5 Things to Know When Buying a Condo in Ottawa

Written By Liam Swords

If you’re considering buying a condo in Ottawa, you’re likely thinking about everything from affordability to lifestyle. Condos can be an excellent choice for individuals, families, or even first-time buyers, offering lower price points and fewer maintenance responsibilities. 

However, before making a purchase, there are key factors to evaluate. In this guide, I’ll share the things I wish I knew before buying a condo, including essential tips and considerations to help you make a well-informed decision.

5 Things to Consider When Buying a Condo in Ottawa

Buying a condo in Ontario is different from buying a single-family home in a few important ways. By following these condo-buying tips, you can feel more confident in your investment. Here’s what to consider when buying a condo:

1. Financial Health

Before buying a condo, you’ll want to assess the financial health of the condominium corporation. To get an accurate picture, start by reviewing the building’s financial statements, reserve fund, and history of special assessments. 

Below are the most important considerations regarding a condo’s financial health:

  • Pending Lawsuits: Are there any lawsuits against the condo? Legal disputes may lead to substantial financial liabilities, including legal fees and potential settlements.
  • Cash Calls: Special assessments are cash calls that owners must pay for major repairs or improvements. For example, parking garage renovations or asphalt replacement. Frequent or high-cost assessments can indicate poor financial management.
  • Condo Fee Increases: Additionally, look at the annual percentage increase in condo fees. For example, a $350 monthly fee may increase 2-4% annually. Review the condo’s historical fee increases over the past 3–5 years. If you notice significant spikes, it’s a red flag that could indicate financial instability. 
  • Corporate Health: Remember, buying a condo means buying into a corporation. If there are financial disputes, rising fees, or ongoing issues, you’ll inherit them once you take possession.

2. What Do Ottawa Condo Fees Cover?

Condo fees in Ottawa typically depend on the building. Generally, condo fees cover:

Maintenance of the building exterior: Condo associations are responsible for maintaining everything from halfway through the walls and outward. This includes windows, exterior walls, and the roof. 

The interior of the property, such as drywall, outlets, plumbing, and fixtures, is typically the homeowner’s responsibility.

Some utilities: Some condo fees include utilities like electricity, heat, water, and sewer, but this varies by building. The average hydro bill in Ottawa is about $100/month, so you’ll want to find out if condo fees will cover this expense or not.

It’s important to understand all the costs associated with buying a home to help you budget and avoid surprises. If you’re comparing options, always confirm what condo fees cover before making a decision.

3. Limitations and Restrictions

Unlike owning a single-family home, buying a condo comes with rules and restrictions. For example, some condos prohibit short-term and/or long-term rentals like Airbnb or Vrbo.

Other condos have strict pet policies, including bans on specific breeds or size limits. If you own pets or plan to rent your unit, review these policies carefully.

Another common restriction involves interior modifications. Some condos require board approval for renovations, even for non-structural changes like painting the walls. 

Rules like these could delay or complicate your ability to make the updates you want, so remember to ensure you understand any restrictions upfront.

4. Parking Availability

Parking is often overlooked but can become a major issue after moving in. When looking at condos to buy, you should always ask the following: 

  • Does the unit come with a dedicated parking spot? 
  • Is there visitor parking for friends and family? 
  • Are there on-street parking options nearby?
  • Can you rent or purchase additional parking spaces?

During the holidays or when hosting events, insufficient parking can become a significant issue. Knowing the parking situation ahead of time will save you headaches later and ensure the property fits your lifestyle and preferences. 

5. Resale Value and Investment Potential

Even if you plan to live in your condo for years, it’s wise to consider its future resale value. A property’s resale potential can offer you peace of mind, even if your circumstances change unexpectedly.

Pay attention to the building’s days on market history. In Ottawa, condos typically sell in about 30 days. If a building’s units regularly stay on the market for 90+ days, this is a red flag that can indicate declining values.

The condo’s location and neighbourhood might also play an important role, as proximity to amenities such as public transportation, schools, parks, and shopping centres can significantly influence the home’s resale value.

To check the market value of a home, I recommend looking at similar homes for sale in Ottawa to see how they’re appreciating over time. Condo buildings with stable or increasing values indicate a solid investment. 

What Are the Average Condo Fees in Ottawa?

When purchasing a condo in Ottawa, remember to account for monthly condo fees, which typically range from $250 to $600. Condo fees will depend on factors like the building’s age, size, location, and amenities. 

These fees usually cover expenses such as maintenance of common areas, landscaping, building insurance, and contributions to the reserve fund for future repairs. 

Some condo fees might also include utilities like water and heating. (Note that luxury buildings with extensive amenities may charge more.)

When considering condos for sale in Ottawa, always factor these costs into your budget alongside your mortgage and other expenses.

Questions to Ask When Buying a Condo

To summarize, here is a list of questions to ask that will help you make an informed decision about buying a condo in Ottawa. These questions can help uncover potential challenges and give you a clearer picture of the condo’s overall value:

Financial Investment Questions:

  • Are there any pending lawsuits or legal issues involving the condominium corporation?
  • What is included in the condo fees (utilities, maintenance, amenities)?
  • Are there any planned special assessments or major repairs?
  • Is there a history of rising fees or ongoing corporate issues?
  • How long do units in this building typically stay on the market?
  • What is the condo’s historical value appreciation?

Condo Rules & Limitations:

  • What is the policy on pets and rentals?
  • What are the rules about making interior modifications?
  • What parking is available, and can you get extra spots for guests?

As for deciding whether to move to Ottawa, I can personally vouch for it as a fantastic place to live. For one, the cost of living in Ottawa is more affordable compared to other large cities in Ontario. Additionally, if you’re curious about Ottawa’s crime stats, rest assured that they are notably low.

If you’re considering buying a house in Ottawa, know that Canada’s capital city is full of stunning natural beauty and family-friendly amenities, making it an excellent choice.

The Liam Swords TEAM can help you find the best neighbourhoods in Ottawa that fit your lifestyle preferences and needs. 

Final Thoughts on Buying a Condo in Ottawa

If you’re considering moving to Ottawa and want to avoid hidden costs or surprise fees, please reach out to the Liam Swords TEAM. We will guide you through every step to ensure you’re protected. Our curated list of top-notch lawyers, inspectors, and movers to help along the way.

Before making an offer on a house in Ottawa, consider reaching out to our team to get expert advice. And if the condo you buy doesn’t turn out to be the right fit, we’ll sell it for free within the first 12 months. I want you to feel 100% satisfied with your decision.

Buying a condo can be a rewarding experience, but it’s essential to go in with your eyes wide open. Whether you’re a first time home buyer in Ottawa or a seasoned investor, our trusted real estate agents in Ottawa are here to help.

About the Author

Liam Swords

Ottawa Real Estate Agent

Liam Swords

Ottawa Real Estate Agent

Liam Swords is an accomplished real estate agent in Ottawa, having sold over 1,000 homes. As the team leader of Liam Swords Team, he combines extensive market knowledge with a commitment to client satisfaction.