Eastern Ontario New Home & Condo Guide - Sept 16, 2017

SEPT 16 – 30, 2017 | nexthome.ca

EASTERN ONTARIO EDITION

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Connecting Canadians to new HOMES & CONDOS for more than 25 years L

OUT SEC TIO LLPU N

A FRESH NEW LOOK AT MODERN TOWN HOMES

INSIDE:

SMALL SPACE, BIG STYLE!

THE MONTHLY COSTS OF HOMEOWNERSHIP

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The Red Maple — built by Minto, inspired by Canada.

A stunning celebration of Canadian design honours our rustic past and looks to our urban future. In continued support of CHEO and inspired by 150 years of rich Canadian heritage, the Minto Dream Home — The Red Maple — has taken root.

VISIT US 585 CHRISCRAFT WAY, MAHOGANY, MANOTICK OPEN UNTIL DECEMBER 8, WEEKDAYS FROM 12 PM TO 8 PM AND WEEKENDS FROM 10 AM TO 6 PM

showhomes.minto.com

EVEN MORE INCLUDED FEATURES & SAVINGS

AMAZING INCLUDED HOME FEATURES & $10,000 IN DESIGN STUDIO CREDITS

ORLÉANS Townhomes

Detached Homes

From $239,990

From $358,990

SALES CENTRE 2496 Tenth Line Rd • 613-837-5056

30' Home, The Broadleaf ‘A’, 1,565 Sq.Ft. $358,990

43' Home, The Hickory ‘B’, 2,621 Sq.Ft. $508,990

Includes: $10,000 at Décor

Includes: $10,000 at Décor

SALES CENTRE HOURS MODEL HOME HOURS

Monday - Thursday 1 pm-8 pm; Friday 1 pm-6 pm; Saturday, Sunday and Holidays 11 am-6 pm Monday - Thursday 1 pm-7:30 pm; Friday 1 pm-5:30 pm; Saturday, Sunday and Holidays 11 am-5:30 pm

The Walnut Model Home in Summerside West, Orléans

ELEVATION ‘A’

Village Home, The Thornbury End ‘A’, 1,391 Sq.Ft. $259,990 Includes: 3 Stainless Steel Appliances, Master Ensuite & $10,000 at Décor

ELEVATION ‘B’

Townhome, The Pristine Corner ‘B’, 1,752 Sq.Ft. $329,990 Includes: 3 Stainless Steel Appliances, A/C, Rec. Room Ready, Hearth & Home & $10,000 at Décor

MATTAMYHOMES.COM All illustrations are artist’s concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.

Exclusive Zen Urban Flats Deal your Zen Urban Flat when you buy SAVE $10,000 on and close before OCTOBER 2017!*

Sundance Zen Urban Flats Sundance is the perfect blend of nature and convenience of urban living. Rife with greenery, playgrounds, and community life, this area is quickly becoming Ottawa’s number one choice for families. One listen to the murmurs of Findlay Creek, or the feeling of a warm summer’s breeze on nearby trails will have your entire family enamoured with this charming community. Coupling proximity to schools and bus routes with forests and creeks, Sundance is the perfect community in which to live, play, and grow.

Visit our sales centre and ask our representative for more details on how you can save $10,000 on your purchase today!* 779 Fiddlehead St., Bank St South 613-425-1332

*Exclusive Zen Urban Flat deal applies to units in Building E only. Conditions apply, please contact a sales representative for more details.

Move in ready homes across the city As Ottawa’s largest builder of homes and condominiums we have plenty of move in ready homes waiting for you across the city. Ready immediately, or in as little as 4 months, we have homes big and small that will fit every unique lifestyle.

SOPHIA II B (Findlay Creek)

THE MOONEY’S BAY (Hunt Club)

Immediate Availability 3400 sq ft Single Home (Lot 124) Over $55K in upgrades Only $592,900

Immediate Availability 990 sq ft 2 Bed Condo Flat (Block B Unit 104) Only $277,900

JUNIPER (Rockcliffe)

MELBOURNE (Riverside South)

Available Early 2018 3185 sq ft Single Home (Lot 84) $15K Design Centre Bonus Only $748,000

Available October 2017 1840 sq ft 3 Storey Townhome (Block 2 Unit 8) End Unit Only $369,900

TRILLIUM 4 (Navan)

UNITY (Kanata)

Immediate Availability 2205 sq ft Townhome (Block 49 Unit 253) Only $343,900

Immediate Availability 1875 sq ft Townhome (Block 10 Unit 53) Over $30K in upgrades, corner unit Only $394,900

ClaridgeHomes.com Prices and specifications are subject to change without notice. E.&O.E.

SEPT 16 – 30, 2017 | VOLUME 17 ISSUE 17

CONTENTS

VICE-PRESIDENT & CHIEF PUBLISHING OFFICER

Caroline Andrews PUBLISHER & GENERAL MANAGER

Shawn Woodford ASSOCIATE PUBLISHER

Anne-Marie Breen DIRECTOR OF CONTENT & EDITOR-IN-CHIEF

Jennifer Reynolds MANAGING EDITOR

Wayne Karl ART DIRECTOR

Tammy Leung CONTRIBUTING EDITORS

Sonia Bell Elisa Krovblit Lydia McNutt

18 ON THE COVER:

Greatwise Fresh Towns: Redefining contemporary living

TRENDING

16 Housing Market

New resources for condo owners; BoC raises rate

Perceptions of the development industry

SPOTLIGHT ON CONDOS

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Keeping it real: The monthy costs of homeownership

21 Tarion Report

Improving homebuyers’ deposit protection

BY HOWARD BOGACH

PROPERTY PROFILES

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Icon: The view is great from the top

INSPIRATION

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Small space, big style!

8 NextHome.ca

SALES & MARKETING CO-ORDINATOR

Sarah Khan SENIOR MANAGER, DISTRIBUTION

Dwayne Rutherford NATIONAL CIRCULATION MANAGER

John Jenkins

PRODUCTION MANAGER

Anthony Majetic Dennis Ng GRAPHIC DESIGNERS

Dennis Ng Published by

BY JOHN HERBERT

BY MARNIE BENNETT

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Paul Bimm paul.bimm@ypnexthome.ca

PRODUCTION CO-ORDINATOR

ADVICE

C6 GOHBA Report Your guide to new condo communities in the Gatineau and Greater Ottawa Area

SALES MANAGER, EASTERN ONTARIO

27 Mortgage Intel

Should you go for a long-term mortgage?

BY ALYSSA FURTADO

IN EVERY ISSUE

10 22 24 26

Editor’s Note Hot Properties Advertisers Index What’s Online

A brand of Yellow Pages Homes Ltd. #500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867 nexthome.ca

Advertising Call 416.626.4200 for advertising rates and information.

Circulation Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking, plus door-to-door insertions in key audience segments.

Call 1-855-826-4200 to discuss distribution opportunities.

Copyright 2017 All rights reserved by Yellow Pages Homes Ltd., Toronto, Ont. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law. The views and data expressed by columnists do not necessarily represent those of the publication.

Terms Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice.

E. & O. E. Editorial Submissions from interested parties will be considered. Please submit to the editor at wayne.karl@ypnexthome.ca

Make your new home dollar go farther.

Grand Opening of Two-Storey Singles & Townhomes Discover a superb selection of two-storeys, bungalows and townhomes available in traditional Craftsman or Contemporary designs. All set on picturesque country village streets and all appointed with an array of exquisite features and finishes.

Surrounded by nature, the homes of Clarence Crossing offer an enviable lifestyle‌ and exceptional value too.

259,900 $335,900

Townhomes from

Singles from

$

Prices and specifications are subject to change without notice. E.&O.E.

235 L’etang St., Clarence-Rockland, Ontario 613.862.0167

Learn More.

EDITOR’S NOTE

CONDOS CONTINUE TO DRIVE THE MARKET

WAYNE KARL MANAGING EDITOR NextHome EMAIL: Wayne.Karl@ypnexthome.ca TWITTER: @WayneKarl

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MORE ONLINE: Do you prefer a bath or shower? That is the (divisive) question. nexthome.ca/bath-or-shower

+ get social 10 NextHome.ca

September, by calendar if not by season, is a month of change. As the days get shorter and temperatures cooler, many people also see this as a period of new beginnings.

Thankfully, this seems to be the case with regard to the Ottawa housing market, as the news continues to get better with each passing month.

Housing starts – an important indicator of economic health – are trending up in the OttawaGatineau area. While starts in August are down over those for July, they are up 33 per cent compared to August 2016, according to Canada Mortgage and Housing Corp. Notably, this includes a 12-per-cent gain in single-detached homes, and a 42-per-cent surge in all other housing types.

In resale, meanwhile, “Condo sales continue to strengthen the Ottawa resale market,” says Rick Eisert, president of the Ottawa Real Estate Board.

The average overall home price in August was $420,335, an increase of 7.6 per cent over August 2016. While average condo prices were essentially flat, this is not necessarily an indicator of values of specific properties. Now more than ever, price and market conditions vary from one neighbourhood to the next.

Make this fall a season of change for you, to get out there and explore to find your new home.

Interact with us on social media: nexthome

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Purchase a new Valecraft home by December 12, 2017, to be entered. We have move-in ready homes and brand new designs across Ottawa and Embrun.

Limited time offer. See sales consultant for details. Prices, terms and specifications are subject to change without notice. E & O.E. * No purchase necessary. Internet access may be required. Enter December 13th, 2016 – December 12th, 2017 for a chance to win. Prize Draw Dec. 14th, 2017. Only open to homeowners who bought or will buy a new Valecraft Home in Ottawa or Embrun between December 13th, 2016 – December 12th, 2017, who will have a mortgage on it in 2018 and who are legal residents of Ontario over the age of majority. Limit of one (1) entry per Mortgagor as defined. Skill-testing question and Release required. One Prize of mortgage payments up to $1,500/month during 2018 (ARV $18,000). Odds of winning depend on number of eligible entries received.

Restrictions apply. Full rules and entry information at Valecraft.com.

SPOTLIGHT ON

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IN THIS SECTION

YOUR PULL-OUT GUIDE TO HIGHRISE, CONVERSION, LOFT, TERRACE & TOWNHOME CONDO PROJECTS

Fetch.

SPOTLIGHT ON

CONDOS

See what’s new at Cardel.

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CARDELHOMES.COM

Our vision for The Corners on Main; your vision for home.

Phase 1 Phase 2 Move in January 2018-2019 Visit our award-winning presentation centre: 223 Main St. | Mon-Thurs: 12-6pm | Sat-Sun: 12-5pm 613-806-6246 | cornersonmain.ca

CONDOS

There is a major transformation underway in Old Ottawa East. Is your life’s next adventure just around the corner?

SPOTLIGHT ON

It’s easier than ever to visualize the potential.

Phase One of The Corners on Main is well under construction, and we couldn’t wait to show off the progress.

Within each suite, the hopes and dreams of future homeowners are unfolding. We look forward to rewarding their trust in us with beautiful, boutique condos.

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PROPERTY PROFILE

ICON

CLARIDGE ICON

SPOTLIGHT ON

CONDOS

THE VIEW IS GREAT FROM THE TOP For more than 30 years, Claridge has been a leader in transforming Ottawa’s skyline with distinguished developments and condominiums.

Claridge has been busy building some of the most exquisite and recognizable condos in the city.

breathtaking views, all for an affordable price. Nestled by Bordeleau Park and the Rideau River, Waterstreet is a quiet haven amid the excitement and energy of the downtown core and just a short walk to New Edinburgh.

Waterstreet is surrounded by some of the very best that Ottawa has to offer. Just outside this urban sanctuary, you’ll find parks, nature, cafes, restaurants, bookstores, museums and more.

LEBRETON FLATS

CENTRETOWN

Tribeca East and Tribeca Lofts are premium buildings in the downtown core. These exclusive units offer luxurious and stylish suites for those with impeccable taste. Best of all – these condos are only steps from the Parliament Buildings and Sparks Street.

LOWERTOWN

Located at 316 Bruyere St., Waterstreet offers buyers an ideal location, luxurious living and

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Situated at the eastern edge of LeBreton, Claridge’s Fusion development is a luxurious complex which offers three residential components, perfectly fused together. Buyers can choose from a six-storey condominium wing, an eight-storey condominium wing, and a collection of stacked boutique townhomes nestled in between. Fusion is a marvelous collection of home styles, offering buyers comfort, modern elegance and choice.

BYWARD MARKET

Claridge Plaza 3 and 4 is the ideal space for today’s urban city dweller.

Each suite comes equipped with the latest modern conveniences, plus a few extra luxuries to make your home life that much sweeter. With Claridge Plaza just steps away from it all, you’ll be happy to leave your car and walk where you’re going to. At Claridge Plaza, you’re at the heart of it all.

TRIBECA

NEPEAN

Located at 330 Titan Private, just off Merivale, Stirling Park condominium complex is the perfect combination of elegance, style and modern charm.

Whether you are ready to start the next chapter in your life, or are looking to spread your wings with your first home, Stirling Park provides the comfort and convenience you want at a price you can afford.

HUNT CLUB

Come home to Hunt Club Flats. Enjoy the relaxed, sophisticated Hunt Club lifestyle, in one of Ottawa’s highly established neighborhoods. All condos in Claridge’s newest community feature spacious bedrooms, top of the line amenities and the convenience of underground parking. Close to shopping, malls and greenspace, you really can have it all. Experience urban living at its finest.

LITTLE ITALY

For more information on Claridge Icon, or any of Claridge’s firstclass condominiums, please visit claridgehomes.com or stop by one of the sales’ centres.

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LOCATION Ottawa DEVELOPER Claridge Homes DEVELOPMENT Tribeca Lofts HOME TYPE Condominiums/Lofts

SALES CENTRE

CONTACT 613.695.1441 Icon@claridgehomes.com claridgeIcon.com

CONDOS

485 Preston St., open Monday to Wednesday noon to 7 p.m., closed Thursday and Friday, open Saturday and Sunday noon to 5 p.m.

SPOTLIGHT ON

With multiple projects completed, the Claridge team is now developing their most ambitious building yet: Claridge Icon.

Claridge Icon will be instantly “Iconic,” rising above all other residential condo buildings in the city to be its tallest at 45 storeys (485 ft. tall).

Located at the juncture of Preston Street and Carling Avenue, Claridge Icon will offer luxurious living in one of Ottawa’s most sought-after neighbourhoods.

Claridge Icon is directly across the street from Dow’s Lake, the Marina and Commissioners Park, which is home to the annual Tulip Festival.

With breathtaking views of the city’s skyline, including Dow’s Lake, the Rideau Canal and the not so distant Gatineau Hills, Claridge Icon is one of the best places in the city to watch the Tulip Festival fireworks and the Canada Day fireworks. Your new home is only steps from a network of bike paths, plenty of greenspace and the indulgences of Little Italy.

It takes more than stature to be truly iconic – it takes style. Claridge Icon marks the official Ottawa debut of Hariri Pontarini Architects, one

of Canada’s pre-eminent firms, which raised the bar with its bold, geometric tower design. Balconies arc gracefully around the building’s façade, creating organic curves inspired by the swaying reeds on the banks of Dow’s Lake. Granite, travertine, aluminum and wood materials are used throughout for an organic sense of flow; copper accents throughout the building pay homage to the Ottawa’s iconic Parliament Buildings and Chateau Laurier, and casting every space in a warm glow.

Whether you’re a young professional, a family or a retiree, Claridge Icon features 22 floorplans to suit your lifestyle – from one-bedroom suites starting at 610 sq. ft. to the 1,630 sq. ft., two-bedroom plus den suite. The 320 suites come standard with hardwood, granite countertops, nine-ft. ceilings, and all suites include floor-to-ceiling windows.

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ADVICE | GOHBA REPORT

SPOTLIGHT ON

CONDOS

PERCEPTIONS OF THE DEVELOPMENT INDUSTRY

One of the issues that causes constant consternation among members of the development JOHN industry is why they are always HERBERT perceived as the bad guys. Take any mildly controversial development proposal and the narrative always portrays the industry as self-interested and greedy, as opposed to the reality; which is an entity reacting to market demands through standardized provincial and municipal regulations, policies and procedures.

Yet this narrative persists. Some believe that it is rooted in a general naivety about how the industry operates and the inability of the industry to respond cohesively to put a human face on its activities. Others believe that residents are instinctively afraid of change and choose to oppose projects whenever possible to preserve the status quo. Still others believe that consistently negative media stories are responsible for perpetuating stereotypes that are long since obsolete.

This might make for good newsprint but it is far from reality. Urban and rural planning is guided by provincial and municipal regulations and policies and in Ottawa the federal government is often involved as well.

A city’s Official Plan is a regulatory document, implemented through its zoning by-laws. Anybody who wishes to develop land in Ontario must abide by these documents. That said, the Planning Act gives any land

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owner the right to appeal to the local municipally to amend the zoning by-law for their property.

This is not a nefarious act. The right is enshrined in the Planning Act, which legislates a public process that must be followed for the request to be allowed, or declined, as the case may be.

Most residents in Ottawa are not aware of the fact that much of the land is “under-zoned” and inconsistent with the policies outlined in the City’s Official Plan. Developers on the other hand, who can only succeed by understanding such planning opportunities, know that by following legislated policies in the Official Plan, they can request a rezoning to bring a property into line with municipal policies. That is the logic and rationale behind

many of the rezoning requests that the public sees.

Regrettably the planning process in Ontario is inherently adversarial.

Starting with the sign that is placed on the property advertising the rezoning request, the sense that someone is wanting to do something they are not supposed to is established. And this only grows as the process unfolds. And the narrative becomes developer versus the community, with the municipality required to make a final decision.

“

Urban and rural planning is guided by provincial and municipal regulations and policies and in Ottawa the federal government is often involved as well.

”

John Herbert is the Executive Director of the Greater Ottawa Homebuilders’ Association and has been active in municipal, provincial, national and international housing issues for almost 50 years.

CONDOS

application is formally made. By opening them up to the public, the industry is allowing public insight into the thought process behind a specific development proposal.

Hopefully, by participating in this pilot project, the industry is able to demonstrate that it is not in cahoots with the City and that its proposals are in reaction to market forces and consumer demands.

Another approach, as some developers already do, would be to meet with the local community at the concept stage of a development proposal so the logic and rationale behind the idea can be fully explained and explored.

In some US jurisdictions, this is already a pre-requisite to make a development application.

Clearly the industry has the desire to change the narrative.

But it will take goodwill from all parties involved for this change to be affected.

SPOTLIGHT ON

There is no easy solution to this ongoing conflict, although one thing the development industry has recently attempted is to be more open in its rationale for the development and to try and put a human face on it. In general, a development proposal is a reaction to market forces.

If it won’t sell, there is no point in building it. In practice, if the proposal is not viable, it will never receive the necessary financing anyway. No developer ever enters into the process wanting to fight with either the local community or the municipality. Developers are human and, like everybody else, come from all walks of life and backgrounds. There is no

such thing as graduating from the School of Development. Some may have worked in government or come from completely unrelated disciplines such as the armed forces or accounting.

Others may be Registered Professional Planners RPP who must follow a further Professional Code of Practice requiring them to always respect the public interest.

The point being, these are not individuals with a desire to undercut the public process by following poor planning principles. They are individuals who act according to sound planning principles using approved government procedures and consequently have an interest in changing the narrative that they are always the bad guys.

How can this be done? One approach is to make the planning process as open and transparent as possible. Developers already participate in a City of Ottawarun pilot project that allows the public to attend the traditionally confidential pre-consultation meetings. These are meetings that are held with the City before an

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Your new home on Dow’s Lake

SPOTLIGHT ON

CONDOS

Be a part of something Iconic

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Claridge Homes is raising the bar with a bold, organic tower rising 45 storeys above Ottawa. Claridge has been redefining Ottawa’s skyline for 30 years, and now we’re proud to bring Claridge_Icon to the community.

Find your new home in the heart of Little Italy, where stunning views of Dow’s Lake are available for as low as $301,000.

www.claridgeicon.com 485 Preston Street, Ottawa 613.695.1441

UNDER CONSTRUCTION Available April 2020

MOVE IN READY LOCATIONS

AROUND THE CITY $ 2OF

0KF*

0KF*

$ 2OF

WATERSTREET

TRIBECA EAST

Studio, 1 & 2 bedroom units starting from $255,000

1 & 2 bedroom units starting from $345,000

300 Lett Street 613-232-2049

112-316 Bruyère Street 613-680-6560

56 Nepean Street 613-234-1780

STIRLING PARK

CLARIDGE PLAZA

CLARIDGE ICON

1 & 2 bedroom units starting from $279,000

Studio, 1 & 2 bedroom units starting from $245,000

1 & 2 bedroom units starting from $301,000

107-330 Titan Private 613-224-0330

244 Rideau Street 613-241-3235

485 Preston Street 613-695-1441

0KF*

$ 2OF

N R TIO DEUC UNSTR N CO

FUSION 1, 2 & 3 bedroom units starting from $282,000

* 20K deals valid for corresponding buildings only. Valid until September 1, 2017 for 2 bedroom condos and Fusion Boutique Townhomes. Conditions apply, contact a sales representative for more details.

URBAN OASIS ON THE EDGE OF DOWNTOWN

SAVE $40,000

WHEN YOU PURCHASE ANY TWO BEDROOM CONDOMINIUM OR BOUTIQUE TOWNHOME! Purchase and close before October 1, 2017. Conditions apply, see sales representative for more details.

CONDOS

ClaridgeHomes.com Prices and specifications are subject to change without notice. E.&O.E.

SPOTLIGHT ON

FIND YOUR

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INSPIRATION | STYLE FILE

SMALL SPACE, BIG STYLE SIZE DOESN’T MATTER WHEN YOU OUTFIT YOUR SPACE WITH WELL-CHOSEN PIECES THAT ARE NOT ONLY ON TREND BUT MULTI-FUNCTIONAL, TOO

Faux Mongolian Pouf in Pink. $99. indigo.ca

BY SARA DUCK

Mid-Century Pop-Up Storage Coffee Table in Walnut. $915. westelm.com

SPOTLIGHT ON

CONDOS

Not just for comfort; it provides extra seating too.

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Textured Wool Storage Bin. $35. homesense.ca

Digital Print Wool Rug 46 by 28 in. $30. homesense.ca

Rotsund Mirror in White. $99. ikea.ca

Continue on page 12

GROUND BREAKING THIS OCTOBER ST CHANCE AT PRE-CONSTRUCTION PRICING

The River Terraces at Greystone, nestled between the Rideau River and the Rideau Canal. A nine-storey condominium featuring designerappointed bachelor to two bedroom plus den residences with expansive terrace views. Savor gracious living at an address surrounded by all that Greystone Village has to offer, just minutes from downtown.

Illustrations are Artist’s Concept.

Prices and specifications subject to change without notice. E. & O. E.

CONDOS

VISIT THE PRESENTATION CENTRE DESIGNER MODEL SUITE TODAY GREYSTONEVILLAGE.CA

SPOTLIGHT ON

CONDOMINIUMS BY THE RIVER FROM THE LOW $200’s

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This sofa turns into a bed!

Miloh Sofa-Bed in Beige. $249. structube.com

Euphorbia Potted Plant. $35. ikea.ca

3-Piece Peekaboo Acrylic Nesting Table Set. $299. cb2.com

2-Door Ocean Sideboard in White. $499. structube.com

SPOTLIGHT ON

CONDOS

Storage is a necessity for small space living, but doesn’t require a style sacrifice,” says Tamara Robbins Griffith, HomeSense design expert. “Fashionable storage baskets and bins are useful in every room of the home, and are available in such a wide variety of textures, patterns and materials. They can truly complement your decor style and can be decorative in their own right.

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Embellished Segment Pillow Cover. $69. westelm.com

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CONDOS

• Rooftop pool, lounge, gym, and incredible views • Steps from LRT • European stainless steel appliances • Quartz counters • Hardwood throughout

SPOTLIGHT ON

DOWNTOWN LIVING + RICHCRAFT QUALITY

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ADVICE | HOME SMARTS

KEEPING IT REAL: THE MONTHLY COSTS OF HOMEOWNERSHIP

SPOTLIGHT ON

CONDOS

MARNIE BENNETT From personal observation, I’m happy to report that today’s homebuyer may be better informed than at any other time in history. Between easy-to-access information on the Internet, help provided by mortgage brokers and lending institutions and – perhaps most significantly – the abundance of real estate reality shows, most homebuyers are entering the market with fairly realistic expectations. That’s terrific, because there’s nothing I hate more than bursting a client’s bubble.

I have found, however, that one consideration often put on the back burner is the monthly costs associated with owning a home.

Most of my clients walk through my door with a figure in mind, representing the price they’re willing to pay for the right home.

The crucial question: How have they arrived at this figure? Ideally, they’ve used a mortgage calculator that enables users to experiment with different scenarios. A wide variety of mortgage calculators can be accessed online; I encourage you to choose one that takes monthly expenses (in addition to your mortgage payments) into account. These typically include the following:

can vary an incredible amount depending on your municipality, so background research is definitely helpful.

UTILITIES

While just about everyone expects to pay for heating and electricity, it’s wise to consider the size of a home and its method of heating.

The good news is that most new homes are built to be impressively energy efficient.

CONDO FEES (IF APPLICABLE)

These depend greatly on a building’s amenities and on a suite’s square footage; they may include utilities. Be sure to ask how long the current fees will apply, as they may be raised each year.

Some additional expenses generally not included by mortgage calculators include the following: HOME INSURANCE

PROPERTY TAXES

This is one expense that can really take first-time homebuyers by surprise – particularly if that first home happens to be located in a major urban centre. The cost

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This item isn’t optional – to carry a mortgage in Ontario, your home must be insured. New homes tend to be less expensive to insure than older homes.

DECORATING

While new homes don’t require expensive overhauls, it’s a good idea to budget for paint and wallpaper, window treatments and furniture that suits your new home.

Happily, this is the one expense that will lessen after the first year.

Final words: don’t be afraid to crunch the numbers. There’s nothing scary about being prepared!

To receive a free copy of a new special report titled “Homebuyers: How to Save Thousands of Dollars When You Buy” email sales@bennettpros.com Marnie Bennett is a broker and CEO of the Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of two weekly radio shows Marnie’s Real Estate Hour and The Real Estate Edge, a millionaire real estate investor and a wealth management coach. bennettpros.com

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To book a viewing contact TallShipsLanding@Fuller.ca

C15

CONDOS SPOTLIGHT ON C16

*To qualified purchasers. 10% second mortgage for 2 years at 0% interest. 25 month term. Mortgage commitment fee of 2% applies. Subject to change or withdrawal without notice. Purchase price includes furnishings on select units. Prices subject to change without notice. Please talk to a salesperson for further promotion details. E & OE.

* FF O 0 00

PLATEAU DU PARC

$1

5

9 KM FROM PARLIAMENT Corner of ch. Pink & boul. des Grives, Gatineau

O

C MO TO BE VE R IN 20 17

From the

360’s

$

*

HORIZON

8 KM FROM PARLIAMENT 354 #3 boul. des Grives, Gatineau

W C AT O E M R M FR U O N N IT T Y

Rent from $940*/mo.

DOMAINE DU VIEUX-PORT

9 KM FROM PARLIAMENT 1400 boul. St-Joseph, Gatineau

CONDOS Rent your suite with loft & rooftop terrace

CONDOS New hotel-inspired luxury condos ideal for professionals and young active retirees.

Offers common area including a large rooftop terrace.

819.776.4663

819.772.4663

PRESTIGE HOMES High-end homes in one of the most sought-after community CONDOS A waterfront paradise with urban lounge on the top floor

819.777.4663

C O

N UN ST D RU E CR TI O

N

From the $260’s*

SINGLE FAMILY HOMES Luxury homes near Gatineau Park

PETRIE’S LANDING 21 KM FROM PARLIAMENT

8865 Jeanne d’Arc Blvd. N., Orléans

1L O O NL T Y LE FT

From the $199’s*

LOREKA COURT 29 KM FROM PARLIAMENT Loreka Court, Ottawa

From the $160’s*

CONDOS New luxury condos with rooftop terrace, leisure room, gym, indoor parking, elevators, pool & spa.

613.824.4059

LOTS You want to build your dream home?

40 x 147 feet lots located on a private street

RE SE RV E

N O W

613.257.4079

KANATA LAKES

26 KM FROM PARLIAMENT 126-4 Battersea Crescent , Ottawa

C N NE O O W N W P ST U H RU N AS C DE E TI R O N

Rent from $1 305*/mo.

CARLETON CROSSING 51 KM FROM PARLIAMENT

117 McGregor St., Carleton Place

From the $279’s*

CONDOS New luxury condos with common rooftop terrace & indoor parking. Also offers a fitness centre and amelitie room with kitchenette

613.317.2438

SINGLE FAMILY HOMES Luxury homes in a quiet neighbourhood CONDOS Rent your contemporaty suite now

613.257.4079

*See Sales Representative for details. Prices, specifications, features and offerings are subject to change without notice.

E & O.E. Promotions may be changed and/or cancelled at any time without notice.

brigil.com

TRENDING

NEW CONDO AUTHORITY LAUNCHES ONLINE RESOURCE FOR CONDO OWNERS

The Condominium Authority of Ontario (CAO), a new organization created to support condominium living across the province, will give condo owners, residents and directors access to a trusted source of information and resources. Ontario’s newest administrative authority will offer the following: • Information about condo ownership and condo living information, including a guide for condo buyers.

• Free online training for condo directors to ensure that condo boards run smoothly.

• Self-help tools for members of the condo community who have questions or want to resolve disputes on their own.

• A new online dispute resolution tribunal that will include online guided negotiation, mediation and adjudication to help resolve issues and settle disputes.

“As the first designated authority for the condominium sector in Ontario, the CAO is focused on supporting condo living,” says Tom Wright, CAO chair. “As part of the government’s consumer protection initiative, we will assist condo owners and residents by providing timely, relevant information and resources

to foster healthier condo communities as more and more residents choose condominiums as their homes.”

The CAO will enhance consumer protection for condo owners by helping them understand their rights, and by providing condo board directors with the training they need to understand their roles and responsibilities under the new legislation.

The CAO will launch in phases.

On Sept. 1, 2017, the CAO will begin operations, launching its website with online tools and information. On Nov. 1, 2017, the CAO will launch free, online training for condo board of directors. Additionally, through the

ONCE AGAIN...

BOC RAISES OVERNIGHT LENDING RATE The Bank of Canada (BoC) is raising its target for the overnight rate to one per cent, up .25 percentage points. Sound familiar? The BoC raised interests rates by the same amount back in July – from .50 per cent to .75 per cent.

“Recent economic data have been stronger than expected, supporting the Bank’s view that growth in Canada is becoming more broadly-based and self-sustaining,” BoC says. “The Bank continues to expect a moderation in the pace of economic growth in the second half of 2017... but the level of GDP is now higher than the Bank had expected.”

16 NextHome.ca

Condominium Authority Tribunal (CAT), will initially provide online dispute resolution services for condo owners seeking access to condo corporation records.

“This new ‘beta’ website is just the beginning,” says Robin Dafoe, CAO executive director. “As we continue to roll out supports and services, we look forward to hearing from condo communities about how best we can enhance and build our services to meet their needs. This is an exciting first step in supporting condo living and maximizing the enjoyment of condo home ownership across Ontario.”

For more information, visit condoauthorityontario.ca

BOC OVERNIGHT LENDING RATE

.50% to .75% .75% to 1%

JULY 2017 SEPT 2017

A FRESH NEW LOOK AT MODERN TOWN HOMES Coming Soon! Fresh Towns, a new community of contemporary and rooftop towns. Imagine owning a brand new modern-styled urban home. Imagine interiors designed around your lifestyle. Imagine kitchens designed for the foodie in you. Imagine a family friendly community close to parks, schools, shops, transit, Highway 416, 417 and downtown.

HOW’S THAT FOR FRESH THINKING?

IRIS ST BASELINE RD

HUNT CLUB RD

GREENBANK RD

MORRISON DR

HWY 416

QUEENSWAY 417

T O W N S S TA R T I N G F R O M

$299,990

N

REGISTER AT FRESHTOWNS.CA Exclusive Listing Brokerage, Milborne Real Estate Inc. Brokers Protected.

Prices and specifications are subject to change without notice. E. & O. E. 2017

COVER STORY

THINK FRESH

NEW OTTAWA COMMUNITY REDEFINES CONTEMPORARY LIVING

There’s a lifestyle option coming to Ottawa that is so contemporary that it stands out among the crowd. Think modern architecture. Think vibrant interiors. Think about a west end neighbourhood with easy access to the amenities you need every day. Think Fresh!

In fulfilling their commitment to innovative design that promotes the best of contemporary urban living, the team at Greatwise Developments has gone right to the source. In the concept phase of Fresh Towns’ development, they used online surveys to gain valuable feedback to create a townhome community that is exactly right for right now.

The results are truly Fresh. Collections featuring both traditionally configured and rooftop towns with eminently livable interior layouts let buyers choose the option that best suits their lifestyle.

“We offer variety,” says Derek Nzeribe, Ottawa managing director of Milborne Real Estate. “Our rooftop collection is very appealing because it meets the needs of buyers who want the chic downtown urban feel, 18 NextHome.ca

but who don’t want to live in the downtown core.” Rooftop towns are an inspired twist on townhome design that allows for the creation of an outdoor rooftop terrace.

“The rooftop collection provides a private outdoor space, without the typical maintenance required with a backyard,” says Nzeribe.

“But we also have the backyard options for those who want their own gardens and grass.”

Fresh Towns is not simply a cookie-cutter development.

“Usually you have one option,” says

Renderings are artist’s concept only.

Nzeribe. “But we wanted to offer a variety so that clients can choose the option that best fits their lifestyles.” Fresh Towns fulfills a community need, and home buyers are excited with what they see.

“This is the first new residential project of this kind in the area in 20 years,” says Natan Ary, development director, Greatwise Developments. “Fresh Towns is surrounded by long-established homes, parks and schools. We offer homebuyers the tranquility of an older neighbourhood, with the

excitement of a modern development.”

One thing that attracted Greatwise to Qualicum Woods is the proximity to downtown. “Fresh Town is in the greenbelt, which means all amenities and most workplaces are only a short drive or bus ride away,” says Ary. Fresh Towns provides the feel and design of an urban, downtown development, without the hefty price tag. “Areas like Westboro are becoming increasingly popular, but that means the prices of homes are also rising. At Fresh, buyers can find a similar urban product, without having to put forward an exuberant amount of money,” Nzeribe says.

The value equation is outstanding, with 1,037 sq. ft. starting at $299,990. These exceptional towns offer expansive living spaces up to 1,663 sq. ft., but prices that climb only into the $400’s – and every one of these freehold towns features a private garage. There’s no compromise on features or finishes either with designer backsplashes Continue on page 20 19

Renderings are artist’s concept only.

and countertops, engineered hardwood floors, and a variety of bright, luscious interior colour palettes by Ottawa’s acclaimed West of Main Interior Design.

With a strong community feel, both layouts will appeal to first-time buyers and young families.

This family-friendly neighbourhood at Baseline Road and Morrison is close to parks, schools, shops, transit and downtown, with easy access to Hwys. 416 and 417, and proximity to The Bayshore Shopping Centre, Loblaws and Ikea. Nearby Morrison Park, Andrew Haydon Park, Nepean Sailing Club and the Ottawa River make it ideal for outdoor enthusiasts.

Those looking for a great culinary experience will appreciate Moxies, Big Rig Kitchen & Brewery, Bridgehead Coffee and the many other restaurants the area offers. Entertainment options also abound, such as Indigo, the Coliseum Ottawa Cinema and numerous pubs, lounges and nightclubs.

Fresh Towns offers an active and vibrant lifestyle. Step out your front door and there is an abundance of greenspace all around. For casual games of tennis, soccer, hockey and basketball, you’re just a short walk from Morrison Park; the family-friendly greenspace offers a playground and splash pad as well. Racquet diehards also have Valleystream Tennis Club nearby.

Fresh Towns stands for everything the Greatwise team believes in – combining innovative, humanistic design with honest craftsmanship and natural materials; sustainable practices with customer accountability; and project efficiency with forward-thinking environmental policies.

Greatwise has created sought-after developments in Ottawa and Toronto, and continues to envision a beautiful, sustainable future for everyone.

“Our company has been in practice for over 30 years,” says Ary, “and we continue to strive to meet the desires and needs of buyers in Ottawa and Toronto.”

The community’s Grand Opening late September-early October will give prospective buyers the first look at the available Fresh Lifestyle 20 NextHome.ca

finishes packages that will uniquely tailor each home to its owners.

Fresh Towns offer, not only an up-to-the-minute option that redefines what life in Ottawa can be, but also a remarkable opportunity to invest in your future.

Visit freshtowns.ca to register for all up-to-date information on Fresh Towns.

+

LOCATION Ottawa DEVELOPER Greatwise DEVELOPMENT Fresh Towns HOME TYPE Townhome

SALES CENTRE

2795 Baseline Rd. Opening late Septemberearly October CONTACT 613.693.0808 sales@freshtowns.ca freshtowns.ca

ADVICE | TARION REPORT

BUILDING TRUST HOW TARION IS WORKING TO IMPROVE HOMEBUYERS’ DEPOSIT PROTECTION

HOWARD BOGACH

When construction workers are building homes, they use safety equipment such as hard hats and harnesses to reduce their risk of injury on the job site. Purchasing a new home also comes with a degree of risk, due to the financial investment involved.

Tarion helps reduce the risk for home buyers by providing protection for deposits on new homes including condominiums in Ontario under the Ontario New Home Warranties Plan Act. If anything goes wrong, buyers of freehold new homes are covered up to $40,000 from Tarion, and condominium purchasers have trust protection under the Condominium Act, 1998 as well as up to $20,000 from Tarion.

These deposit coverage amounts have been in place since 2003 and understandably, many things have changed since then.

Home prices have risen in recent years and, at the same time, the new home building industry has faced some challenges.

Ontario has seen the collapse of some large and small builders over the past few years, leaving buyers facing losses of not only deposits but also of money spent on upgrades.

To strengthen the safety net for new home buyers, Tarion is working with the Ministry of Government and Consumer 2 NextHome.ca | SECTION IF APPLICABLE

Services on a review of deposit protection levels and policies.

We have been consulting with consumers, home builders and others in the industry to gather input on potential changes.

One of the possible options is to treat deposits on freehold homes the same way that deposits on condominiums are treated.

Currently, condominium deposits are placed in trust as required under the Condominium Act, 1998. This means that the money has strong protection until the condominium is completed and the units are transferred to the owner.

Placing new home deposits in trust would provide added protection for buyers, but could make it difficult for builders who use this money as working capital to pay for ongoing construction.

A second option is to increase the levels of deposit protection for new home buyers. By raising the cap to $50,000 or $60,000, or making it a percentage of the total purchase price (for example 10 per cent), buyers would face less financial risk, but it may not be total protection.

Finally, a third option could be a combination of the previous two

– raising the deposit protection cap and requiring that any surplus funds that a vendor or builder receives above the cap be placed in trust.

This “hybrid” option would provide protection for buyers while at the same time giving vendors and builders the funds they need for construction. This would, however, require builders to take on a greater administrative burden and cost.

Tarion is working with the ministry, consumer groups and builders to find the best solution.

While the final decision has yet to be made, we are looking forward to being able to provide greater peace of mind to consumers by improving protection for one of their most important investments.

Howard Bogach is president and CEO of Tarion Warranty Corp. For more information, visit tarion.com or find on Facebook at facebook.com/ TarionWarrantyCorp.

+MORE ADVICE ONLINE nexthome.ca/news/advice

SEPT 16 - 30, 2017 21

HOT PROPERTIES

FIND YOUR NEXT HOME This page features the latest properties to keep your eye on in the Eastern Ontario area.

FRESH TOWNS BY GREATWISE

AVALON ENCORE By: Minto City: Orléans Housing type: Singles, townhomes Contact: 613.834.6400 minto.com

EQUINELLE

HARMONY

By: eQ Homes City: Kemptville Housing type: Singles Contact: 613.258.6488 eqhomes.ca

By: Minto City: Barrhaven Housing type: Singles, townhomes Contact: 613.789.7977 mintoharmony.com

FELTON COURT

ICON

By: Valecraft Homes City: Ottawa Housing type: Terrace Home Contact: 613.680.4771 valecraft.com

By: Phoenix Homes City: Barrhaven Housing type: Townhomes Contact: phoenixhomes.ca

By: Claridge Homes City: Ottawa Housing type: Condominium Contact: 613.695.1441 claridgeicon.com

BLACKSTONE

By: Greatwise City: Ottawa Housing type: Townhomes Contact: freshtowns.ca

AVIATION PRIVATE

By: Cardel Homes City: Kanata South Housing type: Singles Contact: 613.836.9521 cardelhomes.com

CARLETON CROSSING By: Brigil City: Stittsville Housing type: Singles Contact: 613.257.4079 brigil.com 22 NextHome.ca

FRESH TOWNS

GALLERY TOWNHOMES By: Tamarack Homes City: Orléans Housing type: Townhomes Contact: 613.422.5925 tamarackhomes.com

MAHOGANY By: Minto City: Manotick Housing type: Singles Contact: 613.788.2776 mintomahogany.com

MILLER’S CROSSING By: Cardel Homes City: Carleton Place Housing type: Singles, Townhomes Contact: 613.836.9521 cardelhomes.com

ICON BY CLARIDGE HOME

ON HALF MOON BAY

SUNDANCE

THE CORNERS ON MAIN

By: Mattamy City: Barrhaven Housing type: Singles, townhomes Contact: 613.825.7932 mattamyhomes.com

By: Claridge Homes City: Ottawa Housing type: Singles Contact: 613.425.1332 claridgehomes.com

By: Domicile City: Ottawa Housing type: Condominium Contact: 613.806.6246 cornersonmain.ca

POTTER’S KEY

TALL SHIPS LANDING

TIMBERWOOD TOWNS

By: Minto City: Stittsville Housing type: Singles Contact: 613.788.2761 minto.com

By: Thomas Fuller Construction Ltd. City: Brockville Housing type: Condominium Contact: 613.498.7245 tallshipslanding@fuller.ca tallshipslanding.com

By: Greatwise City: Ottawa West Housing type: Freehold Towns Contact: 613.693.0808 twtowns.com

RATHWELL LANDING

TRIBECA LOFTS

By: Valecraft Homes City: Stittsville Housing type: Bungalows, townhomes Contact: 613.435.8141 valecraft.com

TERRACES AT GREYSTONE By: eQ Homes City: Greystone Housing type: Condominium Contact: greystonevillage.ca

By: Claridge Homes City: Ottawa Housing type: Condominium Contact: 613.234.1780 claridgetribecalofts.com

SOHO CHAMPAGNE

THE BOWERY CONDOS & LOFTS

WHITE TAIL RIDGE

By: Mastercraft Starwood City: West Central Housing type: Luxury condominiums Contact: sohochampagne.com

By: Richcraft City: Centretown Housing type: Condominiums Contact: 613.695.7577 thebowerycondos.ca

By: Phoenix Homes City: Almonte Housing type: Bungalows and singles Contact: Kellie Connors 613.461.0277 phoenixhomes.ca

+

BUILDERS: IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, JUST EMAIL THE DETAILS TO SARAH.KHAN@YPNEXTHOME.CA SEPT 16 - 30, 2017 23

et a

Builder Name

Site Name

Almonte

Phoenix Homes

White Tail Ridge

x

Carleton Place

Brigil

Carleton Crossing

x

Carleton Place

Cardel Homes

Miller's Crossing

x

Carp

Phoenix Homes

Diamondview Estates

x

Hunt Club

Claridge Homes

Hunt Club Flats

Kanata

Claridge Homes

Bridlewood Trails

Kanata

Phoenix Homes

Fernbank

Kanata

Phoenix Homes

Terra Flats

Stittsville

Mattamy

Traditions II

Stittsville

Minto

Barrhaven

D

Location

c Se he m d B i un g To alo w w n A h om du e/ lt Li Co fe n st do yl e

INDEX OF ADVERTISERS

Prices

Page

WEST x

From $390's

12, 13

x

From $279's

15

x

Inquire

11

From $400's

12, 13

x

From $277,900

6, 7

x

From $394,900

6, 7

From $350's

12, 13

x

From $200's

12, 13

x

x

From $321,990

4, 5

Potter's Key

x

x

From $344,900

2, 3

Claridge Homes

West Pointe Village

x

x

From $602,900

6, 7

Barrhaven

Minto

Quinn's Pointe

x

x

From $254,500

2, 3

Barrhaven

Minto

Harmony

x

x

Inquire

2, 3

Barrhaven

Phoenix Homes

Felton Court

x

From $270's

12, 13

Barrhaven

Phoenix Homes

Strandherd Meadows

Inquire

12, 13

Findlay Creek

Phoenix Homes

Pathways

x

From $200's

12, 13

Ottawa South

Claridge Homes

Summerhill Village

x

x

From $369,900

6, 7

Ottawa South

Claridge Homes

Sundance

x

From $592,900

6, 7

Brigil

Plateau Du Parc

From $360's

15

Clarence-Rockland

eQ Homes

Clarence Crossing

x

x

From $259,900

9

Navan

Claridge

Spring Valley Trails

x

x

From $343,900

6, 7

Orléans

Minto

Avalon Encore

x

x

From $285,900

2, 3

Orléans

Phoenix Homes

Halo Flats

x

From $200's

12, 13

Rockcliffe

Claridge

Wateridge Village

From $748,900

6, 7

x

x

x

x

SOUTH

x x

NORTH Gatineau

x

EAST

24 NextHome.ca

x

c Se he m d B i un g To alo w w n A h om du e/ lt Li Co fe n st do yl e

Site Name

et a

Builder Name

D

Location

Prices

Page

CENTRAL Ottawa

Valecraft

Aviation Private

Ottawa

Greatwise Development

Fresh Towns

Brockville

Fuller

Downtown

x

From $302,900

14

x

From $299,990

17

Tall Ships Landing

x

Inquire

C15

Claridge Homes

Icon

x

From $301,000

C8, C9

Downtown

Claridge Homes

The Lofts

x

From $400's

C8, C9

Downtown

Claridge Homes

Tribeca

x

From $345,000

C8, C9

Downtown

Richcraft

The Bowery

x

From $194,000

C13

Gatineau

Brigil

Domaine Du Vieux-Port

x

From $260's

15

Gatineau

Brigil

Horizon

x

Inquire

15

Gatineau

Brigil

Jardins McConnell

x

Inquire

15

Kanata

Cardel

Blackstone

x

From $300's

C2

Orléans

Brigil

Petrie's Landing

x

From $199's

15

Ottawa Central

Brigil

Kanata Lakes

x

Inquire

15

Ottawa Central

Claridge Homes

Claridge Plaza 3 & 4

x

From $232,000

C8, C9

Ottawa Central

Claridge Homes

Fusion

x

From $282,000

C8, C9

Ottawa Central

Claridge Homes

Waterstreet

x

From $250,000

C8, C9

Ottawa Central

Mastercraft Starwood

Soho Champagne

x

From $302,900

C16

Ottawa East

Domicile Development Inc

The Corners On Main

x

From Low $300's

C3

Ottawa West

Tamarack

Wellington

x

From $299,068

BC

West Nepean

Claridge Homes

Stirling Park

x

From $279,000

C8, C9

West Ottawa

eQ Homes

Terrace At Greystone

x

From $199,900

C11

CONDO

SEPT 16 - 30, 2017 25

WHAT’S ONLINE

TRENDING NOW

THE LATEST REAL ESTATE NEWS FROM ACROSS CANADA

BUY EARLY, IT’S WORTH THE WAIT

SMALL SPACE SURVIVAL TIPS DESIGN PROS TELL ALL!

nexthome.ca/buy-early

nexthome.ca/small-space-survival

DESIGNER YANIC SIMARD TALKS CUSTOM CREATION

5 THINGS TO CONSIDER BEFORE GETTING A MORTGAGE

nexthome.ca/custom-design

nexthome.ca/mortgage-tips

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ADVICE | MORTGAGE INTEL

SHOULD YOU GET A LONG-TERM MORTGAGE? CONSIDER A BLEND AND EXTEND MORTGAGE

ALYSSA FURTADO With Bank of Canada’s two recent interest rate hikes and the prospect of another one in October, some homeowners wondering if they should get a long-term mortgage.

Expected rate increases can push Government of Canada bond yields higher, and the rate on a fixed mortgage is partly related to the yield on these bonds.

The most common mortgage term is five years, but you can also find terms of six to 10 years. The longer term comes with a higher interest rate, but that’s the price you pay for added security. With some 10-year fixed mortgages having rates of less than four per cent, they look appealing if rates are expected to continue rising.

However, there are a few things you should think about before locking in.

To get around the prepayment penalty, you could instead opt for a blend and extend mortgage.

This option is usually included with mortgages and can be appealing with rates rising. Here’s how it works:

“

POTENTIAL PENALTIES

If you currently have a mortgage and want to switch to a longer term, you’ll trigger a prepayment penalty. Lenders always include a clause in the mortgage contract that states how much you’ll have to pay if you decide to break your mortgage. Generally speaking, the penalty for fixed-rate mortgages is the greater of three months’ interest or the interest rate differential (IRD). If you end up saving money in the long run, breaking your mortgage is worth it, which is why you should always speak to a mortgage agent about your options.

As long as you build in a bit of a buffer, rising rates won’t affect you much....

”

Let’s say you have two years remaining on the term of your mortgage with a fixed rate of two per cent. You could convert that mortgage into a new loan with a blended interest rate. The rate would be set somewhere between your old rate and what’s currently available. Currently, the rate on a five-year fixed mortgage is around 2.65 per cent, so that means you could potentially get a new rate around 2.3 per cent on a new fiveyear mortgage.

You essentially agree to pay more immediately and for longer to avoid potentially higher rates when you need to renew your mortgage. The trade-off may be worth it since you’re avoiding any prepayment penalties with a blend and extend mortgage.

THINGS COULD CHANGE

With the economy doing well, some economists believe

additional rate hikes are on the horizon. Things may be pointing in that direction, but they’re just predictions. There’s no way of knowing for sure what will happen with the economy and how the Bank of Canada will react.

Without accurate information available, it’s difficult to forecast anything. In other words, there’s no way of telling if getting a longterm mortgage is worth it, since interest rates could go up, go down or remain flat in the future.

Instead of worrying about what ifs, you can use a mortgage affordability calculator to estimate what your payments will be if rates rise. As long as you build in a bit of a buffer, rising rates won’t affect you much since it’ll still fit within your budget.

THE BOTTOM LINE

A 10-year mortgage will give you peace of mind, but it’s impossible to say if you’ll save money in the long run. Traditionally, homeowners who have gone with variable-rate mortgages have paid less compared to fixed-rate mortgage holders.

If you’re still unsure about what to do, contact with a mortgage broker who can go over all the options with you.

Alyssa Furtado is founder and CEO of RateHub.ca, a website that compares mortgage rates, credit cards, highinterest savings accounts, chequing accounts, and insurance with the goal to empower Canadians to search smarter and save money.

+MORE ADVICE ONLINE nexthome.ca/news/advice

SEPT 16 - 30, 2017 27

NOW IN FINDLAY CREEK VILLAGE!

Townhomes So Beautiful...

They’re Suitable For Framing!

Starting at just $299,900, it’s your space, your way. Designed for an active lifestyle, these fully upgraded townhomes make luxury standard and are ready for your artistic touch!

The best of Findlay Creek Village is right outside your door — shopping, restaurants, transit, and health care are just steps away. Plus for a limited time, you’ll receive 6 appliances, air conditioning and a $5,000 design centre bonus!

Sales Centre 112 Helen Rapp Way, Ottawa ON Monday - Thursday: 1-8pm Friday: Closed Saturday, Sunday & Holidays: 12-5pm

613-822-1101

From

299,900

$