Lest We Forget...

Halloween in The City...

Candy apples in the Market at the Rocky Mountain Chocolate Factory:


Time warp—“The Rocky Picture Horror Show” at the Mayfair Theatre:

Ghost whispering in the gallows of the former Carleton County Jail on Nicholas Street:

Which way to the pool?

Well, it must be the humidity—two people in two days asking me about condos with saltwater pools. But it's a very good question, actually, and below are the ones that immediately come to mind…

Claridge Plaza at 200 Rideau Street:
The Galleria at 200 Besserer Street:

La Renaissance at 40 Landry Street, off Beechwood Avenue:

Queen Elizabeth Towers at 500-530 Laurier Avenue West:

Kevlee Tower at 556 Laurier Avenue West:

The Metropole at 38 Metropole Private:

Parkdale Terrace at 215 Parkdale Avenue:

And going further afield west, 1025 Richmond Rd:

The Westpark at 100 Grant Carman Drive:

Those lazy, hazy, crazy days of summer...

Patios, Bluesfest, bbqs, Sandbanks and summer’s heat... judging from the way in which condo sales have slowed to a trickle this past month, it would seem I'm not the only one who has been taking time out to enjoy those lazy, hazy, crazy days of summer.

That said, the few buyers I've been working with have picked up some real gems at very good prices over the past month, one of the advantages of being in the market while everyone else is up at the cottage. Without a doubt "value for money" remains top of mind for many buyers, and sellers have been forced to acknowledge this as they reduce their prices accordingly.

Happy Canada Day!

Food for Thought: Condo By-Laws

“One of the problems in general with condos is that the most anal people always end up on the condo boards. As an example, I find the rule that you can’t rent out your parking spot to an outside person unnecessary, especially in a building with visitor parking. The idea that I can rent my condo to someone on parole for sex offences, but can’t rent my spot to a mid-level bureaucrat who doesn’t live in the building, doesn’t make sense. This is especially an issue in The Mondrian where a parking spot is probably worth $200 a month to someone working in the immediate area.”

—A Resident

Attention First Time Condo Buyers…

John Peart is a partner with Nelligan O’Brien Payne LLP and a past president of the Canadian Condominium Institute. Below is an excerpt from an article he wrote with some excellent advice for those buying a condo for the first time. Among his suggestions:

• “When buying a used unit, try to work with a real estate agent who understands condominiums and make your agreement of purchase and sale conditional on your review and approval of the condominium Status Certificate.”


• “Understand the costs relating to buying a condominium. Try to work with a lawyer who understands condominiums and who can explain the condominium documentation and financial statements.”


• “If pets, accessibility or quiet are important to you, make sure you understand whether your condominium allows/does not allow pets; is accessible; has bylaws or rules to regulate noise and enforces these bylaws and rules.”


• “Understand the condominium’s rules relating to such items as use of elevators on moving day, the right of a unit owner to rewire or re-plumb their own unit without consent from the board of directors and the installation of satellite dishes.”

Throwback Thursdays: Ottawa’s First Condo

A lovingly retrospective on Canada’s first high rise condo built here in Ottawa at 1365 Meadowlands Drive, also known as Carleton Condominium Corporation (CCC) #1...

Highrise Condo a Canada First
By Rob Thomas, Sun Media

Helen Lewis moved into her condo on Meadowlands Dr. because rent for her apartment was going up by $30.

“That seemed like quite a bit for a month to me," Lewis said, "That and I liked the idea of ownership.”

That was 40 years ago and Horizon House, the building Lewis moved into, was brand new and the first of its kind in Canada.

“We didn't know anything about a condo because this was the first highrise in Canada. This was a perfectly original ideas of Minto's to build here,” Lewis said.
Jean Smith and her sister moved in around the same time.

“We had been in a house and we found it was too much work. The condo had indoor parking and you didn't have to do any snow shovelling,” said Smith. “Now if I look out my kitchen window I can see the water at Britannia and if I look out my other window I can see the fireworks at the casino.”

Smith had heard about condos in Florida and jumped at the idea of buying one in her hometown.
The Nepean highrise was registered as a condominium with Carleton County in 1969, making it Canada's first highrise condo. Brentwood Village, a townhouse complex in Edmonton, was the first registered condo in 1967.

“I loved the idea of condo fees that were equal to rental fees and to be making an investment rather than just water gone under the bridge in rent,” said Mabel Brown, who is also one of 10 original Horizon House residents. Brown has used a wheelchair since her 20s due to polio. She said her spacious ground-floor condo has been ideal.

“Because Minto was making an experiment to see how the market would go they called this the Horizon House Project but once they saw that it sold quickly then others went up like mushrooms,” Brown said.

Horizon House was built by Minto with mortgages held by the Canada Mortgage and Housing Corporation. The building won a design award when it was first built.

Food for Thought: Condo Building

"It is difficult to be a condo builder. There is only a paycheque every four years and the risk factor is high. There are a million components and a series of checks and balances in place. And there are problems."

—Bill Malhotra
CEO & President, Claridge Homes

The Dog Days of Summer

The dog days of summer are here and without a doubt, there are fewer sales. But as always, well maintained condos that offer space, location and value continue to sell quickly:

99 Holland Avenue
1000sqft = 2 bedroom, 2 bath, 1 parking
Sold in 2 days

429 Somerset St W
800sqft = 1 bedroom + den, 1 bath, 0 parking
Sold in 4 days

374 Cooper St
1200sqft = 2 bed, 1 bath, 1 parking
Sold in 6 days

May: hot or not?

With May being the traditionally "hot" month of the real estate market, the following numbers are interesting to note:

175 = downtown condos listed for sale in May
31 = condos that managed to sell
19 = condos who have reduced their price
115 = condos still trying to sell

2012 Condo Market Update

I attended a CMHC Market Update last week to hear their analysis and forecasts regarding Ottawa's condo market. Some points that caught my attention:

• Ottawa's population growth is due first and foremost to immigration—an incredible 50% of Ottawa's immigrants are classified as 'economic immigrants' who arrive with language skills, professional experience, financial savings and thus are able to settle quickly into both employment and homes within 4 years of arriving into town.
• Investors are currently purchasing a full third of new condo projects—20% of these investors are practicing a long term 'buy and hold' strategy, while the remainder plan to 'flip' their units upon the building's completion.
• Long-term investor interest in the condo market is fueled by Ottawa's low vacancy rates and high rents.
• Lastly, according to CMHC forecasts, Ottawa can expect a 'balanced market' for 2012, although sellers may regain the upper hand for the traditionally 'hot' spring market of April and May. Otherwise CMHC forecasts a slight decrease in prices, although this doesn't come as news to those of us who have been tracking downtown condo prices over the past 6 months.

Jack Layton 1950–2011

An impromptu memorial for Jack Layton on the Hill today. May he rest in peace.

Big Green Eat Little Green

After an anemic start and a relaunch with new floorplans and new pricing, Domicile's One Three One project in Wellington Village is finally more than 50% sold.

Groundbreaking took place last week, and the irony isn't lost on some of us in the neighbourhood that the home of a local florist and the former site of The Healthiest Home (purveyors of sustainable building supplies) have been razed to make way for eco-friendly condos.

But my real concern with this project is Domicile's intention to include a no-smoking provision in the condo declaration that extends to the individual units. According to Domicile, sitting on the condo boards of their other projects has brought to their attention secondhand smoking complaints, and they feel that non-smoking buyers will appreciate this initiative.

While I myself applaud Domicile for addressing the concerns of secondhand smoke, even as a non-smoker I nonetheless find the scope of such a by-law just too intrusive for my own comfort, and wonder why this issue isn't being addressed through the building's mechanical and physical infrastructure. Will spicy cooking be targeted next?

My legal counsel agrees, but warns that after 30 plus years of practicing real estate law he is seeing this issue crop up more frequently and contends that the current mood of the courts would be to uphold such a declaration as being "reasonable".

Keeping in mind that such a regulation will not only apply to those buying into the project new, but those looking to buy a unit on the resale market, two words apply here: buyer beware.

Happy Canada Day!

Canada Day as celebrated in London's Trafalgar Square under Nelson's Column. The line up in the foreground was a 45-minute wait for the Tim Horton's booth!

Much ado about nothing at all...

Reviewing the invitation for next week's realtor preview of hom... well, the foodie in me can't help but take note of the catering at these affairs: back in 2006 Domicile invited realtors on a construction tour of The Exchange in Westboro followed by lunch courtesy of DISH... and I still remember the mango chicken wraps, they were that good.

Fast forward to 2010 and we were invited to enjoy fine fayre from Glenn's Chip Truck while it was parked next to the trailer for One Three One Holland. This project's redesign and relaunch in November came with a supermarket platter of sandwiches and sushi capped off by a bowl of jujubes (a guilty pleasure I have to admit). Yes, I thought to myself, the times they are a changin'.

And now we look forward to hom, with the tagline "Nice Place, Nice Price" and lunch from their new neighbour, DiRienzo Foods, who also happen to offer one of the best lunch deals in town, never mind Little Italy:


So as the title says, a post about not much at all...

Back to work...

Psst... true or false?

Gossip heard by the water cooler this past week:

• Three $1-million condo units to be built over top of Caffe Mio in Wellington Village
• Richcraft to build a 9-storey condo at the corner of Rideau St and Charlotte
• The controversial Artisan proposal on Hamilton Ave is already being shopped around by its developers (...no word on any takers for the project, and no word on what Mona Lisa thinks...)

Toronto condo supply at a record high

A client forwarded me the following article from Sunday's Globe & Mail and asked if it made me nervous about Ottawa's condo market:

Toronto Condo Market Hits ‘Down’ Button

The short answer is ‘no’. While prices are getting high in Ottawa, too high in some instances, I have yet to see signs of a bubble about to burst so long as—

1. Federal government employment provides a healthy and stable income base

2. Ottawa condos are still largely owner-occupied as compared to Toronto; although investor fever is starting to catch on, we are nowhere near the number of investor-owned condos in Toronto (estimated at 40% of all units)

3. Most Ottawa developers do not allow ‘re-assignment’ of their units ie. selling a condo to another investor before the building has been completed

4. Demand for affordable 1-bedroom condos in the downtown core continues to outpace supply

Monday Mixed Bag

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.