Nick Answers Reddit
Looking to buy a 2 bed 1 bath condo in Ottawa – is now a good time?
Hi everyone,
We’re a couple (both 27), living and working in Ottawa. We’re permanent residents, and we’re seriously considering buying a condo.
Our situation:
• Budget: $300,000 to $350,000
• Household income: around $150,000 before tax
• Renting now: $2,200 per month for a 1 bed 1 bath
• Extra monthly costs: about $70 for Wi-Fi and $70 for hydro
• We’ve done some math and it looks like we could afford mortgage + condo fees and stay close to what we currently pay
• We’re not interested in paying someone else’s mortgage anymore
Our questions:
1. Is now a good time to buy in Ottawa?
2. Any advice or things to look out for when buying a condo in this price range?
3. As permanent residents, is there anything specific we should know before buying?
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Every week, Nick answers a Redditor’s question about buying, selling, renting, investing or living in Ottawa. Send Nick your own questions on the website, on Reddit or on a YouTube comment!
Nick's Response:
Thanks for the questions and the context – that really helps.
Is Now a Good Time to Buy?
There’s no universal “perfect time” to buy, only what’s right for your circumstances. Right now in Ottawa:
Inventory is up, which may put downward pressure on prices in some segments.
However, your price range ($300K–$350K) is high-demand, meaning properties tend to hold value well.
If you’re serious about homeownership, and your math shows affordability, then it may make sense to act now rather than wait.
What to Look Out for in a Condo Purchase
Buying a condo comes with some added considerations:
In addition to conditions for inspection and financing, include a condition for status certificate review by your lawyer.
The status certificate is a package of documents (usually 50–200 pages) that outline:
Condo corporation finances
Upcoming projects
Legal history (e.g. lawsuits)
Rules and bylaws
Reserve fund details
These help assess whether fees might rise or if there’s a risk of special assessments (unexpected costs shared by owners).
Advice for Permanent Residents
Good news: You are legally permitted to purchase property and are exempt from Canada’s foreign buyer ban.
The process is nearly identical to citizens.
Lenders may:
Require a higher minimum down payment
Use only your Canadian income history, especially if you’re newer to Canada
Check with your mortgage broker about eligibility for first-time buyer incentives—these can vary depending on your residency length and income type.
Helpful Resources
HouseSigma: Great for exploring sold prices and trends.
Ottawa Real Estate Board (OREB): Monthly stats and updates.
CMHC First-Time Buyer’s Guide: Offers tools, guides, and a home maintenance planner.
RECO Information Guide: Explains your rights and duties when working with a Realtor in Ontario.
Good luck on your search—this is a major and exciting step!
Three final tips
Tips for Buying a Condo in Ottawa as a First-Time Buyer
Compare the cost of ownership vs. renting: Don’t just look at monthly payments—also include condo fees, maintenance, insurance, and long-term equity gain.
Work with a Realtor who specializes in condos: They can help you spot issues in buildings and guide you through the status certificate review.
Think long-term: Choose a location and unit that will still suit your needs (or resell easily) in 3–5 years.
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