Purchase and Rental Advice

Cmcint01 · #1 Posted **Feb 12, 2021, 6:19 PM**

Brand new to this great city and forum. Currently leasing and looking to purchase presale something ready late summer/fall 2021. Of course I will enjoy going through all of the threads but if anyone knows of places or suggestions to speed up the search I would appreciate it. Also if this isn't the right place for this post please advise. Thanks!

AuxTown · #2 Posted **Feb 12, 2021, 6:52 PM**

Welcome! This might even call for a new thread. It's been a long time since we had a discussion about all the different condo investment opportunities in the city. I'm long out of the condo market but if I were to dive back in I think I would give some serious thought to Zibi. It's not the most inviting neighbourhood currently with an amazing location, quality builds, and unparalleled views from some of the units it will be hard to beat.

Cmcint01 · #3 Posted **Feb 16, 2021, 4:46 PM**

Thanks Auxtown. Looks like an interesting endeavor! Love to start a new thread for this but seems I don’t have permission to do so.

rocketphish · #4 Posted **Feb 16, 2021, 5:50 PM**

I created the new thread last week. You're replying in it right now

OTownandDown · #5 Posted **Feb 16, 2021, 6:48 PM**

Recently clicked on a "5% Down" ad for Zibi. 5% of $815,000 for a 1 bedroom doesn't make the $815000 seem any less overvalued...

I know it's going to be a premier destination, and I know I say this every time I discuss real estate value in Ottawa, but how could that price be a good investment?

khabibulin · #6 Posted **Feb 16, 2021, 11:05 PM**

I don't remember what thread it was under, but we had a good Ottawa relocation discussion going when Vanriderfan transferred here a few years ago.

rocketphish · #7 Posted **Feb 16, 2021, 11:45 PM**

Quote:

Originally Posted by khabibulin

I don't remember what thread it was under, but we had a good Ottawa relocation discussion going when Vanriderfan transferred here a few years ago.

Found it:
http://skyscraperpage.com/forum/show...93#post7767293

silvergate · #8 Posted **Feb 17, 2021, 12:43 PM**

Quote:

Originally Posted by OTownandDown

Recently clicked on a "5% Down" ad for Zibi. 5% of $815,000 for a 1 bedroom doesn't make the $815000 seem any less overvalued...

I know it's going to be a premier destination, and I know I say this every time I discuss real estate value in Ottawa, but how could that price be a good investment?

At this point it feels like the Canadian real estate market is built on the assumption that low interest rates are forever and housing can only appreciate in value... and recently that hasn't been wrong

khabibulin · #9 Posted **Feb 22, 2021, 8:26 PM**

Quote:

Originally Posted by rocketphish

Found it:
http://skyscraperpage.com/forum/show...93#post7767293

Thanks! It was a nice 4 year read down memory lane. Amazing how the Ottawa housing market has exploded since then. Time to sell my place and move to the country!

Cmcint01 · #10 Posted **Feb 23, 2021, 7:05 PM**

I’m new to this site and Ottawa and looking to purchase a condo with occupancy around late Summer early fall 2021. Appreciate any recommendations and in the interim will continue viewings threads on this great portal. Thanks!

Cmcint01 · #11 Posted **Feb 23, 2021, 7:10 PM**

Thanks!

OTSkyline · #12 Posted **Feb 23, 2021, 7:13 PM**

First welcome to the site!

I guess it all depends on how much space you're looking for, what's most important to you and what budget you are working with.

I have lived in Central Phase 2/Hideaway condos on Bank/McLeod and would definitely recommend. Pretty good condos, nice location, close to everything, the pool/cabanas are a nice plus for Centretown. Could also look into the Bowery, I believe I had seen some decent units to purchase and good sizes although I find this area of downtown/Centretown a little less desirable than Central.

I find many of the newer builds areound downtown are offering smaller and smaller condos and higher and higher prices so I dont find them particular attractive or of good value; including Tribeca, Gotham, Soba, etc.. but perhaps just my personal opinion.

Others which are at the very high end of the market would be The Merit, reResidences or Cathedral Hill.

Best of luck! And keep us posted!

saisoj · #13 Posted **Feb 23, 2021, 10:03 PM**

Hard to recommend anything without knowing the basic info like budget, amenities desired, size, pre-con vs already built etc...

oneils · #14 Posted **Oct 2, 2021, 9:26 PM**

Quote:

Originally Posted by saisoj

Hard to recommend anything without knowing the basic info like budget, amenities desired, size, pre-con vs already built etc...

Rather than create a new thread. I am looking around for a 2 bedroom unit (maybe around 1,000 sq feet) that would be in $450K to $600K range (im guessing that 1,000 sq feet puts it in the upper range). Also thinking centretown.

I will be renting a place on Frank st, after selling my old townhouse.

Condos are a bit overwhelming for me, as the monthly outlay (fees and taxes) seems pretty high compared to what I was used to with my freehold townhouse. I know that you get lots of amenities with it, but it does put quite a bit of sticker shock on it.

I'm almost thinking that I may just rent for a while, and continue to invest my capital (sorry for the ramble).

Marshsparrow · #15 Posted **Oct 3, 2021, 7:05 PM**

Finding a condo with low amenities and a good reserve is what I would look for. If an older building making sure that windows and all the big ticket items have been done or are planned without a special assessment is smart. Pools and all that extra stuff ends up costing condo owners dearly! I have yet to see condo fees going down and the larger your unit the more your fees will be.

Did the condo thing for six or so years - liked the low maintenance but the condo fees were a hard outlay and the politics around some of the condo rules (always seemed to be someone pissed off about something). My biggest gripe was being single and knowing that there were four or so ppl in other units and the water billing being equal in the makeup of the condo fee - hardly encouraged people to be good stewards...

oneils · #16 Posted **Oct 3, 2021, 9:50 PM**

Quote:

Originally Posted by Marshsparrow

Finding a condo with low amenities and a good reserve is what I would look for. If an older building making sure that windows and all the big ticket items have been done or are planned without a special assessment is smart. Pools and all that extra stuff ends up costing condo owners dearly! I have yet to see condo fees going down and the larger your unit the more your fees will be.

Did the condo thing for six or so years - liked the low maintenance but the condo fees were a hard outlay and the politics around some of the condo rules (always seemed to be someone pissed off about something). My biggest gripe was being single and knowing that there were four or so ppl in other units and the water billing being equal in the makeup of the condo fee - hardly encouraged people to be good stewards...

Thanks for the tips. What did you end up doing after getting out of the condo? Buy our rent a house? Or just rent an apartment.

I have a one year lease for a new apartment, and am trying to figure out what I will do when it runs out. Could always stay put if I like it.

Marshsparrow · #17 Posted **Oct 4, 2021, 11:49 AM**

I ended up buying a house - COVID + condo and anxiety did not work so well in my favour!

oneils · #18 Posted **Oct 5, 2021, 10:53 PM**

Quote:

Originally Posted by Marshsparrow

I ended up buying a house - COVID + condo and anxiety did not work so well in my favour!

Thanks for the info, earlier!

I'm going to live the rental life for a year and see if I get the urge to buy when the lease is near up. Some of the newer buildings, in centretown, do look ok. So maybe I'll keep an eye on them.