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%.

The River Terraces 1 and 2 - Greystone Village - Sales Update

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** For everything The River Terraces related, visit our River Terraces page. There you can find more information, floor plans, renderings, news reports, etc. CLICK HERE **

EQ Homes has been moving along with sales at its newest projects, located at Greystone Village. Located in between Main Street and the Rideau River, The River Terraces 1 and The River Terraces II are well underway.

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The River Terraces 1 is 90% sold out, with construction currently pouring the 6th floor. EQ Homes is expecting a Fall 2019 occupancy (starting with the lowest floors).

The River Terraces 2 is just over 20% sold out (20 units sold out of 99), with construction starting next month. EQ Homes is pushing for a fall 2020 occupancy.

There are still units of all sizes and price points in either building available.

Looking for pre-construction condos in Ottawa? Fill out the form below to chat.

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Monocle Westboro - Sales Update

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**For everything about Monocle Westboro, visit our Monocle page which has all of the information, including floorplans, renderings, etc. Click Here**

Monocle Westboro, built by Ashcroft Homes, was launched earlier this year and will be located at 91 Shannon Street near the corner of Richmond and Island Park. Monocle is comprised of 62 suites and penthouses, over four floors. As of today, the project is 35% sold, with a decent supply of different sizes and price points. Pricing for available units starting at $686,990. Construction is set to begin this spring with occupancy expected for spring 2021.

Ottawa Condo Market Statistics - November 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 November 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? Contact us to chat more!

Bank Of Canada - Interest Rate Holds at 1.75%

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The Bank of Canada has revealed that it will keep its benchmark interest rate unchanged at 1.75%. This comes from the previous raise in October, 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).

Zibi - O and Kanaal - Sales and Construction Update

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For everything about the Zibi development - check out the Zibi page HERE.

Zibi development located in both Ontario and Quebec is moving along quite well. The first building, named “O”, is located at 3 Rue Eddy in Gatineau. The second building, named “Kanaal” is located at 6 Booth street in Ottawa.

“O” - has started seeing its new residents take occupancy last week. It is 82% sold of the original 70 units. Of the units that remain, prices range from $339,900 up to 782,900. Sizes of remaining units range from 653sqft to 1362sqft. Some amazing views coming from every single unit. Check out the two storey “Traverse” floorplan, 1362sqft open concept corner unit, complete with 228sqft terrace.

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“Kanaal” - is currently under construction - currently pouring the grade slab. The roof is expected to be finished by February, with the first occupancy around November. The building is currently 89% sold out of the 67 units. Designed by Barry J. Hobin & Associates Architects Inc., Kanaal is a collection of 67 urban condo flats, two-story towns, and flow-through penthouses with private rooftop terraces. 

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Looking for more information about pre-construction condos in Ottawa? Fill out the form below to chat!

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Matt Richling X Inman News - How to explain to sellers that the market is turning

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Matt was interviewed by Inman News (the largest North American real estate industry news channel) about communicating with sellers in a changing market. You can view the entire article here.

Matt Richling, who practices in Ottawa with the RE/MAX Hallmark Realty Group, said that the key is “kind of walking them through the numbers.”

“It’s based on data,” he told Inman. “If I don’t have my information they’ll question it.”

Richling confirmed that conversations about a softer market and tempered expectations are becoming common in his area. Sellers get their information from the news or from what their friends and neighbors experienced and often “feel like they naturally have a pulse of what’s going on,” Richling explained. But in reality, they might be working with information that is long out of date.

“Having that firsthand knowledge is going to make that conversation easier regardless of what you’re looking to do,” he continued. - Inman News - November 23rd 2018

HLMRK Luxury Residence - Launching Soon

Without much information available, a new tower is coming to Centretown! HLMRK Luxury Residences, by M Developments is set to launch this December.

From the website “HLMRK heralds the arrival of a new residential landmark in Ottawa - a visionary union of modern design, locally sourced building materials, dramatic spaces, and carefully curated sweet amenities.”

View the website at www.hlmrk.ca or clicking this link.

For more information about pre-construction condos in Ottawa, fill out the form below.

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Condos + Babies: Interview With Sam

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We sat down with Sam Hetz who is the Owner and Medical Director at Concept Medical to ask him about his first hand experience with having and then raising his daughter while living in their condo. Sam and his wife Hana, raised their daughter Ava in a 1057 sqft two bedroom two bathroom hard loft in Hintonburg.

Hana, Sam, and Hana

Hana, Sam, and Hana

What are some of the biggest issues you had raising Ava in the condo? How were you able to overcome them?

We actually found it a total breeze. Given we had two bedrooms, it made it easier than what I think it would have been if we had a smaller space. The only concern we had was that we have a loft-style condo, with open spaces at the top of the door way, which means sounds travel very easily! In the end, this was actually a benefit, as Ava got use to having ambient noice, and now sleeps through anything! Now that Ava is almost 3 years old, we have found that she is expanding her real-estate and taking over more of the condo.  

Babies take up a lot of space, how did you cope? Any tricks?

The first thing would be to buy what you NEED not what you think you’ll need. Babies, especially in the first 6 months really only require the basics. Loading up your condo with extras is a sure way to fill up your space - and stretch the budget. Second, is organize - we installed a closet organizer (thanks, Ikea) which maximized our storage space. As well, we purchased a crib that has an attached changing table and numerous drawers, and internal shelves which allows us to tuck away diapers, etc… 

You live in an open loft, how did you handle noise and keeping things quiet or getting sleep yourselves?

Honestly, this was a non-issue for us (see question 1). At first it was a major concern of ours. However, I think if your baby gets use to surrounding noise, they become use to it, and are able to fall asleep.  

What did you need and what did you waste your money on?

One of the best things we received as a gift was a Diaper Gene. So worth it! It takes up very little room, and kept our condo smelling fresh! If you’re not fortunate to receive one as a gift, it’s worth the buy. I would say the one disappointing buy was a Jolly Jumper. It DID take up a lot of space, and our daughter out grew it really quickly. Given the set up/take down in the condo, I likely wouldn’t buy another one unless we had more space. Oh, and being in a condo we really had NO need for a baby monitor (although we did buy one as well). 

Did you raise, or do you know someone who raised their child in a small space? We would love to talk to them - we want to help expecting parents with things that can help them with this upcoming transition! Click the button and fill out the form below!


The LRT + Ottawa Condo's - Which Buildings Are Close To an LRT Stop?

Currently under construction, the new LRT is certainly going to help transform the city and make getting around easier. 13 stops in total (not including what is currently built or planned for the second and following phase), including three stops in the underground tunnel which is located downtown. The LRT will without a doubt, transform our city.

However, when I went to try and find an easy way to see exactly where the stops are, or how far away I was from one, there didn’t seem to be an easy resource. To solve this problem we put together a quick (and still a work in progress) interactive map with all of the stops and condo buildings!

Click on this link - or visit https://ottawalrtstations.com

Keep in mind it is still a work in progress as we add buildings, future phases, and stops. If you have some feedback or if there is something we can fix, let me know!

Ottawa Condo Market Statistics - October 2018

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Each month we take a closer look at the previous monthly condo sales data for the top five "downtown" Ottawa area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebretown 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. Questions?


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Questions? Want to know how it affects your condo? Fill out the form below and let’s chat.

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SoHo Italia - March 2019?

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Looks like SoHo Italia will start moving forward sooner rather than later. Notice was posted on the entrance to the Presentation Centre on Champagne, that brings more than just a rumour to a possible start date. Block it off in your calendar, the pre-launch party will be in March of 2019!

The Mastercraft Starwood project is set to be located at 500 Preston Street in Little Italy. While it has not yet launched, it was to have 161 units over 30 stories, with pricing originally from the low $200k’s.

For more information about Soho Italia, or pre-construction properties in Ottawa, fill out the form below.

 
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