[allgprum]

Im researching to buy my 1st house, im interested to buy small 1-2 bed room bungalow. I greatly appreciate sharing your knowledge or experience to help me.

House prices are dropping all over the country except Ottawa (according to the OREB: Record-breaking number of resale homes sold in May 2009).

1. Should I buy now or wait hoping for a price drop? and when is the best season to buy?

2. Rough estimate, how much is the closing cost for ~230K house?

3. I like to buying in Alta Vista neighborhood (quiet residential environment and close to the city centre) but houses there are over my budget (around 230k), any recommendations for a similar neighborhood with same attributes in my budget range?

Thanks for your help.

 

[Phalene]

Our closing costs on a $225k mortgage were somewhere between $6-7000, I think (this was about 2 years ago)

 

[OhGreatGuru]

Prices aren't likely to go down in Ottawa - the local market is too stable because of the huge government employment sector, in spite of all the recent job losses in High-Tech.
Best season to buy from a price point of view is winter - but there is less available on the market then, and you can't see the lot very well.

 

[ashby corner]

for neighbourhoods in that price range, I'd recommend near the experimental farm (baseline and fisher hood). Residential, but close enough to parkdale market and westboro.

 

[Cal]

you should check out www.greaterfool.ca

will give you with the pessimistict opinion.

 

[investnoob]

I don`t think prices are going to go down in Ottawa. It looks like our employment rate and low rental vacancy rate will probably dictate the residental property values and demand for a while to come.

Also, it will be really hard to find a bungalow for 225K nowadays. Carlington (someone already referred to that neighbourhood - in between carling, merival, fisher, and baseling) might be your best bet.

I bought a town house for 175k three years ago in this neighbourhood. From what I`ve seen, the bungalows don`t go up for sale very often, and when they do, they are snatched up pretty quick and can go for over 250K. Something in the 225 range would be a fixer upper. My neighbour listed his townhouse (they are 3 bedroom 1 bath, about 900 sq ft living space) for 215k last summer and it was sold within a month so he must have gotten close to asking. But, he did do extensive renovations. It was move in ready and nice and modernised.

The townhomes that haven`t had extensive renovations can list anywhere from 170k to 195k, but they usually have linoleum flooring in bath/kicthen, old appliances, unfinished basement, no ac, old furnaces etc...so if you are willing to forgo that stuff, you can get a decent deal.

Oh, and my closing costs were about 4-4.5k.

Hope this helps

 

[ashby corner]

Carlington. That's it! lived there for 3 years and couldn't remember the name of the 'hood!!

There's some really good value semis in that neighbourhood. Last I heard, the semis on Kingston were going just north of 200k.

 

[investnoob]

Carlington. That's it! lived there for 3 years and couldn't remember the name of the 'hood!!

There's some really good value semis in that neighbourhood. Last I heard, the semis on Kingston were going just north of 200k.

Hi ashby. Yeah, the semi-detached homes go for about 220k and up. The bungalows are going for around 250k. You can sometimes find a cheaper semi, but it would be a fixer upper. Kingston is one of the nicer streets in the hood and has lots of semis on the south side of the street (they back right up to the farm).

But yes, the neighbourhood has great value. 20 minute bus ride to down town (8 minutes by car, and 15-20bucks by cab); really close to a couple of grocery stores; and really close to some great bike paths. If you work for AAFC or CFIA, its walking distance to their new HQ on baseline and merivale.

 

[canabiz]

for more info and ideas on Ottawa communities, i recommend you checking out this forum

http://www.buildinghomes.ca/community/forums/forumdisplay.php?f=35

I say wait until after September to buy, the kids are already in school by then, if people want to sell, it will be because of extraordinary circumstances (downsize, divorce, moving etc) and not to take advantage of people' issues, if there are any, but you may be in a good position to negotiate.

 

[allgprum]

First of all I want to thank you all for the info and advice you gave me. I really do appreciate it.

Im a first home buyer, im thinking in order to afford buying a reasonable house in a decent neighborhood im ok to buy a one bedroom bungalow, the basement can add the additional rooms I may need in the future as we currently don't have kids yet. beside Carlington, any other ideas or suggestions for neighborhoods that may work for my situation?

Thank you very much, your posts are really helping me.

 

[investnoob]

First of all I want to thank you all for the info and advice you gave me. I really do appreciate it.

Im a first home buyer, im thinking in order to afford buying a reasonable house in a decent neighborhood im ok to buy a one bedroom bungalow, the basement can add the additional rooms I may need in the future as we currently don't have kids yet. beside Carlington, any other ideas or suggestions for neighborhoods that may work for my situation?

Thank you very much, your posts are really helping me.

I think it would be very hard to find a bungalow for 230K in ottawa. Best place to check would probably be mls.ca

If you are looking for a freehold detached home for 230k, your best bet would probably be in Hull. Homes there are considerably cheaper. Income taxes are higher, but that might be offset by the lower housing costs.

 

[canadianbanks]

Prices aren't likely to go down in Ottawa...

They will, as they did in major cities in UK, Europe, Australia, and US. We like to think we are special, but we are not.

 

[OhGreatGuru]

1-2 bdrm bungalows are going to be rare - have to look in neighbourhoods with 1950-1960 housing maybe. And then you are going to be looking for a small house that no one has added to in 50 years. Most 1-2 bdrm housing (excluding apartments) is row housing - either condo or free-hold.

Maybe look for single-story semi-detached from early 60's?

Have you looked at Bells Corners/Lynwood? There are some small bungalows in there, but I suspect over $230K