales Drive. Crews have since reopened Carling.

Firefighters wore the breathing apparatus they don during working fires during the safety perimeter while police asked that people avoid the area.

Witnesses tweeted that firefighters were trying to extinguish insulation that had been applied to the foundation at the condo tower that’s under construction.

SoBa - Construction Update

With warmer weather now here, construction crews have come back and continue moving forward. Check out the above time-lapse video of the progress from yesterday at the SoBa site on Catherine st. 

Questions about pre-construction condos in Ottawa? I would love to chat - fill out the form below.