u/synsgram

Hi, my current bank BMO, offered me the following renewal rate:

3 yr fixed closed - 4.29%

5 yr variable closed - 3.85%

Mortgage amount $356K. Can I do better or take it? Which should I take (variable or fixed)? Please advise. First time renewing.

I am reading that it is highly likely that BoC will raise overnight rate .25 basis points at the next meeting end of Oct.

Going through floor plans for both Mattamy (Half Moon Bay) and Richcraft/UD (Riverside South) detached homes lately and realized that there is about a $200K gap in base price between the builders. Like, even if I take Mattamy's largest model and throw $100K in upgrades at it, it' would probably still come in cheaper than the mid-tier builder's base price with nothing added.
 
Trying to figure out if that gap is actually worth it or not. In the long run a resale detached home in Ottawa holds its value pretty well, right? So, is it really worth paying a premium to a mid-tier builder for what ends up being a more basic home vs going bigger/more upgraded with the more volume builder? Don’t builders build within 1 year period of signing?
 
Would love to hear from anyone who's actually bought from either of these builders, realtors, or just people who have been through this decision,  am I missing something here? Is the $200K just paying for brand/finishes or is there a real difference in build quality/resale that justifies it?

One thing I do know is Barrhaven has solid bus service, lots of options, well connected vs Riverside South having the new LRT. I genuinely appreciate any input to learn and help make a decision. Whatever we buy, we plan to hold it at least for a decade. Thanks.  

Hello,

Has anyone purchased the above mentioned model from Richcraft? The builder didn’t have model home and it’s hard to buy a home just looking at some sketches.

If anyone has this home, what do you like/don’t like about this home? Is the space too small for 3/4 adults? I tried to find info/ photos online but couldn’t find anything helpful hence I am posting. I appreciate any help. Just wondering if it’s with the but for the family. It will be a long term hold until they pass the family doesn’t want to deal with Reno’s and most good size bungalows in Barrhaven or riverside South are over 1M. They are assessing if buying new would be better for 20+ yrs hold (or until passing).

Gladstone has 3 beds but wondering about the functionality of the layout. Thanks

Looking at a bungalow just a street over from multi faith housing initiative in Barrhaven. There are 90+ homes (townhomes and mid rise apartments). It’s definitely a great initiative for those who need it. The bungalow we are looking at is close to $1.1M, there are rows of townhomes across street, so one side detach homes another side townhomes. Not sure if any of the townhomes fall under subsidized housing, however a street over there is a sign for low rise apartments (min drive home the bungalow). Would this be a good buy? The home is over 10 years old. I am thinking of future resale. I don’t know enough about the neighborhood. Just trying to get some input and advice. We like the layout but I don’t know if having subsidized housing in such close proximity would create any issue. Thanks

For pre-construction, is it best to work with a bank that hold a rate for duration of the construction? TD works with a builder I am interested in, their hold rate is high 4%. given the current market, should I do that but I will then have to stick with TD at closing next year or is it best to work with the a mortgage broker since they will have more options? Thanks

Also, for rental renewals that’s coming up in 2 months. What should be the best approach given the market? Stay with current bank or move? Do other banks provide rate without doing credit checks? This is my first time, appreciate any guidance

For pre-construction, is it best to work with a bank that hold a rate for duration of the construction? TD works with a builder I am interested in, their hold rate is high 4%. given the current market, should I do that but I will then have to stick with TD at closing next year or is it best to work with the a mortgage broker since they will have more options? Thanks

Also, for rental renewals. What should be the best approach given the market? Stay with current bank or move? Do other banks provide rate without doing credit checks?

I am in Ontario. My mortgage, about $350K is up for renewal in November. I am currently with BMO, 3.2% variable.

This is my first time so I am looking for advice on what I should do? What are the best rates these days? Should I switch lender or stay with Bmo? Variable o fixed? Please advise.

I recently bought a pre-construction detached home in Ottawa, ON. We wanted the HST rebate and couldn’t find suitable resale homes in our area.

Now I am getting anxious about closing next year. With the Canada-US trade war and no one knowing where things are heading, I keep trying to gather information and learn what prices and interest rates could look like by then. I have always heard Ottawa’s market is cushioned compared to GTA and Vancouver because of all the government jobs, but who knows.

Question for mortgage pros — if the bank appraisal at closing comes in lower than the purchase price, is it true the buyer has to cover the gap with a larger down payment? And if it comes in higher, does that actually benefit the buyer?

What’s your prediction for pre-con values and rates by next year? anyone in a similar spot, how are you preparing financially for closing through all this uncertainty - just wanted to have a discussion and learn. Thanks!

I recently booked a pre-construction home (detached) with a home builder in Ottawa,ON. We thought it was a good idea to take advantage of the HST rebate as we couldn’t find good resale homes in our area. But now, getting anxious about closing. With Canada and the US in this trade war and no one really knowing where things are heading, I can’t help but wonder what home prices will look like by the time we actually close (and the interest rates). We all know bank appraisals tend to come in lower anyway, so that’s an added worry. I have always heard that Ottawa real estate market is kind of cushioned compared to GTA, Vancouver market because if the government services.

Curious to know from others in the same/similar boat - what’s your prediction? how are you preparing financially for your closing during all this uncertainty? Would appreciate to hear everyone’s thoughts and strategies. Thanks!

I recently booked a pre-construction home (detached) with a home builder in Ottawa,ON. We thought it was a good idea to take advantage of the HST rebate as we couldn’t find good resale homes in our area. But now, getting anxious about closing. With Canada and the US in this trade war and no one really knowing where things are heading, I can’t help but wonder what home prices will look like by the time we actually close (and the interest rates). We all know bank appraisals tend to come in lower anyway, so that’s an added worry. I have always heard that Ottawa real estate market is kind of cushioned compared to GTA, Vancouver market because if the government services.

Curious to know from others in the same/similar boat - what’s your prediction? how are you preparing financially for your closing during all this uncertainty? Would appreciate to hear everyone’s thoughts and strategies. Thanks!

I need your expertise in helping me with the HST rebate calculation before I sign the APS, this will help us budget better. I spoke with a real estate lawyer but he confused me even more. Here is what I have:

As per CRA rep I understand that between 1-1.5M, the buyers will get a max flat amount of 130K credit. With that information, I did the following calculation, please correct me if I am wrong, if I am correct, please let me know too.

Base price = 1,250,000 (this price includes HST)
Total tax 13% of base price =162,500
HST rebate = 130,000
Tax to pay = 32,500

New price after tax adjustment = (1,250,000-130,000+32,500) =1,152,500

HST rebate will be credited) at closing

Partial property tax and legal levies will be added as well as land transfer tax, which are separate from the property price. Thanks for your help!

Hello,

How can I get information on a future school on Solarium Avenue and Chorus Drive in Riverside South. There will be a park adjacent to the school too. I am considering a lot that faces the future school but I don’t know if it will face green space or school building. The builder is unable to provide information. Thank you

Hello,

I am looking into buying a new home from a builder. The lot will be facing a 2 lane busy street but the house will be separated by a local road in front then a green strip and bike path separating the local road/house to the busy road. The backyard is facing another house, it’s quiet. Those with experience, would you suggest buying it? This is a detached house. The only other option I have is lot facing townhouses and backing to other house. Thanks

Hello,

I am looking into buying a new home from a builder. The lot will be facing a 2 lane busy street but the house will be separated by a local road in front then a green strip and bike path separating the local road/house to the busy road. The backyard is facing another house, it’s quiet. Those with experience, would you suggest buying it? This is a detached house. The only other option I have is lot facing townhouses and backing to other house. Thanks

Is it truly with it? Many buyers seem to be getting pre-cons to take advantage of the Ontario HST rebate. Is it worth it? One is basically buying a “shell” of a house but saving 130k in this economy sounds incredible. Does that mean if I buy a pre con today, when the rebate is done. I have gained 130k in equity? Economy is not good, hard to predict how Ontario housing market will be and interest rate. Wonder if it’s more beneficial for the builder than the buyers.

Experienced agents and market experts! based on your experience, research, insight market intelligence, do you foresee Ottawa low rise (towns, singles and semis) resale home prices to fall 2-4% remaining of the year? What about the pre-construction homes? Seems like they are selling like hot cakes. Due to the demand, do you think builders will increase the prices during fall as some will release more lots? Their singles are well over million… given the economic situation and job market, would there be an adjustment in both pre-con and resale markets?

Seems that seller are hesitant to put their homes on the market and buyers are either choosy or unable to find the right homes. Just want to have a discussion and learn. Thanks

Hi everyone, considering buying a home in RSS. The lot faces onto the Spratt Road but with a landscaped median/green strip between the homes and the road. Right now Spratt Road is only two lanes.

Does anyone knows the City’s long-term plans for the road? Builder doesn’t have it. Is it expected to remain two lanes or are there plans to widen it to four lanes in the future?

Trying to understand how much traffic the area might see over the years before making a decision. Any insight would be greatly appreciated. Pros and cons of living in such lot, it will back to a side of another home. Thanks!

I am in the market to buy a detached home, an upgrade from the current. A family of 5, including aging parents living with us full-time.

I have been monitoring the resale homes in Ottawa for several months now. Not seeing what we need for the family- a main floor bedroom and a full bath is a must. I am looking to buy either in barrhaven or riverside South, avoiding the half moon Bay Area). Most detached resale are between 2500-3000 sq ft and most don’t have a shower in the powder room or have space to install. Many have cosmetic upgrades but not the capital ones.

I am thinking of booking a pre-con, builders seem to have increased the price a bit, cost will be little over a million, it’s a stretch for the family but we will stay there long, will will just have to budget tight, cut out some vacation and other costs.

Is the rebate worth it? 130K saving sounds great in theory but in practicality, is it worth it? I know that pre- con has up front costs but after maintenance is lower than other homes, Tarion warrant, won’t have to worry about capital costs for at least 15-20 yrs.

Given the economic climate in Canada and the world, I am worried if I would make a mistake booking a pre-con. Is there any possibility for interest rates to spike over 4% (variable) next year? (I know it’s hard to predict but those who are knowledgeable would have better understanding than me).
Both pre-sale and pre-con have their +/-, I am thinking about long term investment, low on going maintenance, patents and
family needs. Once we get a home, we don’t plan to move for 10-20 yrs or until we must. Any advice is greatly appreciated it!

Hey all, I am looking to book a pre-con, price is $1.2M. I am having hard time understanding and figuring out how much my rebate would be. I am a first time buyer but my wife isn’t. I tried to research on CRA, didn’t find good info, builder just says “talk to your lawyer “ and the lawyer want to charge fee even to have a short call. Please help me calculate 🙏🏼

My understanding:

- this needs rebate applies to all buyers when bought as principal resident, which mine would be.
- max rebate is $130K up to 1M then tapers up to $1.5.

My situation:

- the builder’s advertised price is $1.2M
- upgrade will be about $40k (we plan to only do necessary ones)

Would my final price be: $1.2M+$40K-130k = 1.110m (with an understanding that I will pay tax for anything above $1m)

Thank you!