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Buying a house in Ottawa

6777 Views 12 Replies 8 Participants Last post by  OhGreatGuru
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.
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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.
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
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