The Ottawa New Condo Owners Thread

[harls]

Please post general chit-chat about your new condo here.

[333fun555]

Just wanted to thank Harls for starting this thread and to welcome all condo owners and others, interested in this topic :tup:

[harls]

* cricket cricket *

So, where's the conversation? you guys get back to your regular scheduled lives or something? :laugh:

[Momma T]

I've been reading more about Art Deco because I wondered about the different motifs at Hudson Park.

Most of you probably know that The Empire State Building and The Chrysler Building in New York are classic Art Deco. If you've been in Havana you've seen beautiful Art Deco buildings, some of which are now being restored. I bought a beautiful book there on their Art Deco buildings but unfortunately I can't read Spanish but the photographs are superb!

The artwork at HP1 interests me and I now know just how it is Art Deco. The large sphinxlike piece in the lobby is reflective of the Egyptian influence. No wonder it looked like Egyptian art to me!

Art Deco has a strong industrial trend and hence the "sayings" printed on some artwork in the lobby.

The art in the hallways seemed like Parisian poster art to me and indeed that is the case. It was France that had the purest form of Art Deco before USA adopted that architectural style.

We're fortunate to have some history reflected in the condominiums (at least this one) of our historic city.

Momma T

[333fun555]

I've been reading more about Art Deco because I wondered about the different motifs at Hudson Park.
The artwork at HP1 interests me and I now know just how it is Art Deco. The large sphinxlike piece in the lobby is reflective of the Egyptian influence. No wonder it looked like Egyptian art to me.
Momma T

You are right Momma, the structure of Art Deco is based on mathematical geometric shapes. It was widely considered to be an eclectic form of elegant and stylish modernism, being influenced by a variety of sources. Among them were the so-called "primitive" arts of Africa, Ancient Egypt, and Aztec Mexico.
Art Deco design influences were expressed in the crystalline and faceted forms of decorative Cubism and Futurism. Other popular themes in Art Deco were trapezoidal, zigzagged, geometric, and jumbled shapes.
I remember Tor writing "Looking at HP1's west side, doesn't that look like an outline of the Empire State Building (or some classic NY building)?"
Charlesfort is trying to make it as much Art Deco as possible. For the interior, I didn't think they would do the Murals above the stairs, they can't just copy it, so they came up with the mirrors to replace it. There will probably be more surprises, hopefully nothing "cheap" ;)

[Tor2Ott]

I don't have much input about Art Deco as I am not familiar with it--I just bought HP because it looked good.

About the paintings, how big are they? There are currently two? Someone mentioned that they are hand-painted. That's a nice touch if it's true.

[Tor2Ott]

Not sure if you guys know, but HP will have a metal globe structure outside between the buldings. It is supposed to look somewhat like the Atlas statue outside Rockefeller Centre in NYC:

http://upload.wikimedia.org/wikipedia/commons/5/5c/RockefellerAtlas.jpg

The HP structure will just be the globe, without the half-naked muscular man. You could see it here:
http://charlesfort.ca/hudson-park/images/ext-large-0.jpg
http://charlesfort.ca/hudson-park-ii/images/ext-large-1.jpg

I think the Rockefeller Centre is where Mr. Doug Casey got his inspirations from. Doesn't this look like HP??
http://upload.wikimedia.org/wikipedia/commons/b/bb/75_Rockefeller_Plaza_by_David_Shankbone.jpg

[AuxTown]

You don't even have to go all the way to Commiland to see some great art deco structures. Miami Beach, Florida probably has the greatest collection of colourful art deco buildings in the world....really a cool sight to see. I am also a big fan of art deco and the Chrysler building is my favorite skyscraper in the world (next to Hudson Park of course :-).

Miami Beach
http://z.about.com/d/miami/1/0/i/Art_Deco-4664.jpg

http://www.threebestbeaches.com/uploaded_images/southbdeco-751445.jpg

http://tedvancleave.com/miami%20104a%20web.JPG

http://i.usatoday.net/travel/_photos/2008/01/14/deco-topper.jpg

....and my favorite

http://www.photo-paysage.com/albums/Voyage/USA-Etats_Unis/New-York-City/normal_sommet-chrysler-building.jpg

[333fun555]

cool sight to see. I am also a big fan of art deco and the Chrysler building is my favorite skyscraper in the world (next to Hudson Park of course :-).


http://www.photo-paysage.com/albums/Voyage/USA-Etats_Unis/New-York-City/normal_sommet-chrysler-building.jpg

Same here ;)
Thanks for the beautiful pictures O-Town Hockey

[333fun555]

Not sure if you guys know, but HP will have a metal globe structure outside between the buldings. It is supposed to look somewhat like the Atlas statue outside Rockefeller Centre in NYC:

Yes, I've seen it and I hope they won't change it. It would look great in the garden between those two towers :yes:

[Momma T]

For the interior, I didn't think they would do the Murals above the stairs, they can't just copy it, so they came up with the mirrors to replace it. There will probably be more surprises, hopefully nothing "cheap" ;)

Fun, I think the person who had said there were mirrors was mistaken. There are mirrors in various places (terrific in the gym) but none above the stairs ---just some elongated light fixtures. I went back up to HP tocheck when I read that in the original post because I was looking at the lights and couldn't understand how I could have missedmirrors there. Sure enough, no mirrors. Things look fine though.

Momma T

[Momma T]

I don't have much input about Art Deco as I am not familiar with it--I just bought HP because it looked good.

About the paintings, how big are they? There are currently two? Someone mentioned that they are hand-painted. That's a nice touch if it's true.

The paintings are large and quite striking. I looked quite carefully at the Egyptian looking one and I'm quite sure it's hand painted. Didn't examine the others carefully. As for the posters, at a quick glance I would say they are good repos, well framed.There are at least 4 large artworks in the main lobby (haven't seen the other lobby yet) and each hallway has poster-like art at one end. Nice enough.

Momma T

Sorry, there are 2 large lobby paintings. I got carried away there! Momma T

[333fun555]

Fun, I think the person who had said there were mirrors was mistaken. There are mirrors in various places (terrific in the gym) but none above the stairs ---just some elongated light fixtures. I went back up to HP tocheck when I read that in the original post because I was looking at the lights and couldn't understand how I could have missedmirrors there. Sure enough, no mirrors. Things look fine though.

Momma T

After seeing this picture and reading what was written...... :shrug:

http://farm4.static.flickr.com/3319/3264155472_e2598f323b.jpg?v=0[/QUOTE]

"Anyway, the glass on the stairwell has been sandblasted and has a combination of vertical bars parallel to the hand rail with chevrons overlaid. There are four red chairs and a red rug in the lobby which is spacious. Finally, there were two large pieces of deco artwork, one behind the furniture and another beside the top of the stairs. There were mirrors, not artwork going up along the stairs..."

[333fun555]

Fun, I think the person who had said there were mirrors was mistaken. There are mirrors in various places (terrific in the gym) but none above the stairs ---just some elongated light fixtures. I went back up to HP tocheck when I read that in the original post because I was looking at the lights and couldn't understand how I could have missedmirrors there. Sure enough, no mirrors. Things look fine though.

Momma T

Either way Momma, I know I will like it ;) Just seeing the photos of the place or reading your descriptions, makes me feel good. Thank you for taking the time to explain what is already done and how it looks like :worship:

[Momma T]

After seeing this picture and reading what was written...... :shrug:

http://farm4.static.flickr.com/3319/3264155472_e2598f323b.jpg?v=0

"Anyway, the . There were mirrors, not artwork going up along the stairs..."[/QUOTE]

What you are seeing in the picture posted is the lower part of the stairway and people behind waiting to get on the elevator. It does look somewhat like a mirror but it isn't . Toward the top of the stairs, which lead to the amenity room and the exercise room, the walls with the elongated lights are higher but with no mirrors. I expect that the reason the area for artwork was changed is that there really is not enough room for the type of artwork shown in the promotional pictures.

Last word on this particular subject! ---Momma T

[Ottawade]

As the one who took the picture Momma T is totally right. I guess I just remember those people standing behind me talking or something and then they looked in front of me in the picture. My apologies for the misinformation! If had had my real camera with me I would have been more thorough.

[333fun555]

As the one who took the picture Momma T is totally right. I guess I just remember those people standing behind me talking or something and then they looked in front of me in the picture. My apologies for the misinformation! If had had my real camera with me I would have been more thorough.

No problem Ottawade. Mirrors or no mirrors, we had a chance to see the progress in the lobby ;) Thanks man :cool:

[Tor2Ott]

http://farm4.static.flickr.com/3319/3264155472_e2598f323b.jpg?v=0

The picture fooled me too, as I thought there would be a full wall behind the staircase:

http://charlesfort.ca/hudson-park/images/lobby-large-0.jpg

I guess they changed that too. Plus if you look at the photo carefully, you could see the nice light and dark stone around the elevator doors, even better than the rendering:
http://charlesfort.ca/hudson-park/images/lobby-large-2.jpg

[333fun555]

Last word on this particular subject! ---Momma T

I like this :D you will keep us on strait and narrow Momma. Thanks for clearing this for us. Maybe there is still a chance for the murals in the lobby ;) So far, I think the Carlesfort is doing good job :yes:

[333fun555]

The picture fooled me too, as I thought there would be a full wall behind the staircase:
I guess they changed that too. Plus if you look at the photo carefully, you could see the nice light and dark stone around the elevator doors, even better than the rendering:

I still think it will be as good or even better then the renderings. I've heard there are many good things already in, so Charlesfort won't disappoint us ;)

[333fun555]

The picture fooled me too, as I thought there would be a full wall behind the staircase:

Wait a minute, if there is no a full wall behind the staircase, why am I talking about the murals.........:???:

I was thinking about this picture.......

http://charlesfort.ca/hudson-park/images/lobby-large-0.jpg

Or this one........

http://lh4.ggpht.com/_OKKXGXViJ5M/SaHKRzkDAPI/AAAAAAAAAOM/_tCiG2FL1d8/s512/int-large-3.jpg

Not this one..........

http://lh4.ggpht.com/_OKKXGXViJ5M/SaHKSmbQHjI/AAAAAAAAAOU/qn3RA0xED4w/s512/lobby-large-1.jpg

;) ;) ;)

[333fun555]

Not sure if you guys know, but HP will have a metal globe structure outside between the buldings. It is supposed to look somewhat like the Atlas statue outside Rockefeller Centre in NYC:

http://upload.wikimedia.org/wikipedia/commons/5/5c/RockefellerAtlas.jpg

The HP structure will just be the globe, without the half-naked muscular man. You could see it here:
http://charlesfort.ca/hudson-park/images/ext-large-0.jpg
http://charlesfort.ca/hudson-park-ii/images/ext-large-1.jpg

I think the Rockefeller Centre is where Mr. Doug Casey got his inspirations from. Doesn't this look like HP??
http://upload.wikimedia.org/wikipedia/commons/b/bb/75_Rockefeller_Plaza_by_David_Shankbone.jpg




I just hope Tor, we'll get the globe, and the Atlas statue......... ;) :D ;)

http://upload.wikimedia.org/wikipedia/commons/5/5c/RockefellerAtlas.jpg

http://charlesfort.ca/hudson-park-ii/images/ext-large-1.jpg

[Momma T]

Well Hudsn Park I and II seem to be a great topic of conversation but --- there are other beautiful condos going up in our town and I've chatted with folks who check out this forum but don't comment.

How about a word from you?

Move in dates, delays, frustrations, wonderful surprises? why you've chosen your building, how you would like condominium living to be ,advantages, disadvantages re having a house or downsizing from a house or leaving an apartnment, questions for those of us who have been there might answer There are many things we could talk about.



All of those things make us a community. Maybe some day we can even effect changes if we can be vocal and united and reasoned about what we want.. Don't be shy. Let's get to know each other.

Momma T

[Ottawade]

I bailed on getting a place. I almost bought in Clairidge plaza but decided against at the last minute and don't regret that. I patiently waited to see what Phase 2 of HP had, and although the units were nice, in my price range I didn't like the idea of facing the Everett.

Mostly though I didn't expect my salary to rise and interest rates to drop the way they did and right now is a perfect opportunity for me to get a place. I'll probably go take another look at central or see what goes on sale in HP 1/2 when everyone moves in...

[Tor2Ott]

Not sure what your price range is, but there's still some nice south-facing units (Broadway and Vanderbilt) on higher floors in HP2. Everett would not be a factor there.

Personally, I think Central is a scam. It's really in the middle of nowhere. It's situated well south of downtown/centretown and well north of The Glebe. That's why they come up with the name as a marketing strategy, in brainwashing people in thinking it's "central" to everything but in fact to nothing. If it's really in a good location, you wouldn't need to name it so obviously (look at all other condos in true downtown areas: Mondrian, HP, Claridge Plaza, Everett, etc. etc). As an investment in hopes of it being an up-and-coming area, it will be years since I don't see any promising developments in the area that indicates that.

[333fun555]

Not sure what your price range is, but there's still some nice south-facing units (Broadway and Vanderbilt) on higher floors in HP2. Everett would not be a factor there.

Personally, I think Central is a scam. It's really in the middle of nowhere. It's situated well south of downtown/centretown and well north of The Glebe. That's why they come up with the name as a marketing strategy, in brainwashing people in thinking it's "central" to everything but in fact to nothing. If it's really in a good location, you wouldn't need to name it so obviously (look at all other condos in true downtown areas: Mondrian, HP, Claridge Plaza, Everett, etc. etc). As an investment in hopes of it being an up-and-coming area, it will be years since I don't see any promising developments in the area that indicates that.


I don't feel sorry for the people from Everett anymore. Look at these balconies, aren't they too close???
This is "CENTRAL", by the way.

http://farm4.static.flickr.com/3502/3309064953_c3d1ab02f9.jpg?v=0

[rodionx]

As an investment in hopes of it being an up-and-coming area, it will be years since I don't see any promising developments in the area that indicates that.

There's the Galaxy Camera flagship store (http://www.ottawa.ca/calendar/ottawa/citycouncil/a-lacac/2006/08-24/ACS2006-PGM-APR-0161.htm) proposal (status admittedly unclear) at James and Bank, and right by it someone is planning to build a six story mixed use building, possibly including a theatre, on the site of the James Street Feed company. Barrymores has new owners who are gradually overhauling the building. The city will also be tearing up and rebuilding that stretch of Bank soon. And then there's the Central, of course. It could all come to naught, but that area is percolating.

[Tor2Ott]

I understand that there are a few residential developments planned. However, they're just that--residential. Barrhaven and Riverside South has many residential units too, but they're way off to the downtown core and shops. Similarly with Central, it's neither walking distance to the core nor to the Glebe, relative to the size of Ottawa (especially with Ottawa winters). Central will never be considered as being a part of the Glebe due to the psychological barrier known as the 417. And unless there will be extensive ubanization going south along Bank St. to Gladstone, Central will not be considered downtown either.

Plus those developments mentioned are in the rumoured/planned/proposed stage. After we weather this economic turmoil, it would be years before any shovels are in the ground, if any.

[nicegirl]

Is there anyone out there that upgraded their granite countertops to another granite that was not being offered by Charlesfort and if so, did they get a credit for the granite that they won't be getting. I'm just curious as none is being offered in my case.

[Tor2Ott]

Is there anyone out there that upgraded their granite countertops to another granite that was not being offered by Charlesfort and if so, did they get a credit for the granite that they won't be getting. I'm just curious as none is being offered in my case.

I upgraded both my kitchen and bathroom countertops. I went to their granite store in person to check it out. Since it's the same store that Charlesfort deals with, the credit was implicit; I was just charged an amount that took the credit into consideration.

[rodionx]

I understand that there are a few residential developments planned. However, they're just that--residential. Barrhaven and Riverside South has many residential units too, but they're way off to the downtown core and shops. Similarly with Central, it's neither walking distance to the core nor to the Glebe, relative to the size of Ottawa (especially with Ottawa winters). Central will never be considered as being a part of the Glebe due to the psychological barrier known as the 417. And unless there will be extensive ubanization going south along Bank St. to Gladstone, Central will not be considered downtown either.

Plus those developments mentioned are in the rumoured/planned/proposed stage. After we weather this economic turmoil, it would be years before any shovels are in the ground, if any.

It all depends on your frame of reference. If one looks at Ottawa from the perspective of another city, then sure, the Central isn't exactly central in the sense of being downtown. However, Centretown isn't downtown - it's a neighbourhood in its own right, in the same sense that the Glebe and Hintonburg are neighbourhoods. It's located just south of downtown, from Laurier to the 417 and from the canal to Bronson. We've got two community newspapers, a community organization that goes back to the seventies, and a pitbull of a city councillor. As for the area called "downtown," it empties out at 5:30 p.m. You're probably right that the developer was being disingenious, but the Central is technically in the centre of the neighbourhood. The real centre of the neighbourhood, however, is Hartmans at Bank and Somerset. The people moving into Hudson Park, the Mondrian, and the Central will all be spending some time there. That'll make Centretowners of you. Keep your elbows up. :)

[AuxTown]

Similarly with Central, it's neither walking distance to the core nor to the Glebe

I definately don't agree with this statement. Central is totally within walking distance of the Glebe as well as the CBD. I'm not sure what your idea of walking distance is, but Central's front doors are 471m from Preoria Ave. (the start of shops in the Glebe) and it's 814m from Laurier Ave. (entrance to the CBD). Ottawa isn't a very big city and I don't find there are any unwalkable locations when your talking about the CBD, Centretown, or the Glebe. Have a look at how far some people walk to work in TO and you'll see that our city has a very livable scale in comparison. That being said, I do agree that the area of Bank South of Somerset is a little grungy (which is why I purchased at Mondrian). Once our economy improves, the proposed projects will go up along Bank and next summer they will be redoing the street and sidewalks from Somerset to the 417, a serious step in the right direction.

Oh ya, and traditionally Centretown was defined as from Gloucester to the 417, but that has been stretched a bit in recent years to include the CBD according to the Centretown Citizens' Community Association.

[Tor2Ott]

I know technically Central is in Centretown, but psychologically (and personally) I don't consider anything south of Somerset to be downtown/Centretown. Maybe in 10 or 20 years when they clean and develop the place.

Maybe I was speaking relatively. TO being larger, I tend to walk farther just because I have to, than I would in OTT.

[Ottawade]

I'll agree that there isn't necessarily the best retail experience around Central, however you'd have lots of great brunch options, but I completely agree with O-Town in that nothing is really that far of a walk. Living at Elgin and MacLaren myself I find main section of the market, sparks street, the clocktower pub (just across the queensway on bank) and all of "centertown" to be an enjoyable walk on all but the coldest of days.

[YOWetal]

I upgraded both my kitchen and bathroom countertops. I went to their granite store in person to check it out. Since it's the same store that Charlesfort deals with, the credit was implicit; I was just charged an amount that took the credit into consideration.


With upgrades and especially when you go outside of their options, you often don't get a proper credit. Seems unfair, but it is quite a hassle for them to have to install a granite from another source especially for your unit so c'est la vie.

[Tor2Ott]

I'll agree that there isn't necessarily the best retail experience around Central, however you'd have lots of great brunch options, but I completely agree with O-Town in that nothing is really that far of a walk. Living at Elgin and MacLaren myself I find main section of the market, sparks street, the clocktower pub (just across the queensway on bank) and all of "centertown" to be an enjoyable walk on all but the coldest of days.

What is Central's price/sf, anybody know?

[Jamaican-Phoenix]

I remember a few times, taking some tourists for a night walk around the market, down the Canal by QEW, up Bank through the Glebe, and then back to the market. Was a nice walk, and they were glad to have seen much of downtown Ottawa. :)

[waterloowarrior]

I used to work for a housing company with places all around Centretown (CCOC) and my impression was that the southern part was still Centretown, and streets like Gilmour, Florence, McLeod and Argyle were definitely a part of it.

CCOC describes a place like Flora between Lyon and Bay as being in the "heart of centretown"

http://www.ccochousing.org/properties/202_flora

[Etoile]

"Do not take everything verbatim" but with a grain of salt. There are always reasons for change, many we may never know real reason. Some things may be out of the control of the builder...so change is necessary.

All is not black and white in life rather it is, "grey" a little of both is a little more palatable I feel and every negative has a positive side even if we don't see immediately.

Every perspective makes the world go around...anyone else have a different perspective?

Cheers!
Etoile

[Momma T]

[QUOTE=Etoile;
Every perspective makes the world go around...anyone else have a different perspective?

Cheers!
Etoile[/QUOTE]

As I said on the Skyscraper thread, a moderate point of view has some "give" when one considers and you have expressed that in a gentle way. Do you think we could get Chemist to concoct a brew for himself that would allow him to mellow a little?

Come on Chemist, favour us with ONE positive thing about Hudson Park 1 or 2.

Momma T

[YOWetal]

Anyone have thoughts on the value of paying a professional inspector for the PDI? Buying a resale house it is obviously essential and maybe even for a resale condo, but I am wondering if it is worthwhile given the Tarion warranty and expense.

[LDavinci]

Anyone have thoughts on the value of paying a professional inspector for the PDI? Buying a resale house it is obviously essential and maybe even for a resale condo, but I am wondering if it is worthwhile given the Tarion warranty and expense.

I wouldn't. If it is a new building like HP1&2, everything is new and under warranty. With the old Condo buildings you get the info before you buy it. If you know where to look like Condo fees, Reserve funds, Financial report, the Bylaws, you will know what you are getting into, and if something even happens later, the cost is shared among all owners. It is not like in the house, you have a major problem with furnace or plumbing, it will cost you a thousands of dollars to fix it and nobody to share the cost with.

[Etoile]

I sympathize with you, it is noisier than I thought it would be. I'm happy that I go outside to work as if I worked from home I guess a creative solution would be to move my office into the amenity room during the day? Perhaps you can work from there until they are done with the man lift. I was talking to a worker and he said the man lift would probably be removed in a couple of weeks. Charlesfort told me March, so it looks like the noise will stop soon. Meanwhile maybe Charlesfort might supply you with some of those ear muffs :-) for noise & you could have some peace and quiet during the day although if you need to make and receive calls you would not hear them, just trying to add a little humour to living in a construction situation I certainly undestand your plight ;-)

The amenity room, a cell phone and lap top might be a temporary solution, hope this helps. Hang in it shouldn't be long now...

Etoile

[Etoile]

Anyone have thoughts on the value of paying a professional inspector for the PDI? Buying a resale house it is obviously essential and maybe even for a resale condo, but I am wondering if it is worthwhile given the Tarion warranty and expense.

I spent $450 on an inspection for my last condo but it was not a 17 floor highrise, it was a brand new 3 level condo...I would have to say it was not that helpful and the inspector that did it seemed a little dramatic, there was nothing major wrong with the condo but he sure did make eveyrhting page he wrote seem like it was life and death (part of their job)? I was nervous about closing my first property and so an inspection eased my nerves.

Since then I realize that Tarion handles most issues and a few years depending on what the issue is, the builder will comply as they know the rules. One thing I would do is to make sure that whatever was noted on PDI that doesn't get fixed transfer it on to the 30 day warranty. I have not signed off on anything yet so I also have a couple of issues with my floor like a gouge and crack that I will ensure is fixed.

After all that I won't have an inspection this time, as you say it's useful for house and condo resales. Everyone has to decide this on their own.

Etoile

[Tor2Ott]

FYI, for purchasers (of HP at least), you have the option of going to the contractor that supplies the granite, and actually pick out/see your slab of granite, marble, etc. Granite being a natural stone with unpredictable imperfections, I think it's a good idea. If interested, you need to call them to make an appointment to come in; they need to get your slab ready for you before you come in.

[p_xavier]

I spent $450 on an inspection for my last condo but it was not a 17 floor highrise, it was a brand new 3 level condo...I would have to say it was not that helpful and the inspector that did it seemed a little dramatic, there was nothing major wrong with the condo but he sure did make eveyrhting page he wrote seem like it was life and death (part of their job)? I was nervous about closing my first property and so an inspection eased my nerves.

I'm actually renting in the same building that I had bought an unit in. You would be suprised how many don't care about imperfections. The builder was really good, for my previous unit, to take care about details and make sure that no problem would come at a later stage.

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

[Momma T]

I'm actually renting in the same building that I had bought an unit in. You would be suprised how many don't care about imperfections. The builder was really good, for my previous unit, to take care about details and make sure that no problem would come at a later stage.

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

Good God, leave Muntreayll and come to Oughtawah.

Momma T

[p_xavier]

Good God, leave Muntreayll and come to Oughtawah.

Momma T

I was actually talking about the East Market in Ottawa! :haha:

Anyways, tomorrow wil mark the 4th month where I'm trying to close a condo in MTL. Since it's an historical building, no insurer (CHMC, Genworth...) wants to insure the building. So the builder has been fighting it since then. Really a long process, I'm fed up to no end.

[333fun555]

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

That happens when the owner doesn't live in the condo and renters don't care enough to report those things to the owner :rolleyes:
In my building a few owners changed their hardwood floors because of those gaps, free of charge of course, especially the bamboo ones. No bamboo for me, I like my good old maple ;)

[LDavinci]

I'm actually renting in the same building that I had bought an unit in. You would be suprised how many don't care about imperfections. The builder was really good, for my previous unit, to take care about details and make sure that no problem would come at a later stage.

The owner of the condo I'm renting right now, didn't seem to care that much. The hardwood flooring has 1/8" gaps, some tiles are not straighten properly, all things that would have been covered by the warranty, when the owner just didn't care. But it's too late for now to have it fixed...

This part I don't understand :rolleyes: "I'm actually renting in the same building that I had bought an unit in." So who lives in the unit that you have bought, or you sold it to go to Montreal ;)

[Momma T]

Anyone from other condo developments checking this site?

What are your concerns? questions?joys?

How about sharing them with those of us who are interested and would like to have something to compare our new home with.

Momma T

[p_xavier]

This part I don't understand :rolleyes: "I'm actually renting in the same building that I had bought an unit in." So who lives in the unit that you have bought, or you sold it to go to Montreal ;)

I sold it to go to MTL, but my contract here ends in April, I had put it for sale last November and it sold much quicker than I expected though.

[333fun555]

I sold it to go to MTL, but my contract here ends in April, I had put it for sale last November and it sold much quicker than I expected though.

Hey d_jeffrey, hope you'll enjoy your place in MTL ;)

[YOWetal]

Good news for anyone taking interim occupancy of their units in the next few months. The interest rate that applies (BoC 1 year conventional Mortgage rate) is now down to 4.5%, down from a high of 7.15% last year.

[Etoile]

Good news for anyone taking interim occupancy of their units in the next few months. The interest rate that applies (BoC 1 year conventional Mortgage rate) is now down to 4.5%, down from a high of 7.15% last year.

Rates are low, it's true. You can negotiate even lower that 4.5 % I think although it depnds on when you close. I will let everyone know what I get when I close I will be one of the first to close maybe in May? I was quoted 4.49 for 5 years fixed a couple of months ago and I was talking to someone who got 2.25 % fixed but this is a negotiator type. Because of the Bank of Canada rate down to .5 % this is good for us home buyers with new mortgages, one thing I hope is eveyrhting stays low for a couple more months and then I will probably do a variable and see when it goes up and then lock it in when it's time.

Cheers!

[YOWetal]

Rates are low, it's true. You can negotiate even lower that 4.5 % I think although it depnds on when you close. I will let everyone know what I get when I close I will be one of the first to close maybe in May? I was quoted 4.49 for 5 years fixed a couple of months ago and I was talking to someone who got 2.25 % fixed but this is a negotiator type. Because of the Bank of Canada rate down to .5 % this is good for us home buyers with new mortgages, one thing I hope is eveyrhting stays low for a couple more months and then I will probably do a variable and see when it goes up and then lock it in when it's time.

Cheers!

You are correct that a little negotiation can save you a lot on your mortgage rate, but I was referring to the interim occupancy interest rate. This rate is set by law in Ontario and is the average of the chartered banks posted rates for a one year mortgage (as reported by the Bank of Canada). In a large building you could end up paying this "rent" for 6 or more months,so it is good news that it has dropped so much.

[Tor2Ott]

You are correct that a little negotiation can save you a lot on your mortgage rate, but I was referring to the interim occupancy interest rate. This rate is set by law in Ontario and is the average of the chartered banks posted rates for a one year mortgage (as reported by the Bank of Canada). In a large building you could end up paying this "rent" for 6 or more months,so it is good news that it has dropped so much.

As I understand it, this "rent" needs to be paid until the building registers. Once the building is registered, it does not need to be paid, correct? If so, I hope they register by the time I move in.

[333fun555]

As I understand it, this "rent" needs to be paid until the building registers. Once the building is registered, it does not need to be paid, correct? If so, I hope they register by the time I move in.

5 things to know about occupancy fees: #2 applies to you Tor :)
1. Occupancy fees will have to be paid to the developer every time you purchase a new condo. It is normal and there is no way around it.
2. The occupancy period is normally 3-6 months, but the higher up you are in the building, the shorter the occupancy period will be. So if you buy a unit on the ground floor, you can expect a long occupancy period. If you buy the penthouse, you will likely have a very short occupancy period.
3. There is no way to say absolutely how long the occupancy period will be.
4. There is often a relationship between the length of the occupancy period and the experience level of the developer. The more experienced the developer, the shorter the occupancy period. Experienced developers who are familiar with process and who have diligent lawyers working behind the scenes for them know how to build and how to register a building as quickly as possible.
5. It is in the developer’s best interest to register the building as quickly as possible and to have the occupancy period as short as possible. This is because they don’t get their money from the banks until the building is registered and all the unit owners have their mortgages commence.

[LDavinci]

You are correct that a little negotiation can save you a lot on your mortgage rate, but I was referring to the interim occupancy interest rate. This rate is set by law in Ontario and is the average of the chartered banks posted rates for a one year mortgage (as reported by the Bank of Canada). In a large building you could end up paying this "rent" for 6 or more months,so it is good news that it has dropped so much.

Were you referring to this???

"The rate of interest that the Bank of Canada has most recently reported as the chartered bank administered interest rate for a conventional one-year mortgage as of the first of the month in which the purchaser assumes interim occupancy of a proposed unit or is required to do so under the agreement of purchase and sale."

[Tor2Ott]

5 things to know about occupancy fees: #2 applies to you Tor :)
1. Occupancy fees will have to be paid to the developer every time you purchase a new condo. It is normal and there is no way around it.
2. The occupancy period is normally 3-6 months, but the higher up you are in the building, the shorter the occupancy period will be. So if you buy a unit on the ground floor, you can expect a long occupancy period. If you buy the penthouse, you will likely have a very short occupancy period.
3. There is no way to say absolutely how long the occupancy period will be.
4. There is often a relationship between the length of the occupancy period and the experience level of the developer. The more experienced the developer, the shorter the occupancy period. Experienced developers who are familiar with process and who have diligent lawyers working behind the scenes for them know how to build and how to register a building as quickly as possible.
5. It is in the developer’s best interest to register the building as quickly as possible and to have the occupancy period as short as possible. This is because they don’t get their money from the banks until the building is registered and all the unit owners have their mortgages commence.

Thanks Fun. I heard that the building can be registered once a certain percentage of people move in. If that's the case, there's a chance that people move in after the building's registered, so no need to pay "rent", correct?

[333fun555]

Thanks Fun. I heard that the building can be registered once a certain percentage of people move in. If that's the case, there's a chance that people move in after the building's registered, so no need to pay "rent", correct?

I am not sure about percentage, could be 90%. There is a good chance that you won't have to pay INTERIM OCCUPANCY FEES, but nobody can guarantee it :shrug: I have heard that Charlesfort is good with that, it takes 3-4 months to register the condo once they start moving people in. :???:

[YOWetal]

I am not sure about percentage, could be 90%. There is a good chance that you won't have to pay INTERIM OCCUPANCY FEES, but nobody can guarantee it :shrug: I have heard that Charlesfort is good with that, it takes 3-4 months to register the condo once they start moving people in. :???:

To be clear to anyone reading this thread, if you move in 3-4 months before it is registered than you will have to pay interim occupany fees. It can also take some time after enough people move in and the application is filed, to get it finalized from the city and actually allow everyone to close. The lower the floor and hence the earlier you move in the longer this period will be.

[Etoile]

Hey HPers,

Same thing just different wording. The interest rate used to calculate your interim occupancy is the % on your bank pre-approval . You will get a credit when you close for the lower interest rate from teh rate you paid to the new rate (if it is lower most cases now will be lower) so when I close they will credit me the difference between the interest rate I paid and the final interest rate (lower rate in this case) for occupancy fees /rent. Some call it rent because in fact you don't own officially, you are renting from the builder as it is still officially the builders property. You pay rent /or occupancy fees from your move in date until property is declared a condo = closing date (when approx 90% occupied) once they declare it a condo then you become the official owner and the closing occurs to finalize the sale and then you can toast to your ownership!

:cheers:

I saw on line today a rate of 3.25 % variable

Etoile

[YOWetal]

Hey HPers,

Same thing just different wording. The interest rate used to calculate your interim occupancy is the % on your bank pre-approval . You will get a credit when you close for the lower interest rate from teh rate you paid to the new rate (if it is lower most cases now will be lower) so when I close they will credit me the difference between the interest rate I paid and the final interest rate (lower rate in this case) for occupancy fees /rent. Some call it rent because in fact you don't own officially, you are renting from the builder as it is still officially the builders property. You pay rent /or occupancy fees from your move in date until property is declared a condo = closing date (when approx 90% occupied) once they declare it a condo then you become the official owner and the closing occurs to finalize the sale and then you can toast to your ownership!

:cheers:

I saw on line today a rate of 3.25 % variable

Etoile

Good explanation Etoile, except in Ontario the Interim Occupancy interest rate is now prescribed by law in the Condominium Act. It is the average of the major banks posted 1 year conventional mortgage rate as reported by the Bank of Canada. Currently 4.5% (beginning with April occupancies) March occupancies will use rate in effect on March 1 which was 5%. You also need to pay estimated Municipal taxes and condo fees of course.

[Etoile]

Thanks and thank you for the little bits I missed I did not know that about the rate and how they calculate it. The simplist way for me to understand the interim occupancy it's a lump sum rent, including condo fees, and taxes until the unit closes.

Etoile :)

[Tor2Ott]

Hey guys, thanks for the info. I was talking to Charlesfort this morning, and they expect the building to be registered at the end of this month or early next month. Good news for me if that's the case.

[333fun555]

Thanks and thank you for the little bits I missed I did not know that about the rate and how they calculate it. The simplist way for me to understand the interim occupancy it's a lump sum rent, including condo fees, and taxes until the unit closes.

Etoile :)

…The monthly occupancy fee will be the total of interest calculated on a monthly basis on the unpaid balance of the purchase price at the prescribed rate, plus an amount reasonably estimated by the Vendor on a monthly basis for municipal taxes attributable to the Unit, plus the projected monthly common expense contribution for the Unit as set out in the Vendor’s fist-year budget for the proposed condominium corporation included in the disclosure package…

http://www.cklegal.ca/doc/OCCUPANCY_FEES_MAR2007.pdf

[333fun555]

Hey guys, thanks for the info. I was talking to Charlesfort this morning, and they expect the building to be registered at the end of this month or early next month. Good news for me if that's the case.

That is a good news :) When is your move in date???

[Tor2Ott]

That is my million-dollar question. They weren't able to provide a firm date. Estimate would be mid to late May. That could mean August.

[333fun555]

That is my million-dollar question. They weren't able to provide a firm date. Estimate would be mid to late May. That could mean August.

;) :D ;) Is it because of the kitchen cabinets???

[Tor2Ott]

The kitchen cabinets arrived for the 14th floor. They are seeing cabinets arriving 1-2 weeks per floor. Occupancy date is 4 weeks afterwards. So looks like end of May for me, provided there won't be any more cabinet fires. Just in time for rooftop BBQ.

[Etoile]

Hello everyonel,

Closing sooner than later is actually good news for everyone, builder and owners.

The owners are better off making a mortgage payment than paying Interim Occupancy fees, and I would guess the builder is always happy to get the big bucks from their purchasers so they can go forward on other projects and or do whatever it is they do with their $ :)

The one benefit I can see to a delayed closing is the mortgage rates may go down even more at this time. I'm inquiring with a mortgage broker today and the best rate I got quoted is 4.10 % at Alterna credit on a 5 year fixed union and 3.25 on variable with Desjardins credit union. These are rates I will go to my bank with and ask them to do better.

I have not heard from my lawyer yet on my closing, I'll certainly let you know when I do.

[Etoile]

All of us have valid opinions as to whether or not it is worth buying or renting condos or houses. And I think it boils down to our own experiences and needs.

I always hate to harp on living in Vancouver, but case in point: I bought a condo in Vancouver before the market took off with a 50K down payment in 2001. In 2007 when I sold the condo, my 50K downpayment had grown to 250K. Combination of luck, good timing, and fortune. I take absolutely no credit in this good luck, but I do know if I had invested that same 50K in a GIC, stock or bond, it wouldn't have increased that much, in fact, with the current crash, it most likely have been worth less.

All this to say is that when it comes to "investing" money in real estate, really, its the luck of the draw. Or being St. Patrick's Day today, the luck of the Irish.

Here's hoping my "investment" in HPI will be a second charm.:cheers:

Etoile

I concur Woofer, there is no other venue where you can make the kind profits you speak of but in real estate. Vancouver is one the top cities with prices to go with it. I bought and sold here in Ottawa recently that was less than 2 years old and sold it for 30K more (minus 10k of which went to real estate agent) I did great I feel and this was my first stab in real estate, where and how else can you make this kind of money on an investment, and all of this was just prior to the economic downfall otherwise it would have more. It amazes me, and I'm still amazed and wonder why I did not do it sooner, probably because I was travelling a lot and moving from Province to Province so to me buying wasn't veen a thought. In Vancouver you need to have a lot more $ behind you cause the prices are sky high especially downtown, I can't imagine how much an HP unit would cost if it was in YVR...scary thought!

Again it's a personal choice, rent, buy, condo, house, downtown, suburbs, etc etc. I have to say I'm liking the odds and the value of my investment is sure to go up, property, location, timing and a great real estate agent, and maybe a little luck :-)


:cheers:

[p_xavier]

I finally put an offer on a new condo! I'm excited. Delivery December 2010. It's so funny, because you actually get to go into the building and select which view you'd like. I found it an unique experience.

So I bought a 950sf unit. There are no upgrades, everything's included, as well as the euro appliances. Was really neat.

www.thewilson.ca

[YOWetal]

Etoile

I concur Woofer, there is no other venue where you can make the kind profits you speak of but in real estate. Vancouver is one the top cities with prices to go with it. I bought and sold here in Ottawa recently that was less than 2 years old and sold it for 30K more (minus 10k of which went to real estate agent) I did great I feel and this was my first stab in real estate, where and how else can you make this kind of money on an investment, and all of this was just prior to the economic downfall otherwise it would have more. It amazes me, and I'm still amazed and wonder why I did not do it sooner, probably because I was travelling a lot and moving from Province to Province so to me buying wasn't veen a thought. In Vancouver you need to have a lot more $ behind you cause the prices are sky high especially downtown, I can't imagine how much an HP unit would cost if it was in YVR...scary thought!

Again it's a personal choice, rent, buy, condo, house, downtown, suburbs, etc etc. I have to say I'm liking the odds and the value of my investment is sure to go up, property, location, timing and a great real estate agent, and maybe a little luck :-)


:cheers:

Of course if you time it wrong:

Yaletown condo developer offers steep discounts
DOMINIQUE ARMAND FOR METRO VANCOUVER
March 17, 2009 05:17

A developer in Yaletown is offering buyers discounts on condos of at least 22 per cent, including those already sold.

The Beasley, a 33-storey, 221-unit condominium by Amacon, is 65 per cent sold.

Cameron McNeil, president of MAC, the firm marketing the development at Homer and Smith streets, said the initiative called Pass It On Campaign came about after months of exploring reduced construction costs.

“We are in a very different market than a year ago,” McNeil said. “When we negotiated our construction cost and realized the savings we made we were happy to pass on those savings to our purchasers.”

Tsur Somerville, a professor of real estate finance at the University of B.C. Sauder School of Business, said there are usually two reasons why developers give discounts to pre-sale buyers.

“One is not to piss people off,” he said. “If you bought an unit pre-sale and they’re now selling (comparable units) for a lower price (the developer) will have an issue with the people already there.”

Somerville said that when pre-sale buyers “have found a way to walk away from their contracts” developers also have reason to offer incentives.

The Beasley is expected to be completed by July 2012. Outstanding inventory will be available on April 4 with units starting at $219,900.

[waterloowarrior]

Congrats d_jeffrey ! I'd love to live in that area and the buildings looks really nice too

[p_xavier]

Congrats d_jeffrey ! I'd love to live in that area and the buildings looks really nice too

Thanks! I'll have to rent for a while, but I'm actually enjoying it since I'll be able to save my money. With prices going down, I don't feel like I'm missing anything by not buying now. It gives me also the possibility to stay in Ottawa until my condo is ready. I'll think about that.

I wanted to buy at McGill Ouest, which is the same builder as East Market and Mondrian, but they really did a bad job. The finishings are low quality, and you got a view on a parking lot. When I visited, the first and second floor just had flooded!

[Tor2Ott]

Thanks! I'll have to rent for a while, but I'm actually enjoying it since I'll be able to save my money. With prices going down, I don't feel like I'm missing anything by not buying now. It gives me also the possibility to stay in Ottawa until my condo is ready. I'll think about that.

Hey congrats d_jeffrey!

But I don't understand the above. You said you put down an offer, doesn't that mean you're buying it? If prices do go down, and you are obligated to your offer price, you're still affected, right?

[p_xavier]

Hey congrats d_jeffrey!

But I don't understand the above. You said you put down an offer, doesn't that mean you're buying it? If prices do go down, and you are obligated to your offer price, you're still affected, right?

Yeah I did, but moving date is nearly 2 years away. I had a good price, I'm satisified with it. I was more talking about buying something that is just built, which is usually more expensive. When you buy early in a project, you save money.

[p_xavier]

Anyways, here's the building, yes it was abandonned for a couple of years. I bought on the fifth (last) floor. They use the French numbering, where the ground floor is the Rez-de-chaussée, and the second floor is the first floor.

http://farm4.static.flickr.com/3276/2790805968_acdde13990_b.jpg

[Etoile]

Hey HP1'ers

Spoke to Charlesfort today and they said we are looking at closing end of April most likely, and not end of March.

Etoile

[Tor2Ott]

Thanks for letting us know. What floor are you on, if you don't mind telling me?

[chemist]

Does anyone have suggestions about good real-estate lawyers in Ottawa?

[Etoile]

Clarification:

The closing that is currently set up tentatively for some time in April will affect owners who are moved in and are in interim occupancy status.

As for real estate lawyers, I don't like them but I hope this time I have a better experience, I have hired Grant Poulsen now, you could check his web site or call his office. I think interviewing at least 3 prospects is a good idea then you can make your choice. I did not like the style of communication the lawyer Charlesfort recommended, that's my personal choice.

Good luck!

Etoile

[333fun555]

Clarification:

The closing that is currently set up tentatively for some time in April will affect owners who are moved in and are in interim occupancy status.

As for real estate lawyers, I don't like them but I hope this time I have a better experience, I have hired Grant Poulsen now, you could check his web site or call his office. I think interviewing at least 3 prospects is a good idea then you can make your choice. I did not like the style of communication the lawyer Charlesfort recommended, that's my personal choice.

Good luck!

Etoile

I use the same lawyer every time I buy or sell condo. She gives me good price, great services, can't ask for better person or better lawyer (Or better Law firm) :smiley3:

[Etoile]

I use the same lawyer every time I buy or sell condo. She gives me good price, great services, can't ask for better person or better lawyer (Or better Law firm) :smiley3:

Hey,
Good for you, is your lawyer located in Ottawa, maybe you would like to share this information with Chemist?

If not, no problem there are so many to chose from, and I usually ask a friend and collegue for names and then do my research.

Etoile

[Etoile]

Did you see the great pictures on HP web site, really worth while to take a look.

Etoile

[Tor2Ott]

Did you see the great pictures on HP web site, really worth while to take a look.

Etoile

What pictures?

[Etoile]

These pics

http://forum.skyscraperpage.com/showthread.php?t=140187&page=43

[Tor2Ott]

These pics

http://forum.skyscraperpage.com/showthread.php?t=140187&page=43

I see. You said HP website, so I thought you meant http://charlesfort.ca/hudson-park/ .

[YOWetal]

Has anyone who closed on a condo they bought before the GST was cut benefitted from the cut? The federal budget said buyers would benefit but, I talked to a colleague who closed recently and she said they were told they would not get any benefit as their contracts stated the price (net of GST). For example their purchase prices was $299500 including the net GST and the price they are paying has been adjusted so that with the net GST (now aprox 2/3 of 5%) they still are paying $299500.

[p_xavier]

Has anyone who closed on a condo they bought before the GST was cut benefitted from the cut? The federal budget said buyers would benefit but, I talked to a colleague who closed recently and she said they were told they would not get any benefit as their contracts stated the price (net of GST). For example their purchase prices was $299500 including the net GST and the price they are paying has been adjusted so that with the net GST (now aprox 2/3 of 5%) they still are paying $299500.

Here is the info from CRA:

http://www.cra-arc.gc.ca/E/pub/gi/gi-043/gi-043-e.html

[YOWetal]

Here is the info from CRA:

http://www.cra-arc.gc.ca/E/pub/gi/gi-043/gi-043-e.html

Yes I had read that before but the key factor seems to be the contract does not use the pre GST price but the NET GST. The example from the CRA site below if the contract is $342,672 Net GST the price would have been $330,000 but the builder is now charging $332,112 so the net price still equals $342,672. The $330,000 price never appeared in the original contract so the builder has essentially pocketed the 1% GST cut.

I was under the impression the builder could not do this so was wondering what others had found in order to give her advice. I assume she already asked her lawyer but I find many real estate lawyers are somewhat cluelesss on these kind of details.


Example 1

Mr. and Mrs. Green buy a new house from a builder for $342,672 (purchase price is $330,000, GST is $19,800 and the GST/HST new housing rebate is $7,128). The parties entered into the agreement of purchase and sale on August 30, 2007. Both ownership and possession transfer to Mr. and Mrs. Green on February 1, 2008. Since the house is purchased for use as their primary place of residence, the purchasers will be eligible to claim a GST/HST new housing rebate of $7,128 [Footnote 2] provided all of the other conditions for claiming the new housing rebate are met. The purchasers and builder agree to have the builder credit the amount of the GST/HST new housing rebate to the purchasers.

Since the agreement of purchase and sale was entered into after May 2, 2006, and before October 31, 2007, and both ownership and possession are transferred after June 30, 2006, GST on the purchase applies at the rate of 6%.

Since both ownership and possession are in fact transferred after December 31, 2007, the purchasers are entitled to claim a 2008 GST/HST transitional rebate. The amount of the transitional rebate will be adjusted to take into account the GST/HST new housing rebate of $7,128, which was credited by the builder. In this case, the transitional rebate is calculated using the following formula:

A × {0.01 – [(B ÷ A) ÷ 6]}

where

A = Purchase price paid for the house ($330,000)

B = Amount of the GST/HST new housing rebate ($7,128)

The 2008 GST/HST transitional rebate available to Mr. and Mrs. Green is equal to $2,112, as follows:

$330,000 × {0.01 – [($7,128 ÷ $330,000) ÷ 6]}

= $330,000 × {0.01 – [0.0216 ÷ 6]}

= $330,000 × {0.01 – 0.0036}

= $2,112

[p_xavier]

Yes I had read that before but the key factor seems to be the contract does not use the pre GST price but the NET GST. The example from the CRA site below if the contract is $342,672 Net GST the price would have been $330,000 but the builder is now charging $332,112 so the net price still equals $342,672. The $330,000 price never appeared in the original contract so the builder has essentially pocketed the 1% GST cut.


I guess you were screwed. That's why I always have put in my contract the real number, plus the GST cost and before cost. Since my condo will be ready in December 2010, and there's supposed to be a PST increase in QC in 2011. I didn't want to take a chance either.

[YOWetal]

I guess you were screwed. That's why I always have put in my contract the real number, plus the GST cost and before cost. Since my condo will be ready in December 2010, and there's supposed to be a PST increase in QC in 2011. I didn't want to take a chance either.

That is what I am thinking. I think I will be in the same situation myself when I close in a couple of months.

[Tor2Ott]

Hey HP1ers, anyone want to initiate a Board of Directors now that we're registered?

[p_xavier]

For new condo owners that didn't have the 20% down. Did your bank provide you with a loan or a credit line? And how much was the rate?

[YOWetal]

For new condo owners that didn't have the 20% down. Did your bank provide you with a loan or a credit line? And how much was the rate?

I don't know what kind of rate you would pay probably in the 5% range. However, I would think carefully about borrowing money to make a 20% downpayment in this market. You might be better off saving the money and making an offer in 6-12 months. It doesn't seem like prices will go up much in the next 6-12 months.

[p_xavier]

I don't know what kind of rate you would pay probably in the 5% range. However, I would think carefully about borrowing money to make a 20% downpayment in this market. You might be better off saving the money and making an offer in 6-12 months. It doesn't seem like prices will go up much in the next 6-12 months.

For the $500 more in interest I would pay over a year, I'd rather pay for peace of mind.

[YOWetal]

Does anyone have suggestions about good real-estate lawyers in Ottawa?

Anybody shop around and find a good price on no-frills condo insurance?