Women the new ‘wildcard’ in the condo market

Women the new ‘wildcard’ in the condo market

Megan Vickell is a new brand of condominium owner that people predicting a market crash may have forgotten to factor in.

She’s young, single and ready to buy her first home. And, more importantly, she’s female — part of a growing demographic that just might be creating a new paradigm in the housing sector.

A report from Canada Mortgage and Housing Corp. shows women are a growing powerhouse in the Canadian condominium market. Among people who live alone, women made up 65% of owner occupants in 2011.

Condo owners: By the numbers

•19% Percentage of condominium owners under the age of 35; 29% were seniors 65 or older.

•65% Percentage of women among condo owner-occupants who live alone.

•2.5 Average number of people in a household size in 2011, down from 3.5 people in 1971.

•12.6% Percentage of Canadian homeowners who lived in a condo in 2011.

•42% Percentage of condo owners that are one-person households

•35.1% Percentage of Vancouver homeowners who live in a condo, the highest in the country.

•71% Among Canadians with a mortgage, the percentage of people with more than 25% equity.

•7% Percentage of people with less than 10% down.

•31% The percentage of Canadians with a mortgage in arrears, as of June, 2013.

The female factor is even more prevalent among older women with 76% of those 55 and older living alone women. Among lone-parents, women make up 84% of condominium owners.

It’s not just one thing about condos that is pushing Ms. Vickell to look at a high-rise. The public relations manager of eBay Canada says she’s close to putting in an offer this week on a 650 square foot unit.

“When I was looking I was grumbling because a lot of the maintenance fees were so high but then I was walking down the street after a big snowfall, and all these people were snowed in,  I thought ‘for a single female, I’m willing to pay those fees’,” she says. “I don’t even know where to start with half that stuff around the house.”

There are other perks of condominium living that attracts her to the market, including the 24-hour seven-day a week concierge service. “It’s everything you need in one place. There is someone to take my packages when I’m not there, I’ve got a gym. It’s really just all about convenient living,” says Ms. Vickell.

She sees the condominium as a stepping stone to a house. “I think of it as a five-year plan,” she says.

The condominium market shows few signs of slowing down. CMHC said this month November new construction reached 194,014 on a seasonally adjusted annualized basis, well above the number we need based on demographics. Multiples, which includes high-rise condominium units, made up 111,036 of the figure.

Growth in owner-occupied condominiums has exploded over the last three decades, according to the CMHC report. In 1981, there were 171,000 owner-occupied condo units but that figure grew to 1,154,000 by 2011.

Benjamin Tal, deputy chief economist with CIBC World Markets, agrees that women may be the unknown wildcard in determining whether the condominium market can continue its explosive growth.

“One point we’ve made when we’ve said this market is crazy is people need to look at demographics in a different way,” says Mr. Tal. “People buy a house now and don’t marry. Sure there’s the divorce rate being high but many young people in their 30s are not married but busy with careers and buying a home because they have the means. This is a new wave of demand that hasn’t been there before.”

What hasn’t really taken hold, based on the survey, is families considering condominiums. The largest chunk of condo owners are one person households at 42%, followed by couples without children at 28%.

Mr. Tal’s prediction is that in time we will see more families moving into condominiums, it’s just too early to see it any statistics.

“This will be the thing of the future. We are maybe five, six or 10 years from that,” he says.

The condo phenomenon remains mostly a story for Canada’s two most expensive markets with 51% of all new condo starts in 2012 happening in Toronto and Vancouver. Investors continue to drive both markets with 23% of condo apartment units in Toronto rented in 2012 and 26% in Vancouver.

Overall, there seems to be little question that the condominium is going to become a major part of the housing stock in Canada. CMHC noted that in 1981 only 3.3% of homeowners lived in a condo. That percentage grew to 12.6% in 2011.


Source: http://business.financialpost.com/2013/12/18/canada-condo-market/

Home Maintenance: Condo vs Home

It does not matter what type of property you own, it will require maintenance at some point or another. However, the type of maintenance that each type of property requires is different. While a house gives complete ownership of the structure and the lot it is constructed on, a condo works differently.

Condos that are part of Ottawa real estate involve different types of housing styles. These include townhouses, apartment style buildings and single family homes built on shared lots. When you own a condo, you get ownership of everything that is inside your front door. However, the grounds, elevator, pools, hallways, club houses and parking lots are the responsibility of the condo association.

When you own a house there are different types of maintenance that are your responsibility. If you want to make changes to the structure of the house, modify the plumbing, add some light fixtures, change the flooring or add a new roof, you will have to hire a contractor to do so. If you have just bought a resale home in Ottawa  than there are many maintenance costs that you have to look into. You might also need to change a lot of things because they are old.

A condo may not be the same as a house, but it is much better than living in an apartment and paying a monthly rent to the landlord. The condo is your property. You make monthly mortgage instalments to own the property. You do not have to worry about the grounds, parking lot or the pool. The monthly condo association fee takes care of all these things without bothering you. The fee will cost you much less than it would cost you to maintain a house and pay the home owner’s association charges.

It is however your responsibility to maintain the flooring, roofing, plumbing and other such things within the condo. It is important that you treat the condo just the same way you would treat your home because you are investing your hard earned money in it.

The rules and regulations that are set by your condo association are important to follow. You have to be careful about the number of people residing in the condo unit and at the same time you have to follow all the rules when using the common property of your condo.

Even though maintaining a condo is much easier than maintaining a home, it is a good idea that you check with the Condominium Corporation about all the rules and regulations that apply. Your Ottawa real estate agent can help you understand about all the maintenance costs and procedures in detail.

Visit www.bennettpros.com for all your real estate needs.

Alta Vista Ridge:Desirable Living Distinction

Many home owners struggle to choose between living in an urban flat or a town. Fortunately, this struggle has come to an end. Whether it is a terrace town or an urban flat, Alta Vista Ridge provides some of the most distinguished living in Ottawa.

Location

Alta Vista Ridge is located at a prime location in the heart of one of the most rapidly developing and happening communities. Alta Vista Ridge is situated at Saint Laurent Boulevard and Industrial Avenue, which is only minutes from Downtown Ottawa.

Architecture

Whether owners choose an urban flat or a terrace town setting, the architectural design is simple, stylish, sturdy and above all, elegant. In fact, many owners may even be led to reminisce about the old colonial age, where such simplicity and single colour paints were not only common but popular - simplicity which is still marvelled at today.

Amenities

The only thing as beautiful, extensive and modern as Alta Vista Ridge is the amenities provided to its residents. Amenities include:

·        10 shopping and service centers

·        10 restaurants and bars

·        3 schools

·        4 parks

·        5 recreational centers

Condos

Whether you choose an urban flat or a terrace town, each condo has been carefully designed to fuse simplicity, modernity and luxury to create striking exteriors and interiors. The total size of condos ranges from 729 to 1262 sq. ft.

Each condo has been designed with at 8-9 ft high flat white ceilings, carpeted bedrooms and living area (Berger carpets), ceramic tiles in the laundry, kitchen, bathroom(s) and entry and a single color interior. Each condo also has a private terrace or balcony with aluminum railing.

Whether it is the bathroom, kitchen, entry, living area or bedroom, each room has a number of finishes. For example, door handles and bathroom accessories are not only heavy duty; they have an impeccable chrome finish. Even the exterior has a superior masonry finish.

Starting Price

Naturally, such an extravagant lifestyle does not come cheap. Or does it? One of the most attractive features of Alta Vista Ridge is its affordability. Condo prices start in the $190,000 range and increases as the size of the condo increases. Interestingly, for a limited time, 6 high-end appliances are provided for free.

Spacious and luxurious condos, separate outdoor areas, a multitude of amenities, striking exteriors, beautiful interiors and an exceptional neighbourhood – Alta Vista Ridge has it all. Adding the choice between an urban flat or terrace town setting, and combining it with high affordability, what more could anyone ask?

 

Visit www.bennettpros.com for all your real estate needs.

Distillery Warehouse Lofts–Industrial-inspired Luxury

The industrial age gave us some of the sturdiest, stylish and grandest buildings mankind has ever seen, structures we deem to be architectural marvels. What if the beauty, style and space that these industrial buildings provided could somehow be infused with today’s technology and needs? Distillery Warehouse Lofts provides the perfect blend of old and new, fusing the industrial age with contemporary style, space, luxury and affordability.

Legendary Architecture and Location

Legend has it that Distillery Warehouse Lofts is on a site where a secret distillery warehouse was once built. This warehouse stood the test of time and provided ample space to hide thousands of kegs of whiskey.

Bringing the legend to life, Distillery Warehouse Lofts takes the industrial warehouse legend and fuses it with Nouveau Industrial Style, space and luxury, to create legendary loft style suites.

Amenities

Distillery Warehouse Lofts provides a list of modern amenities, perfect for any contemporary suite lifestyle. Amenities include:

·        Fully equipped gym

·        Multi-purpose rooms with kitchens

·        Ski and bike tune up areas

·        Spa

·        Bike storage area

·        Locker rooms

·        Parking

·        Large living area

·        Private theatre

Loft-style Suites

The use of natural stone, wood, industrial grade materials, stainless steel and high-grade glass create a living space that is spacious, practical and flexible. Loft-style suites are available with a total area ranging from 640 to 1134 Sq. Ft. including the gallery or terrace.

Industrial loft elements such as small brick walls, 9’ high ceilings and 84” solid doors (with heavy duty chrome handles and door knobs) are typical in every suite.

Double-pane aluminum windows allow natural light to bathe the suite in warmth while reducing the amount of penetrating UV light.

The living room and bedrooms are lined with pre-engineered, sound resistant hardwood floors while washrooms incorporate mosaic tiles in the most intricate and unique designs.

All washrooms have oversized glass showers, white soaker tubs, floating vanities, designer lighting fixtures and chrome bathroom accessories.

Each suite has a terrace or gallery that can be accessed by sliding glass doors. As the architecture indicates, each gallery and terrace has wrought iron style railings and planters. The walls of each gallery and terrace combine stone and brick veneers.

Starting Price

With so much to offer to any potential suite owner, perceivable prices could range in the mid $500’s. However, as stated before, Distillery Warehouse Lofts fuses key style and architectural elements with affordability. Loft-style suites start from $246,800. Furthermore, for a limited time, reservations also come with 6 free appliances.

With so much to offer at such an affordable rate, such an offer is too tempting to let slip. With an exterior like no other, modern amenities and an interior that will have owners gasping in awe, Distillery Warehouse Lofts truly is a spirited legend rising.

Visit www.bennettpros.com for all your real estate needs.

Qualicum Woods Crossing –Peaceful and Luxurious Living

If you’re looking for lavish, peaceful yet social living in the capital of Canada, then Qualicum Woods Crossing is the perfect destination for you. Qualicum Woods Crossing is best defined as the perfect mix of luxurious and affordable living. For a closer look at Qualicum Woods Crossing, and all it has to offer, continue reading.

 

Location

Ottawa is not just the capital of Canada; it is one of the fastest growing cities in Canada as well. In fact, economists predict that Ottawa will soon be the largest and most advanced city in Canada economically.

 

Located in beautiful Qualicum, is surrounded by a residential area, with a green scenery and a myriad of schools, parks, shopping centers, restaurants and stores including the brand new large IKEA store. Located on Baseline Rd only minutes to the 417 and only a few minutes to Downtown, Qualicum Woods Crossing is perfect for those looking for the best in life - a little of everything.

 

Amenities

Not only does Qualicum Woods Crossing offer affordable living, it offers truly lavish living. Here is a look at some of the many amenities that Qualicum Woods Crossing provides:

•  Central park, surrounded by Qualicum Woods Crossing
•  With Zen Falls
•  Four Bridges
•  Spring Grove
•  Patio Stage
•  BBQ Deck
•  And more…
•  2 large lounge rooms, each with their own fireplaces
•  2 kitchens
•  2 large terraces, sized for large family gatherings
•  Interconnected elevators
•  Private theatre
•  Separate games room
•  Modern, fully equipped fitness centre
•  Sauna
•  Barbeque areas

  

  

Condos

Qualicum Woods Crossing offers condos starting at studios and expanding to 3. Best of all, Qualicum Woods Crossing also offer terrace condos. Regardless of the type of condo, each condo has been spaciously designed to give owners room to breathe and truly enjoy everything life has to offer. The interior combines the beauty of the modern world with the hint of a more traditional look.

 

Starting Price

The real question comes back to the price. Qualicum Woods Crossing condos start at $169,900. With so many extravagant amenities, exceptional interiors and great locality, this truly is lavish and affordable living. Considering the rapidly growing area surrounding Qualicum Woods Crossing, the value will only increase. With prices starting from $169,900, Qualicum Woods Crossing is truly one of the best deals around.

 

Whether it is the inspiring locality, breathtaking interiors, extravagant amenities or affordability, Qualicum Woods Crossing is a great place to live. With minimal distances between local stores, schools, recreational facilities and the local nightlife, Qualicum Woods Crossing is perfectly located so owners can enjoy a perfect life.

 

The Bennett Property Shop Realty is the exclusive brokerage for Qualicum Woods Crossing, visit www.bennettpros.com for all your real estate needs.

SOHO Lisgar – Hotel Inspired Luxury Living

Many of us would love to live the hotel life. Luxury living, 24/7 services, plenty of amenities and incredible prestige. However, most people could not afford a hotel life as it can be incredibly expensive. That is until now. The SOHO Lisgar brings truly luxurious hotel living at an affordable price. Here is a closer look at the location, amenities, condos and the starting price of this architectural marvel.

 

Location

SOHO Lisgar is located in the grand capital of beautiful Canada, Ottawa. Surrounded by a number of clubs, pubs, malls, wineries, restaurants, boutiques, stores, museums, parks, recreational centers and grocers, The SOHO Lisgar couldn’t be any more perfectly located. The SOHO Lisgar is located at 300 Lisgar and is near completion. You could move in this summer!

 

Amenities

When purchasing a condominium, it is important that the amenities provided are numerous and of a high quality. Fortunately for potential condo owners, SOHO Lisgar offers amenities unlike any other. A large number of luxurious amenities await all condo owners. In fact, the SOHO Lisgar offers over 7000 sq ft of amenities, both indoors and outdoors. A few of the many amenities include:

  

•   Modern Fitness Centre – Dalton Brown
•   Spa
•   Sauna
•   SOHO WaterGardens
•   Private theatre
•   Bike garage
•   Huge lounge areas
•   Lap pool
•   Raised hot tub
•   Large dining areas

  

Condominiums

The suites on offer at the SOHO Lisgar have been designed based on SOHO’s extravagant hotels. However, the suites offered at the SOHO Lisgar take lush hotel living to another level and add a dimension of extra space and modern aesthetics. Designed by Gluckstein himself, these suites are truly a class apart; truly unique and extraordinarily beautiful.

 

Starting Price

Considering all the amenities offered, the spacious and lavish interiors and the amazing locality, most people would consider such a project incredibly expensive. With the SOHO Lisgar, that is not the case. SOHO Lisgar suites are still available, starting at $289,900. Furthermore, interested owners can even opt for a $0 mortgage for the first 6 months.

 

For some, a condominium lifestyle is not worth the price they pay. At the SOHO Lisgar, price is not an issue. With a multitude of amenities, spacious, extravagant and designer suites, and one of the best localities you will ever come across, hotel inspired living is only one booking away. For those who wanted to live the hotel dream; now is the chance, and SOHO Lisgar is providing it to you.

The Bennett Property Shop Realty is the exclusive brokerage for SOHO Lisgar, visit www.bennettpros.com for all your real estate needs.

SOHO Champagne – A New Era of Spatial Luxury

Ottawa is already home to some of the finest architectural marvels you will see in Canada. Now, the beautiful capital of Canada will be home to yet another prestigious project, known as SOHO Champagne. These condominiums are some of the most unique and elegant condominiums ever designed – they are true spatial luxury. Here is a closer look at the SOHO Champagne condominiums.

Location
If there was ever a place to build luxury condominiums in Canada, it would be in the heart of Canada itself; in the capital. Ottawa is one of the fastest growing cities and offers some of the highest quality of living you will ever experience.

Located at 111 Champagne Avenue in Little Italy, SOHO Champagne is currently under construction and is located near a plethora of unique and trendy restaurants, wine bars, parks, entertainment facilities and even the O-Train. Only minutes from the Rideau Canal and Dow’s Lake and the Arboretum. Little plays host to several festivals and large events year long and is one of Ottawa’s hottest neighbourhoods.
Amenities
When purchasing condominiums, the number and quality of amenities play a crucial part in any buyer’s decision. When it comes to SOHO Champagne condominiums, a number of amenities on 3 separate floors (ground, 2nd and 3rd) are available to the condo owners. Here is a look at a few of the many amenities.

• Regular as well as executive dining rooms
• Board rooms
• Bars
• Library
• Art gallery
• Wine tasting room
• Private theatre
• Large and modern gym - Dalton Brown
• Spacious Sauna
• Raised hot tub
• BBQ area
• 60’ lap pool
• Fireplaces
• Alfresco open dining areas

Condominiums
SOHO Champagne condominiums offer rooms that are exceptionally spaced and offer modern features and a unique one of a kind Gluckstein Design. In fact, owners will feel as if they are living in a luxury yacht. Adding fully equipped kitchens and floor-to-ceiling and wall-to-wall windows into the equation makes SOHO Champagne condominiums some of the best you will find in Canada.

Starting Price
For many potential owners, the real question comes down to the price they will have to pay. SOHO Champagne condominiums offer a starting price of $288,900. Considering everything that is offered, this truly is a steal. SOHO Champagne condominiums is also offering $0 mortgage for 6 months; a superb offer.
The rooms are well spaced, naturally lit and well designed. With plenty of extravagant amenities, condominium owners will always have a place to relax and find things to do. With such a great location, and so much to offer, the starting price is like any other. SOHO champagne is the place for people looking for spatial luxury with a stylish modern flair.




The Bennett Property Shop Realty is the exclusive brokerage for SOHO Champagne, visit www.bennettpros.com for all your real estate needs.

The Slater – Chic Modern Luxury at its Finest

Affordability fused with style, modern beauty and substance is what The Slater is all about. With a definite flair for modern living, great amenities and a relatively low starting price, The Slater is truly an ideal building to move to. With so much to offer, The Slater adds a whole new dimension of extravagance to the already sleek and spectacular Ottawa, Canada. Here is a closer look at this architectural masterpiece.

Location

Ottawa is one of the premier locations in Ontario, Canada. In fact, the city is fast becoming one of the most popular and stunning cities in Ontario. In fact, according to Mercer, Ottawa’s quality of living has been ranked the 2nd highest in the Americas.

The Slater is where it should be, located in the central business district of Ottawa. To be precise, The Slater is located at 199 Slater St. The Slater is close to the Parliament, Rideau Canal, nightlife, shopping malls, cafes, entertainment and recreational centers and areas.

Amenities

No premier location would be perfect without the right variety of amenities. When it comes to amenities, The Slater brings you a number of lavish and extravagant amenities. Located on the 5th floor, The Slater offers a number of amenities, including:

•              A large terrace, split into 3 sections

•              Outdoor hot tub

•              Modern games room

•              Private theatre

•              Huge club lounge and dining areas, complete with fireplaces

•              Modern and fully equipped fitness centre

Condos

The Slater has some of the most interesting and spacious condos to hit the market. The Slater offers studio, one bedroom and two bedroom condos, bedroom and den combos and penthouses. With sizes ranging from 408 Sq. Ft. to 1,578 Sq. Ft., The Slater has almost every type of condo covered.

Almost every condo comes with its own private balcony. Naturally, the larger the floor plan the larger the balcony. Best of all, every condo, even studio condos, have been designed in such a way that they are all very spacious, giving you plenty of space to move around.

Starting Price

When looking at premier property, or any property for that matter, price is always a huge factor that can either make or break a deal. When it comes to The Slater, it is hard to imagine anything less than a premium price for such extravagant and chic living. However, that is not entirely true.

The Slater manages not only to provide a boastfully high quality of living; it does so at an affordable price. You can own a piece of this prestigious building for as little as $198,900.

When looking for a residential locality that fuses modernity, beauty and practicality, The Slater definitely is one of the first places to check. Taking a glance at the interior, the starting price of $198,900 seems to be quite a steal. With a range of extravagant amenities, a hustling yet peaceful neighbourhood and exceptional nightlife, what more could anyone want? Truly, 199 Slater St is one of the most “it” locations on the map.

 


The Bennett Property Shop is the exclusive brokerage for The Slater, visit www.bennettpros.com for all your real estate needs.