Ottawa's condo market still an affordable option for buyers

For those who feel they have been priced out of the Ottawa real estate market, Taylor Bennett of Bennett Property Shop Realty says condos are still an affordable option.

“Condos are the right option for those getting into the market and those who are downsizing,” Bennett says.

“Condos are also the best choice for those on a fixed budget.  Some condo fees are so reasonable they are the same as maintenance expenses of residential counterparts when it comes to overall cost.”

Bennett says while most of the astronomical growth in Ottawa’s real estate numbers seems to be on the residential side of the market, he says it is difficult to judge the condo market using ‘average’ numbers because of the wide variety of options out there.

Bennett is starting 2022’s market updates with a primer on condominiums.

“Most people think of an apartment-style condo when they think of "a condo", but the term condominium has nothing to do with the specific physical structure of the building, the term condo is a form of ownership.  A corporation is set up to cooperatively manage the condo. Each condo corporation will have its own specific rules, budget, by-laws, and management.”

“On average the condo market has seen more growth than it has in the last few years, but in a category that includes everything from 400 sq. ft. bachelor apartments to bungalows on private golf courses - the average numbers don't give you the entire story. But regardless, as residential prices increase beyond some buyers' price ranges and demand for lower-maintenance properties increases, we are seeing more condo sales.”

“ Apartment-style condos are great for anyone looking to remove exterior yard maintenance and stairs from their life, and some include an array of convenient on-site amenities and facilities - but this style often comes with a higher condo fee, so savvy buyers should make sure the on-site amenities will be used enough to justify the monthly fee.”“The great thing about all of the various styles offered within the condo market, buyers can find a style best suited to their lifestyle and needs.”

“ Stacked townhouses are a great option for first-time buyers and new families, as they offer the 2-level structure ideal for most families and some of them also give access to a backyard, but they typically lack the convenience of amenities or facilities. Condo townhouses are a fantastic option for buyers who are priced out of the residential townhouse market - which is almost $200,000 more. The main difference between a residential townhouse and a condo townhouse is often a garage - typically condo townhouses include a surface parking space. Aside from that, the size, shape, location, and lot size are all generally quite similar between the two styles.”

“Each condo has its own set of rules and regulations that are put in place to both allow for the enjoyment of the common areas and to protect the longevity of the common elements.”

“While there are some common rules found in most condos, each will have some of its own unique rules & regulations based upon its structure, construction, and the board.  Rules can be changed or updated through a voting process. These rules are in place to ensure the peace and enjoyment of the residents, but it's important to be aware of these rules before committing to purchase.”

 “One of the biggest concerns when buying a condo are the monthly condo fees - so buyers are often more attracted to the condos with the lowest fees.  But the lowest fees aren't necessarily the best value - it depends on what is included in the fee. Some fees include not just all utilities but include cable and telephone costs so they're ideal for anyone on a fixed budget. Other fees include the bare minimum and owners are responsible for their own utility use - if you are someone that travels a lot or isn't home very often, this type of fee may be more suitable for you.”