A popular choice among many in Ottawa, condos offer a favourable urban lifestyle at a relatively affordable price. Whether you’re looking for something that’s a stone throw away from Parliament or in a quieter suburb, the Ottawa condo market caters to many needs and desires. 

Here is everything here you need to know about buying a condo in Ottawa. 

The Condo Landscape

What is a Condo? 

The main distinguishing element of condo is that there is some form of shared ownership on top of an individually owned portion of the property. A little fun fact: a condominium is actually a form of legal ownership rather than the type of building. A condo can be a high-rise, low-rise, duplex, or town home. 

History of the Condo

It wasn’t until 1968 the Ontario Provincial Condo Act came out. This was the first time in the province where people purchased a “unit” as an individual home. For homeowners, the idea of condominiums was appealing for their affordability, and for developers there was the added benefit of land density. Since then, we have seen the condo market take off and fill the Ottawa skyline, making it a popular choice for many today. 

Buyer’s Market Dynamics 

With more balance in the market, the power has shifted from a seller’s market to more control back in the hands of the buyers. Thus, creating more of an even playing ground in the market. 

Pricing

Condo prices in Ottawa remain to be holding steady. This October the average condo price in Ottawa was $445,691 (Ottawa Housing Report). This is an increase in 10.1% from last October. While we’ve even seen a mild increase in pricing, there isn’t the same aggression in the market causing skyrocketing prices. 

Supply

Ottawa has seen a decline in supply with a 44.7% decrease in condo sales from this October to last (Ottawa Housing Report). It seems the dust has finally settled from the COVID buying frenzy, and with this, a slowdown in sales and in pre-construction builds. Because there is less aggression in the market, buyers have more time to make a thoughtful and strategic decision with less fear of everything getting snatched up right before their eyes. 

Buyers Search 

What to Look for When Buying a Condo:

•  Space & Size: Determine how big of a place you’re looking for. How many bedrooms will you need? 
• Amenities: Condo living comes with many advantages, one of them being amenities. What amenities are you looking to have in your building? Swimming pool, gym, rooftop lounge, 24/7 concierge? 
• Location: What neighbourhood do you want to be in? What local amenities are important to you? Central location or a nearby suburb? 
• Condo fees: Be sure to check out what they are and what they include. These will vary place to place and are important to take into consideration when budgeting. 
• Rules of Condo: Each place will vary in their rules and policies. These can range from rules on short-term rental of unit, to pet restrictions. 

Where to Look to Buy a Condo

Good news is you’re already on one of the best search engines for finding condo rentals in Ottawa!   

Condodork.com: To start your search head on over to the top right hand corner of your screen. Beside Condo Dork you will see a drop down menu titled “Select Region”. Select Ottawa. This will take you to all Ottawa listings. Head over to the top left hand corner. You will see the option to select “For Rent”.  This will show all rental offerings in the city. From there you can utilize the toggles, varying filters, and the interactive map to cater to your specific needs. 

Listing services: There are countless internet listing services showing rental options in the city, some favourites include: 

• Realtor.ca
• Zumper
• PadMapper 
• Zolo.ca
• Facebook marketplace 

Do I Need an Agent? 

What is a realtor?

A realtor is a licensed professional who acts as the representative for the sale or purchase of property. Their job is to help individuals sell, buy, or rent housing and real estate. It is their responsibility to connect buyers and sellers, negotiate deals, and see the process through.

Benefits of working with a realtor

Working with someone who specializes in the condo real estate market is going to be worth its weight in gold. And here’s why:

• Save you time & energy: Weeding through all the options on the market can feel like a fulltime job. Lessen your load and let them do the bulk of the searching for you. 
• Access to more options: Realtors have the inside scoop – at all times. Realtors make it their business to know what is available and have access to resources like the Multiple Listing Service (MLS) that is not commonly available otherwise. 
• Realtor network: Along with access to resources like the MLS, realtors also have a professional network of other realtors who may just have your dream condo.
• Help with condo landscape: The condo landscape can be a wild place that has its own set of rules, and even its own language. From condo terms to real estate jargon, a realtor will help you make sense of it all.
• Smooth process: From finding condos, going to viewings, putting in an offer, and closing. Your realtor is going to be your secret weapon in getting it all done hassle free. 

Offer Process 

Once you’ve found a place you want to buy next comes the offer process. Here is what you need to know to navigate this next step:  

• Purchase price: This is the amount of money you agree to pay for the ownership of the condo unit. This price can be negotiable. Here is when it will be handy having an agent to help you navigate any negotiation with the seller. Remember: Condo fees are separate monthly fees that are not included in the sale price. 
• Deposit: The minimum amount of down payment required to secure the sale. This can range from 5-20% depending. 
• Irrevocability: This means the sale cannot be revoked. There may be an irrevocable clause in the agreement. Again, working with an agent and a lawyer is going to be indispensable when it comes to navigating this. 
• Closing date: A set date in which the ownership of the unit will officially be transferred from the seller to the buyer. If you’re looking for an earlier or later closing date, working with a realtor can negotiate this on your behalf. 
• Financing: There are various financing options when it comes to homeownership. Figuring out finances prior to will allow you to move forward more efficiently.   
• Inspection: inspection will shed light on any minor or major concerns with the unit. Make sure the exterior, common areas, and amenities are all up to code as well. Hiring an inspector that specializes in condominiums will allow you to flag any potential concerns.  
• Status certificates: Requested by your lawyer, this certificate will disclose its financial and physical information based off previous renovations and inspections. You’ll want to utilize this to ensure the place is financially sound and in good physical condition before making your next move. 
• Bidding wars: In a sought after building, or desired neighbourhood you may run into a bidding war. This is where a) it is important to know your budget and how much you’re willing to spend and b) having a realtor will be indispensable. 
• Closing costs: Expect to pay, on average, an additional 2-4% of purchase price in closing costs. Closing costs will include various administrative fees, lawyer costs, land transfer tax, Tarion Warranty Fee, and miscellaneous costs. 

Who to Work With?

When it comes to buying a condo there are two specific professionals you’ll want in your corner to create your condo buying dream team: 

Realtor: As we touched on above, having an agent who specializes in the condo world is going to be tremendously invaluable to you throughout this journey.  

Lawyer: A real estate transaction is layered with complexities and legalities. For that reason, having a lawyer who can fly through these things is going to save you time and help you avoid any potential snags along the way.  

Making an Offer 

You’ve found your perfect condo and next up, it’s offer time! While there is much to be excited about at this stage, you’re not home free yet, no pun intended. 

When to submit an offer?

Once you’ve found the condo you want, determine with your agent how much you’ll offer. Then the offer will be put into writing for the seller to review. At this point keep an open mind and know that the seller may come back with a counteroffer, and it might become a play of negotiations.  

Negotiation tips and tricks 

Here are some of our top tips for making a successful offer on a condo: 

• Research listing prices of similar properties: Knowing what similar condos are going for will give you a good indicator of what kind of number ballpark you can play in.  
• Use an agent: We will shout this till the end of time, but at this point we’re sure you understand just how valuable it will be for you to have an agent to give their non-bias professional opinion and negotiate on your behalf. 
• Be an attractive buyer: have your ducks in a row and make yourself a desirable option for the seller. Make sure your finances are in order, you’re pre-approved for a mortgage, and your down payment is ready to go.  
• Go beyond the listing price: Remember there are also other things you can negotiate aside from the listing price. Closing date, including a home inspection, small renovations, etc. These are all things aside from the listing price that you can negotiate on. 

Closing On Your Condo

Closing on your condo is a huge milestone and is when the unit will officially be in your name. An exciting day that comes with a few to-dos before you can get there, including: 

• Complete final walk-through: ensure the unit is ready for move and there has been no damage since the home inspection. This will also be when you can verify if the seller has completed any required fixes or renovations agreed upon in contract. 
• Legal Element: Before you can officially close, your lawyer will be required to complete all the necessary paperwork.
• Prepare for closing costs: as previously mentioned, come closing day you will be required to pay any and all closing costs that have incurred.  

Moving 

Moving can be just as daunting as it is exciting. But with a little bit of strategy and a whole lot of patience, dare we say the process could even be enjoyable? 

• Movers: Step number one to move is make sure there are people to move you. We recommend booking movers asap once you have your move in date. Especially, if you’re moving during peak season, around April – September. 
• Building Registration: A condominium registration will occur once all units and common areas are completed. Registration will be completed by the condo’s management team or a member of the condo board.  
• Book Elevator: On the day of move in, make sure you have reserved the elevator. This may involve getting in touch with management or filling out a request form. 
• Internet Set-up: Finally, do not delaying scheduling your internet-set up. Once you have your move in date contact your provider to install connection on the day of your move. 

Check out our Essentials to a Hassle Free Move  on how to successfully set yourself up for the ultimate hassle free move.   

Check out some of our other related articles here: 

• The One Where You Move To Ottawa 
• 4 Tips to Negotiate the Price of a Condo 
• Don’t Book a Showing Until You’ve asked These Questions