Some of the Google searches that have brought visitors to this blog over the past week:"Down payment on a condo ottawa"
When looking at new construction, be prepared for a downpayment of anywhere between 15% to 20%, although some builders will be flexible, depending on the project and overall sales activity. I have previously negotiated downpayments as low as 7% for my clients, but I would say this is an exception, not the rule.
By contrast, your downpayment when buying in the resale market is dictated by the lender you deal with. Currently the minimum for CMHC insured mortgages is 5%, but a higher downpayment may be required depending on factors such as length of employment and credit score.
"Ottawa condo advice"
This one is easy — first and foremost, buy what you can comfortably afford both in terms of monthly mortgage and condo fees.
Buy in a location you *like* — the smaller space of a condo means that your immediate neighbourhood becomes an extension of your living space. Therefore… like where you live.
And lastly, remember that a unit's size, orientation and building can't be altered. Old carpets can be replaced with hardwood floors, kitchens and bathrooms can be renovated, and walls can often be removed… but you can't add extra space, extra sunlight or redecorate the lobby, so if these factors matter to you, then always keep them top of mind.
